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Moth secures £4.6m investment
Canned cocktail brand Moth has landed a £4.6 million (US$6m) investment to boost its marketing and team growth, and fuel its expansion in the US.
The £4.6m investment was led by transatlantic venture capital firm Beringea, and the raise follows three years of expansion for Moth. The brand currently holds a 41% share of the premium RTD (ready-to-drink) category in the UK off-trade market.
Furthermore, Moth’s canned cocktails are now available in more than 3,000 UK supermarket stores, and it is estimated that a can of Moth is sold every seven seconds.
This round of funding will be used to further solidify Moth’s leadership of the UK market, accelerate growth in the US, and expand its team on both sides of the Atlantic.
Having already delivered successful launches in Massachusetts and Florida in 2023, the company now plans to open its first office in the US.
Moth co-founder Sam Hunt said: “We are incredibly proud of the journey Moth has taken since our launch. This investment is a testament to our success and a crucial step in our next chapter.
“We are excited to expand our footprint in the US, bringing our bar-quality, ready-to-pour cocktails to even more consumers. Our mission remains the same – to deliver the most delicious cocktail experience, anytime, anywhere.”
Since launching in 2021, Moth has experienced substantial commercial growth and traction, with annual revenues rising by 200% in 2022, and 150% in 2023.
To fuel this growth, Moth’s team has expanded to 35 people in fewer than three years.
Harry Thomas, portfolio director at Beringea, commented: “Rob [Wallis] and Sam have built a remarkable business. Not only has Moth become one of the UK’s most exciting emerging brands – it has already begun to establish a foothold in the US, unlocking a vast opportunity for its next chapter of growth. This is a great team with fantastic prospects, and we look forward to seeing the business go from strength to strength.”
Moth’s RTD cocktail portfolio currently comprises Margarita, Aperitivo Spritz, Negroni, Espresso Martini, French 75, Piña Colada, Mojito, Old Fashioned, Cosmopolitan, and Paloma.
The full Moth range is available now from Waitrose, waitrose.com and mothdrinks.com. The brand is also listed across the UK’s major supermarket’s including Tesco, Sainsbury’s, Morrisons and Asda.
Moth is also available in several on-trade accounts including Wagamama, Hoxton Hotel and Chelsea Football Club.
Last year, Moth became the first premium, British RTD brand to receive B Corp certification.
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