Salcombe Distilling exceeds crowdfunding target
English producer Salcombe Distilling Co (SDCO) has exceeded its Seedrs crowdfunding campaign target within the first 24 hours of launching.
SDCO launched The Taste of Tomorrow Starts Today crowdfunding campaign last week, and exceeded its Seedrs target of £1 million (US$1.2m). The investment opportunity will stay open until mid May.
Co-founder Howard Davies said: “We are delighted with the response to The Taste of Tomorrow Starts Today crowdfunding campaign.
“The funds raised will allow us to take our exceptional tasting Salcombe Gin and New London Light to an even greater audience building on partnerships we’ve already established and creating exciting new ones.”
SDCO is aiming to raise £5m (US$6.2m) over the next 12 months, first through the Seedrs platform to continue its global growth.
“We have high ambitions for continued rapid growth,” Davies continued. “Angus and I started the business in 2016 and, in the last six years, I’m really proud to say we’ve grown rapidly with an increase in turnover of 100% in the past two years despite the global pandemic.”
SDCO also reached its crowdfunding target in under 24 hours in 2019. This funding helped the company achieve 100% growth in the last two years, plus launch both its Salcombe Gin and New London Light brands in the US, and create the world’s first distillery at sea.
Co-founder Angus Lugsdin added: “We distribute across the UK with nationwide listings at Waitrose, Majestic Wine and John Lewis. More recently we’ve achieved strong growth in our export markets too and now export to the United States, the Middle East, China, Singapore and across Europe as well.
“With a plethora of awards, international listings and a superior price position, we believe that Salcombe Gin is on course to becoming the world’s number one luxury gin brand.
“In addition, after launching with critical acclaim, New London Light is on a journey to lead in innovation and taste and be the only 0% spirits brand worth drinking, for people who want better. This has recently been endorsed by gaining an exclusive partnership with Virgin Atlantic Clubhouses.”
Salcombe Distilling Co was founded by Davies and Lugsdin in 2016. Ex-Edrington executive Chris Spalding, said to have deep knowledge of the US drinks business, also joined the Salcombe board as an adviser in 2021.
Chairman of SDCO Dr Nick Blazquez said: “Angus and Howard have built a strong business with good brands and a great team. I’m looking forward to seeing Salcombe Gin and New London Light, in even more outlets across the UK and indeed the world.
“This new round of investment will enable further investment in the brands and in both organisational and production capacity. This will drive sustainable growth for SDCO in the dynamic luxury spirits and non-alcoholic ‘spirits’ sectors.”
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