Savoury snacking brand Serious Pig is overfunding after returning to the crowd for the third time.
The business beat its £200k target on the Crowdcube platform in just over a week, with the campaign standing (at time of publication) at £215k from 445 investors.
Serious Pig valued itself at £16.5m – 9x current revenues – in the round as it aims to accelerate its mission to become the UK’s number-one premium savoury snack brand.
Revenues at the brand soared 73% to £1.8m in 2023, after falling from £1.5m to £1m in 2022, with growth in the DTC channel fuelling record sales last year.
The business, founded by George Rice in 2009, will use the cash from the latest crowd raise to support its DTC success, as well as supporting trade customers, winning new listings and helping with its path to becoming B Corp certified.
“With a pivot to focus much harder on our DTC channel we’ve tapped into a rich vein of demand for our snacks,” Rice, who is also CEO, told The Grocer.
“Our Amazon sales were up 464% year on year [in 2023], our overall DTC was up by 239% and we estimate there’s still significant headroom. Pigs can fly.”
Serious Pig makes a range of premium salami sticks from outdoor-reared British pork, which it markets as ‘posh Peperami’, and has expanded into new categories with snacking pickles and crunchy cheese bites.