Hard seltzer brand Bodega Bay has revealed plans for a crowdfunding campaign to help drive expansion in the UK and overseas in the burgeoning category.
The London business, which claims to be the first to launch a hard seltzer drink in Europe, is seeking £400,000 on the Crowdcube platform, with the business currently valued at £7m. Pre-registration for the fundraising goes live tomorrow and the campaign will go public later in the month.
The round will add to the £1.8m raised so far by Bodega Bay and will be targeted at growing the UK and export markets as hard seltzers become increasingly popular with consumers.
Made from sparkling water and alcohol, hard seltzers have grown sales from £60,000 in 2019 to £32m by the end of 2021, according to Bodega Bay, with the global market expected to grow to $18.5bn by 2027.
Since being launched by Charlie Markland in 2019, Bodega Bay has secured listings with Tesco, Morrisons and Ocado, as well as more than 200 on-trade stockists, including the likes of Young’s and Mitchells & Butlers.
It has also launched in the US, China, Spain, Norway, Switzerland and Brazil, with help from brewing giant Molson Coors, which signed a distribution deal with the brand in 2020.
“We are excited to have reached the stage of launching a crowdfunding campaign as we continue to grow and take prime position in the UK’s hard-seltzer market,” Markland said.
“We are committed to building our brand globally as the premium offering in the market, focusing on a unique combination of three flavours, leveraging our partnerships and investing in a strong marketing strategy. This fundraising will enable current investors to reinvest and welcome new investors into the Bodega Bay family, as we look to achieve our ambitious goals.”
Bodega Bay, which produces a three-strong range, is also planning to launch new flavours alongside a new multipack offering this year.
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