Whitebox Cocktails has returned to the crowd to raise further investment as the RTD brand seeks to increase its retail exposure and expand overseas.
Making a range of single-serve canned cocktails, the startup is seeking to raise £200k on the Republic Europe (formerly Seedrs) platform.
The business plans to use the funds to develop gifting options and multipacks for different UK and international retailers, expand inventory and bolster marketing efforts.
Whitebox launched the funding round yesterday (22 July) and has, at the time of publication, raised £168k from 147 investors.
It is the second time the brand has pitched to the crowd, after raising more than £820k last year.
Co-founder Ben Iravani said the business had made “tremendous strides” since the previous raise.
“Our revenue has increased by 84%, we’ve launched three new cocktails, expanded our production capacity to 6.5 million cocktails per year, and grown our customer base to over 1,000 UK retailers,” he added.
“Our ambition doesn’t stop there, so, with the premium canned cocktail market set to grow to $40bn by 2027, we’re coming back to our Seedrs community to offer the chance of further investment in this exciting next phase of growth for Whitebox.”
Launched by a team of drinks industry professionals from award-winning bars, Whitebox’s portfolio includes classic cocktails such as the Negroni, Martini, Old Fashioned, Cosmo and Margarita.
Its factory in Edinburgh can now produce more than 25,000 canned cocktails every day and the business supplies the likes of Selfridges, Harrods and Amazon.
Earlier this year, Whitebox announced plans to expand international distribution, partnering with global brand-building agency Artisan Spirits, which operates across Europe, the Middle East, Africa and Asia. Already stocked in seven export markets, the new partnership is expected to provide the business with the sales platform needed to scale quickly and meet growing overseas demand.
“We believe that our 2024 growth is set to come from existing channels,” Whitebox said in its Republic Europe pitch. “However, we also are working towards significantly increasing sales via export markets, alongside opening up more channels in our UK retail business.”
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