Ready-to-drink cocktail brand Moth has received a £4.6m cash boost, following investment led by transatlantic venture capital firm Beringea.
Funds would be used to solidify the brand’s position as the leading premium RTD cocktail brand in the UK, accelerate growth in the US and hire new staff, Moth said.
Having already launched in Massachusetts and Florida in 2023, the company plans to open its first office in the US.
Founded by Rob Wallis and Sam Hunt in February 2021, Moth has enjoyed rapid growth in both sales and distribution of its drinks, now stocked in more than 3,000 UK supermarkets.
Its annual revenues grew by 150% in 2023, following a 200% increase in 2022. To support this growth, Moth’s team has expanded to 35 people in fewer than three years.
Its product range comprises bar-strength cocktails made using award-winning spirits. They include margarita, negroni, mojito, cosmopolitan and paloma serves.
Wallis and Hunt had “built a remarkable business” said Beringea portfolio director Harry Thomas.
“Not only has Moth become one of the UK’s most exciting emerging brands, it has already begun to establish a foothold in the US, unlocking a vast opportunity for its next chapter of growth,” he said. “This is a great team with fantastic prospects, and we look forward to seeing the business go from strength to strength.”
Hunt added: “This investment is a testament to our success and a crucial step in our next chapter. We are excited to expand our footprint in the US, bringing our bar-quality, ready-to-pour cocktails to even more consumers.”
Moth was awarded Drinks Brand of the Year at The Grocer Gold Awards in July.
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