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Craft Gin Club hits £500,000 goal in 48 hours
UK subscription service Craft Gin Club has exceeded its initial £500,000 (US$581,642) crowdfunding target within two days, enabling it to move into new spirits categories and markets.
After launching on crowdfunding platform Seedrs on 5 June, Craft Gin Club had raised £584,000 (US$733,708) by the end of the following day.
The campaign initially launched to a closed group of investors and has now opened to the public. The campaign will close on 11 July, or once the maximum investment threshold has been reached.
At the time of writing, the total sum had reached £712,299 (US$894,654) from nearly 500 investors.
The subscription club plans to use the funds to help expand its gin activities, and ‘replicate its success’ within other spirits categories and across new sales channels and markets.
Co-founder and CEO Jon Hulme said: “Over the years, many of our loyal supporters have expressed interest in owning shares in Craft Gin Club and we’re thrilled to be offering that opportunity for the very first time.
“We’re incredibly excited about the plans we’ve got in store – from adventures in new spirits to taking on new markets. We’re already seeing early signs of success in these growth areas, with our very first rum box flying off the shelves following its launch this month.”
The subscription service previously secured an investment of £75,000 (US$94,200) on BBC television series Dragons’ Den from Nightcap founder Sarah Willingham in 2016.
Willingham, who is on the Craft Gin Club board, said: “I’m really excited about the future working with one of the best teams I’ve ever worked with to create great sustainable growth. I have no doubt that this will be one of the most successful businesses ever to come out of the den.”
Since its launch in 2015, Craft Gin Club has amassed more than 450,000 subscribers. Each month, subscribers receive a full-sized bottle of gin, premium mixers, cocktail ingredients, sweet and savoury treats, and a magazine.
In 2019, the gin subscription club raised almost 75% of its £2 million (US$2.6m) crowdfunding target.
Earlier this week, Willingham’s Nightcap business agreed to purchase UK cocktail bar chain Dirty Martini for £4.65m (US$5.85m).