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Nuet aquavit raises $507,000

Norwegian brand Nuet has secured NOK 5.4 million (US$507,500) in funding to help ‘take the next step in the aquavit revolution’.

Nuet is said to combine almost 500 years of Scandinavian tradition with innovation

The fresh capital has been raised from existing and new investors, including Danish baron Johan Wedell-Wedellsborg, who was an early investor in on-trade drinks chain, Joe & The Juice.

Nuet founder, Morten Pharo Halle, said: “It’s incredibly cool that Johan shares our vision and sees the same enormous potential we also see in Nuet.

“Johan brings with him more than capital; he brings experience from other start-ups and a fantastic network. In addition, he is a humble and pleasant guy who lives an active balanced lifestyle, so he is a super ambassador for Nuet.”

The company is said to be experiencing strong growth, and will soon send its first pallets to Singapore, where the aquavit brand will be on the menu at the Four Seasons Hotel and restaurant Zén.

The brand focuses on quality and innovation as well as the active Scandinavian lifestyle, which it claims has resulted in a ‘wide and varied customer base’.

Halle founded the aquavit brand in 2018 with the hope of growing the aquavit category beyond Scandinavia.

Following more than 100 rounds of distilling, Nuet Dry Aquavit was first produced in mid-2019. The expression, which is described as a substitute for premium gin, is made with Norwegian potatoes from Hoff.

It offers notes of grapefruit and blackcurrant, as well as traditional caraway.

Halle explained: “I love the basic Scandinavian values, built on inclusion and equal opportunities for everyone and an active, balanced lifestyle.

“In aquavit I saw a product that embodied all things Scandinavian; the people, culture, values, lifestyle and nature. But the product was little known beyond the Scandinavian borders. It was time for a revolution, and I wanted to lead it.

He continued: “The brand name comes from the saying ‘lev i Nuet’, which means ‘live life in the now’. It’s a saying we often use when we toast an achievement. I believe it perfectly encapsulates what we stand for.”

Nuet has global ambitions having already achieved commercial success at home in Norway, and abroad.

Nuet is featured on the drinks menus of Michelin-starred restaurant Studio Frantzén at Harrods in London, as well as at hotels such as Britannia and Sommerro in Norway, and après-ski spots in Kvitfjell and Hemsedal.

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