Whitby Distillery has raised £380k from the crowd, nearly double its £200k target.
The startup had asked investors for support in building a new visitor-friendly distillery beside the clifftop ruins of Whitby Abbey. It expects the new distillery will boost the company’s revenues sixfold.
Soaring past its £200k target, Whitby Distillery has now raised £380k. The funds will be dedicated fully to “creating an unforgettable visitor experience” – and launching the brand’s first whisky.
“We’re super happy with the response,” said co-founder Luke Pentith.
“It’s always quite a nerveracking experience.”
Whitby’s crowdfunding round will close on 14 May. It followed another oversubscribed round in 2024, when the business raised £638k against a £200k target.
“We had such a successful round last time, and so many people register their interest in investing – it really filled us with confidence to go to the crowd again,” Pentith added.
The distiller now turns over £1.35m annually, with approximately 75% of its sales direct to consumer.
Having raised around £1m in total from the crowd, the distiller has still only given up around 10% of its equity.
Before the current raise, it was valued at £11.5m. The key to that solid valuation, according to Pentith, is its “really solid footprint” as a local business.
“We’re not promising to make it big abroad, or get huge volumes through supermarket listings. We already have a really solid footprint here: there are nine million local visitors, so we have the ability for huge growth right on our doorstep.”
1 Readers' comment