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Salcombe Gin hits £800k funding target in 24 hours

English gin producer Salcombe Distilling Co has exceeded its crowdfunding target of £800,000 (US$1 million) in under 24 hours.

L-r: Salcombe Distilling Co’s founders Howard Davies and Angus Lugsdin

The Devon-based gin maker launched the campaign on crowdfunding platform Seedrs, which has raised £870,535 (US$1.1m) from 206 investors to date. According to the producer, the fundraising drive has received “huge interest” from investors and Salcombe Distilling Co will continue to accept funding beyond its initial target.

Launched in July 2016, Salcombe Gin has grown 400% in the past two years of trading. The gin is set to launch in the US next year with plans to unveil new products.

Salcombe Distilling Co’s pink gin Rosé Sainte Marie

“We’ve had three epic years of explosive growth and now is a really exciting time for investors to get involved with the company,” said co-founder Howard Davies.

“Having smashed our target in less than 24 hours, this will enable us to take the business to the next level internationally and significant overfunding will catapult us towards our ambition of being the world’s number one luxury gin brand.”

Angus Lugsdin, co-founder of Salcombe Distilling Co, added: “It’s exciting that our brand is so highly regarded and recognised as having such potential, and that further investors would like to join us on this next leg of our voyage.”

Salcombe Gin’s range includes the flagship Start Point, cask-aged gin Finisterre, and the annual limited edition Voyager Series, a gin range created in collaboration with famous chefs. The 2019 edition, called Island Queen, was created with chef Monica Galetti.

The brand recently launched pink gin Rosé Sainte Marie. The expression is said to be a “subtle nod to the crisp and dry rosé wines from Provence” and is sugar-free to “elevate the pink gin category”.

In October this year, Salcombe Gin partnered with P&O Cruises to develop the “first distillery at sea”.

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