Crossip seeks £1m investment
Non-alcoholic ‘spirit’ brand Crossip is seeking to expand its UK presence and launch further export markets via a Seedrs crowdfunding campaign.
The brand, founded by Carl Brown, surpassed its initial funding target of £400,000 (US $501,822) within 48 hours of launching the campaign on 19 April exclusively to stakeholders.
From today (27 April), Crossip will continue the campaign publicly throughout May in an attempt to boost investment to a total of £1 million (US$1.2m).
Crossip sales have grown 1,327% over the past year, and the brand said it is continuing to see strong momentum.
The cash injection will enable the brand to grow the sales team and support marketing investment.
Carl Brown, founder of Crossip, said: “There’s a huge demand for low- and no-alcohol globally, but few options that replicate the sensory experience of alcoholic drinks. Our biggest unique selling proposition is that Crossip has a powerful flavour and mouthfeel that drinkers can relate to, meaning they can enjoy a great-tasting drink – but without the alcohol.
“Through a short, sharp burst of crowdfunding, we hope to bring consumers on our journey of expansion – both existing Crossip loyalists and potential new brand fans. The market shows significant room for growth, so now is a great time to get on board and support a non-alcoholic brand standing out from the crowd.”
The opportunity to invest in the crowdfund comes as 43% of UK drinkers are semi-regular consumers of non-alcoholic beverages, according to a 2021 Portman Group study, which in turn is driving 70% expected growth of the low-and-no spirits sector by 2024 (2021 IWSR).
Currently beer represents 75% of all low-and-no beverages while spirits represents 0.6%, according to Crossip, and this compares to traditional alcohol in which spirits have a much larger 24.7% market share.
Since launching in January 2021, Crossip has secured over 200 on trade listings in bars and restaurants across the UK, including restaurants Dishoom, Sticks’n’Sushi and Sushisamba. It is also available on Amazon, for RRP £22 (US $27.60) per 500ml bottling.
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