Gourmet food and drink subscription company Flavourly has smashed its £300,000 fundraising target 18 days ahead of the investment deadline on crowdfunding platform Crowdcube.
The company, which turned down four investment offers from the BBC’s Dragons’ Den, hit its target on the crowdfunding website this weekend.
It is now overfunding, having raised £354,000 from 283 investors – with the largest single investment of £50,000 – in exchange for an almost 20% in the business.
The figure is more than four times larger than the £75,000 offered by the Dragons – also for a 20% stake – on the programme broadcast last month.
Flavourly, started by Scottish entrepreneur Ryan O’Rorke in November 2012, selects independently produced gourmet food, drink and craft beer and delivers them in a package to customers each month.
“We’re over the moon to have smashed our £300,000 target,” O’Rorke said. “And it hasn’t stopped there – the bids are still flying in.
“We’re thrilled that hundreds of public investors have embraced Flavourly with such enthusiasm. We’ve huge plans ahead and this investment will enable us to accelerate our mission to become the go-to destination of gourmet food, snacks and craft beer across Europe.”
The 26-year-old entrepreneur was inspired to start up the business after witnessing his father, an amateur honey maker, struggling to sell products outside his local circle. He also discovered that 75% of small British producers do not have the resources or infrastructure to sell direct to consumers or the multiples.
Since it started trading, Flavourly has grown 500% year on year, shipping more than 500,000 products from more than 300 small British producers and generating revenues in excess of £600k. Its craft beer club was launched in 2014 and received 4,000 orders on the first day.
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