Hipster distillery East London Liquor Company launches £750k crowdfund to fuel global expansion
The East London Liquor Company was launched by ex-bartender Alex Wolpert in 2014
(East London Liquor Company)A Hackney-based hipster distillery that produced London's first rye whisky in a century has launched a £750,000 crowdfunding campaign to fuel its global expansion plans.
The East London Liquor Company, which was launched by ex-bartender Alex Wolpert in 2014, is looking to emulate its successful fundraise back in 2018. The business managed to crowdfund more than £1.5 million from fans, with around £1 million raised within just 36 hours of launching.
The company was valued at £16.5 million in 2018, and says it currently has an estimated value of around £26 million. It produces and imports around 15,000 bottles a month, and said it predicts annual sales revenue will reach £11 million by 2029.
Wolpert said the independent distillery is looking to use new funds to increase production and invest in “key export markets”.
The distillery - which released a Kew Gin last November as part of a six-year partnership with The Royal Botanic Gardens, and has produced special editions for other London institutions including The Royal Academy of Arts - says it has seen a 125% growth in online sales after lockdown hit last year.
Its UK sales were hit hard by the closure of hospitality venues during the period, however.
Wolpert said: "Using the capital that we secure from this next round, we will continue to invest in our key export markets and our home turf, lay down 250 casks of whisky each year by 2023, and launch exciting new products, including delicious new collaborations with London’s Royal Botanic Gardens, Kew.”
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