DropWorks breaks crowdfunding target
English rum distillery DropWorks has successfully closed its crowdfunding round, raising nearly half a million pounds and exceeding its original target.
Founded in 2023 by Lewis Hayes in Sherwood Forest in Nottinghamshire, DropWorks is ‘the largest distillery of its kind’ in Europe.
The distillery initiated its first crowdfunding campaign in late August, inviting the public to support its vision of promoting UK-made rum by offering shares in exchange for investment.
The campaign raised £437,816.40 (US$584,250) from 295 investors on the Crowdcube platform.
Hayes said: “We’ve been absolutely blown away by the response to our crowdfunding campaign. The support means so much and will be pivotal in helping us to shake up the world of rum in the UK. We were incredibly excited to offer the chance for people to be a part of our future success, and it’s great to see so many people enthused by our rum.
“With our teams’ decades of experience in the industry, working in, running and leading popular and highly successful bars and drinks brands, we’re uniquely positioned to disrupt the rum category. We continue to partner with and deliver our Drops to more and more of the highest calibre venues each week.”
Investors were offered a variety of rewards, including lifetime discounts on DropWorks’ rums and limited edition bottles from one of its maturing casks. Another option included an invitation to an exclusive investor evening at the distillery, with a rum masterclass with Hayes.
Graham Appleyard, CEO of the company, added: “We’re delighted to announce that we surpassed our crowdfunding target and raised almost half a million pounds in the process, the vast majority of which came through Crowdcube.
“As a startup in its early years of trading, we were all, as a team, feeling the thrill and anticipation of stepping into the unknown and inviting people to invest in DropWorks. We’ve always believed deeply in the quality and unique appeal of our Drops, and as the investors began to pour in, it became even clearer that we are a brand that people want to be involved with.
“We’re passionate about our mission to bring excellent rum to bars and venues across the UK, made in the heart of Nottinghamshire. We fully believe rum is now about to have its ‘moment’ just as other spirits such as gin have seen a major increase in popularity, leading to more drinks made with the spirit both in bars and at home over recent years.
“As we continue to grow, reaching and creating new rum lovers all over the UK, this campaign was a great opportunity to offer shares to those who already connect with our passion for high-quality rum. To have exceeded our target is incredible, and we hope everybody who invested in DropWorks is as excited for the journey ahead as we are.”
DropWorks’ rums are available in more than 400 premium venues, including a third of the UK’s top 50 bars and numerous Michelin-starred restaurants such as The Clove Club, Dorian, Moor Hall, Adam Handling, and The Pig Hotels.
Last month, DropWorks appointed Greg Matthew, the chief financial officer of PJ Capital, as a non-executive director.
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