Sauce Shop range

Nottingham condiments startup Sauce Shop has ended its latest crowdfunding initiative 24 days early, having hit its £150k target in less than a week.

The brand kicked off a 30-day Crowdcube campaign last Tuesday (6 March), seeking to raise funds in exchange for 7.89% of equity – valuing the business at £1.75m. Having reached £150k this morning via 286 investors, six days after launch, Sauce Shop immediately closed its search for funding.

The brand had opted not to overfund, co-founder James Digva told The Grocer. “We’ve got to get a move on. We were quite clear about our target.”

Sauce Shop plans to expand its operations, buying more equipment and hiring extra staff after last week securing a listing with Sainsbury’s, the first time the brand will be available in a leading high street supermarket. Three SKUs will land in May in 250 Sainsbury’s stores.

Digva and his wife Pam launched Sauce Shop in 2014, having both worked for major fmcg suppliers including Samworth Brothers and Kerry Foods. Their brand now produces a 17-strong lineup of craft table sauces, including ketchup, barbecue sauce, hot sauce and flavoured mayonnaise. They are stocked by the likes of Ocado, Harrods, Whole Foods, Harvey Nichols and Dobbies garden centres.

Sauce Shop’s Crowdcube campaign this month was its biggest crowdfunding push to date. The brand previously raised £5k in exchange for product rather than equity.