Craft rum brand Libations has raised almost £200k from the crowd to bring its production in-house and open a distillery in Yorkshire.
The business beat its £150k target on the Seedrs platform just more than 24 hours after launching the pitch, with 241 investors pledging just shy of £200k so far, with just more than a week left to run on the campaign.
The bulk of the funding will go towards its new distillery and blending house, which will also operate as a visitor centre, with some money allocated to upping marketing spend, developing new products and investing in developing the ecommerce site
Libations was founded in 2019 by Rory Armstrong and Chloe Potter, with the pair respectively having worked for Diageo and Masons Gin in the past.
The business, which harbours ambitions to become the UK’s biggest craft rum brand, has so far secured national listings with Harvey Nichols, Amazon and Master of Malt, as well as outlets in the on-trade and sells from its own DTC shop.
“We’ve enjoyed a phenomenal reception since launching in December of 2019,” Potter said.
Armstrong added: “We’ll be operating a portion of the distillery as a visitor centre in a hope to provide an unrivalled experience when it comes to British rum.”
Chloe commented “we’re overwhelmed at the level of support we’ve received so far both from our community and the wider public”.
The pair spent six months prior to launch developing their spiced rum, which sold out of its first 250 bottle batch run within just 96 hours.
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