Sustainable spirits startup Sapling Spirits is preparing a seven-figure crowdfunding campaign to support the brand’s rapid growth in the UK and develop new markets overseas.
The pitch launches on 16 March on the Seedrs platform, with the business aiming to raise £1.2m.
Ivo Devereux and Ed Faulkner launched Sapling in 2018 as the world’s first “climate positive” spirits brand.
Sapling’s vodka and London dry gin are both produced in the UK, using local ingredients to reduce transport emissions, with a tree planted for every bottle sold.
The brand expects gross revenues to hit £2.8m in 2024 after the business recorded compound annual growth since launch of 80%.
“Initially, we launched Sapling Spirits with a mission to plant one million trees by 2027, but it has since grown into so much more,” co-founder Devereux said.
“We are now the leading independent sustainable spirits brand in the UK.”
Faulkner added: “The premium spirits market has shown encouraging growth as demand from conscious consumers rises.
“Sapling delivers premium spirits and the most planet-friendly drinking options. We will use the proceeds of the Seedrs raise to continue our rapid growth in the UK market and develop new markets in other countries.”
The brand, which is currently stocked by high-end bars, hotels and restaurants, was served at the weddings of Princess Eugenie and Ellie Goulding.
It also recently secured a partnership with Virgin Atlantic to be served as a British Bloody Mary on board flights.
Deliveroo director Justin Landsberger is an existing backer of the business and is also part of the advisory team.
“I was first introduced to Sapling Spirits in 2021, where I immediately fell in love with what they were doing,” Landsberger said.
“2023 and beyond, I believe, is about being more conscious of the impact mass-market products have on the environment. I was delighted to join the advisory team to work with Ivo and Ed as I believe Sapling is truly revolutionising the market and has an exciting future ahead.”
Sapling was awarded B Corp status in January 2022 thanks to its environmental practices in production and packaging, which includes eco-friendly refill pouches.