Sapling Spirits

Source: Sapling Spirits

Sapling Spirits raised £1.4m from 220 investors on the Seedrs crowdfunding platform

Sapling Spirits has closed a seven-figure fundraising round to push ambitions to make the spirits industry more sustainable.

The business – launched by Ivo Devereux and Ed Faulkner in 2018 as the world’s first “climate positive” spirits brand – raised £1.4m from 220 investors on the Seedrs crowdfunding platform, valuing Sapling at £13.8m.

“This achievement is a significant milestone, enabling us to introduce innovative and purpose-driven products to market, including our wonky fruit vodka and our direct-to-consumer refill scheme,” Devereux said.

Sapling’s vodka and London dry gin are 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%.

Sapling was awarded B Corp status in January 2022 thanks to its environmental practices in production and packaging, which includes eco-friendly refill pouches.

“This funding will help us reach our goal of leading the spirits industry to a more sustainable future and plant one million trees by 2027,” Faulkner added.

“Additionally, having hundreds of co-owners of our brand is a testament to our growing community and provides us with further traction in the market. Bring on 2023.”

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 a backer of the business and also part of the advisory team.