Low-calorie fruit cider brand Cranes has launched a crowdfunding campaign to secure the necessary funding to boost marketing activity after gaining national listings across the mults.
The 2012-established cider brand took to Seedrs to raise a minimum of £75k in exchange for a 1.94% stake in the company, valued at £3.8m.
It has already exceeded its target, raising over £120k from 323 investors.
The cash will be used to support Cranes’ “extensive and rapid growth” after launching nationally in Sainsbury’s, Ocado, Morrisons and regionally with East of England Coop, as well as increasing distribution with Asda by 50%.
This wave of crowdfunding will go towards marketing activities in support of the new store listings as well as increasing distribution within pubs, bars and restaurants.
“Crowdfunding has been a huge success for us. We are forever thankful for the continued support of all our investors however big or small, and are extremely proud to have already met our target for this wave,” said co-founder Ben Ritsema.
Cranes had previously attracted over 515 investors through crowdfunding, including Brothers Drinks Ltd which owns Brothers Cider and bottles for some of the largest brands in the drinks industry, including Fever-Tree.
Its range of ciders produced in Cambridge is available in three flavours – Blueberries & Apples, Cranberries & Limes and Raspberries & Pomegranates. They are naturally light, utilising the sweetness of the fruit, and have 30% fewer calories and 40% less sugar compared to brand leaders.
Cranes Drinks also produces a Cranberry & Blood Orange Liqueur and has recently launched its Cranberry Gin.