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Whitebox Cocktails seeks £200,000
Ready-to-drink (RTD) brand Whitebox Cocktails has started a second crowdfunding campaign with the aim of raising £200,000 (US$258,472).
Launched on Seedrs yesterday (22 July), through the investment the brand hopes to grow its inventory, progress its international expansion and further support its marketing campaigns.
The overall aim is to ‘become the leader in the classic ready-to-serve cocktail category’.
Founded in 2021 and now worth £10m (US$12.9m), the company was created by Alex Lawrence, brand director for the Mr Lyan studios; Ben Iravani, founder of Aberdeen cocktail bars Orchid and 99 Bar; Pietro Collina, former bar director of NoMad Hotel Group; Josh Rennie, co-founder of Porters Gin; and Jack Wareing, formerly of Dandelyan, and current head of research and development for Whitebox.
Last year the brand targeted £450,000 (US$564,124) in crowdfunding investment and nearly doubled that total with more than £820,000 (US$1.06m) raised.
Co-founder Iravani said: “Since our last Seedrs round in 2023, where we raised over £820,000 from 575 incredible investors, we’ve made tremendous strides. Our revenue has increased by 84%, we’ve launched three new cocktails, expanded our production capacity to 6.5 million cocktails per year, and grown our customer base to over 1,000 UK retailers.
“Our ambition doesn’t stop there, so with the premium canned cocktail market set to grow to US$40 billion by 2027 [IWSR data], we’re coming back to our Seedrs community to offer the chance of further investment in this exciting next phase of growth for Whitebox.”
The crowdfunding round will run until 21 August 2024 and so far, at the time of writing, £167,862 (US$216,927) has already been raised from 139 investors.
The brand’s production facility in Edinburgh is said to produce 25,000 canned cocktails per day, which includes expressions such as Classic Cosmo, Squeezy Margarita and Dirty Martini.
Recently, we charted the rise of the RTD category and how the sector might develop over the coming years.