Caribbean rum brand Duppy Share has completed a £2m fundraising round to support UK growth.
The business is forecasting 10% growth in the UK in the 2023 financial year and is aiming to gain a total of eight SKU listings across all the major mults by 2025.
Its rums have won a handful of retail listings across Amazon, Morrisons, Asda, Tesco and Ocado, as well as specialist sellers such as Master of Malt and The Whisky Exchange.
Duppy Share has had a sustained rate of growth at a CAGR of 87% over three years and revenues currently stand at just more than £6m.
Founded in 2015 by George Frost, the son of broadcasting legend Sir David Frost, Duppy Share will sell more than 500,000 bottles this year and claims to be the top-selling premium rum in the UK.
It is also now trading in 18 territories, including Australia, France, Germany and Italy.
The company plans to launch a fresh funding round next year to help it break into the US market in April.
Duppy Share also plans to expand its range with further expressions over the next few years.
“We’ve seen a strong growth in premium off-trade rum volume, and our more expensive XO rum has been the one everyone is asking for,” Frost said.
“We’re looking to smash our sales targets for this year and then start our fundraise to conquer US in April.”
The latest funding round is backed by former professional footballer Ian Wright and music producer Fraser T Smith, who join current shareholders, including serial investor Jim Mellon, the Irish horse racing Magnier empire and musician and actor Kano.
Duppy Share produces a range of premium Caribbean rums from distilleries in Jamaica and Barbados, including Aged, Spiced, White, XO and Pink Ting-A-Ling RTD cans.
It partnered with Kano to launch its white rum in 2021.
No comments yet