Premium gin brand Pinkster has ridden high on the "gin-aissance" sweeping the UK and smashed through an equity fundraising target of £600,000 in six weeks.
Pinkster, a fast-growing, Cambridge-based gin produced with fresh raspberries, raised £758,000 in 47 days since it placed its listing on the relatively new crowdfundraising platform Growthdeck on 31 March.
Unlike most crowdfunding platforms, Growthdeck does not impose a deadline on when an equity round has to be raised by and has an upper fundraising limit of £1m.
Early indications also suggest Pinkster exceeded its forecast sales for the year ending March 31, with turnover expected to hit £500,000 compared with a forecast of £484,000.
Capital from the fundraising round will be used to expand Pinkster’s distribution in the UK, as well as in new territories including Australia, Hong Kong and the US.
Around 70 per cent of UK gin is exported and Pinkster has recently signed distribution deals in Perth, Melbourne and Sydney.
Stephen Marsh, Pinkster’s founder and managing director, said:
We're slightly blown away that we raised the finance in just six weeks. The overwhelming response is a real vindication of our business model and successes so far.
Thanks to the current gin revival, we’re growing fast with our turnover trebling over the last twelve months. This finance allows us to scale up the business by investing in staff, marketing and production facilities. And if we do reach the ceiling of £1,000,000, all for the better.
This isn’t just about the funding either – Growthdeck’s advisers are already providing support and guidance that stands out from other crowdfunding platforms.
Pinkster's pink gin is stocked by more than 500 UK outlets including Oddbins, Ocado and Amazon, as well as numerous gastropubs, bars, restaurants and hotels.
Gary Robins, Co-founder of Growthdeck, says: "We set out just a few short months ago to drive up standards in the UK crowdfunding industry, and the speed with which Pinkster has surpassed its funding target shows that investors are responding strongly.
"We identified it as a company with huge potential for growth, not just because it is in a rapidly-expanding market, but because it is a well-run business that has already seen impressive growth in its turnover and distribution network."