The firm launched the campaign through online crowdfunding platform Seedrs on 28 November and is already – at the time of publishing – sitting on an investment of £862,936, accrued in less than a week.
Salcombe intended to use the funding to improve three key areas of the business – 10% on product development, 20% on marketing activities, 40% to grow its sales team and 30% in improving production and operations. None of the money would be used towards the company’s £230,000 business loan repayments.
Commenting on the crowdfunding campaign’s success, co-founder Howard Davies said: “We’ve had three epic years of explosive growth and now is a really exciting time for investors to get involved with the company.
‘Smashed our target’
“Having smashed our target in less than 24 hours, this will enable us to take the business to the next level internationally and significant overfunding will catapult us towards our ambition of being the world’s number one luxury gin brand.”
Salcombe said the company would use the overfunding to invest additional capital in sales and marketing to further accelerate the growth of the business.
Angus Lugsdin, co-founder of Salcombe Distilling, added: “We’re incredibly proud to have won so many prestigious international, national and regional awards. Among our large contract wins, we’ve recently formed a partnership with P&O Cruises to install the world’s first distillery at sea.
“It’s exciting that our brand is so highly regarded and recognised as having such potential and that further investors would like to join us on this next leg of our voyage.”
Launched in 2016, Salcombe Gin is already available at retailers and off-trade across the UK, including Waitrose, Marks & Spencer and Budgens. The brand is also available online through Amazon.
A number of food and drink businesses have turned to crowdfunding to help support their future growth and, in some cases, keep them operating.
In October, a group of 29 Kintyre dairy farmers looked to raise £50,000 through crowdfunding in a bid to purchase Campbeltown Creamery from current owner First Milk.
Meanwhile, in April, snack brand Serious Pig raised more than £500,000 from more than 1,300 investors via a Crowdcube funding campaign.