Sapling seeks funding for US expansion
UK producer Sapling Spirits hopes to raise up to £8 million (US$10.7m) to support its entry into the US market.
The London-headquartered company, which produces ‘climate positive’ vodka and gin, currently has a presence in its home market, Italy and the Netherlands.
With approximately £4m (US$5.36m) raised so far, the brand is now hoping to bring in an additional £6m-£8m (US$8m-$10.7m) from a mix of private investors, family office, venture capitalists, and “potentially some investment from a strategic drinks company,” Sapling told The Spirits Business.
The brand aims to close the funding round before the end of the year. The money raised will “primarily be spent on people and marketing” as the company expands into the US.
Sapling is in conversation with US distributors but is unable to disclose which organisation it has decided to work with. However, it will initially aim to launch in Florida, New York, and Colorado.
The company says that rather than importing its product into the US, it plans to produce the spirit locally as part of its “hyper-local strategy”. As such, it will be using a US-based glass manufacturer and suppliers that can provide organic wheat for distillation.
Throughout the expansion, Sapling will continue to work on its mission to plant one million trees by 2027. The brand plants a tree for every bottle sold, and donates 5% or more of its annual revenue towards tree-planting projects.
While making one bottle of vodka emits approximately 2.5kg of carbon, Sapling notes that one tree can absorb up to 1.5 tonnes of carbon in its lifetime. This means the brand offsets its carbon output by more than 535 times.
At Glastonbury Festival this year, the brand reached the halfway milestone, planting its 500,000th tree.
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