Duppy Share secures £2m investment
Caribbean rum brand Duppy Share has raised £2 million (US$2.4m) in funding and is aiming to reach 100,000 nine-litre cases by 2024.
The London-based rum company secured the round of funding from new investors, including ex-Arsenal and Crystal Palace footballer Ian Wright and music producer Fraser T Smith.
They join the brand’s shareholder base, which includes British billionaire investor Jim Mellon, the Irish horse racing family Magnier, and UK energy entrepreneur Stephen Fitzpatrick.
The funds will be used to drive volume growth in the UK and push exports, according to Duppy Share founder George Frost, who added that the aim is to get the rum in “as many people’s hands as possible”.
The brand aims to ‘scale rapidly’ from the 40,000 nine-litre cases (equal to 500,000 bottles) it expects to sell this year, to 100,000 cases by 2024.
According to the latest IWSR data cited by Duppy Share, the brand is the highest-selling rum in the UK sitting above an RRP of £26 (US$31.60).
“We’re looking to smash our sales targets for this year and then start our fundraiser to conquer the US in April,” Frost noted.
The brand has seen a compound annual growth rate (CAGR) increase of 87% over three years and has reached a revenue of £6.25m (US$7.6m).
The rum is available in 18 markets including Australia, France, Germany and Italy.
The brand predicts 10% growth in the UK from 2022 to 2023 and is aiming to gain eight SKU listings in the UK’s top seven grocers from 2023-2025, along with the launch of Duppy Share XO and Duppy Share White in Australia.
Duppy Share also plans to extend its range with further expressions over the next few years, along with building distribution in Europe, Asia and the US.
The brand has been the official rum of London’s Notting Hill Carnival for six years in a row.
British musician Kano also collaborated with the producer to create Duppy White rum last year, the brand’s first Jamaican expression.
“For me, whatever I do has to be the real deal,” the rapper said. “This drink comes from me. This is my life, my family’s story inside this bottle, and wrapped around this bottle. This is something I believe in and genuinely love as a product.
“That was a major thing for me; creating something that I would like to buy myself, drink myself.”
The global rum category is forecast to grow at a CAGR of 3.6% to 2026, with premium rum rising by 11.1%, according to Duppy Share.
Frost, who is the son of broadcaster Sir David Frost, founded Duppy Share seven years ago.