Functional beer brand Prime Time has smashed a crowdfunding target two days after debuting with its first supermarket listing, at Waitrose.
Aiming to raise £750k to fuel its UK expansion, Prime Time is currently 17% over target having raised £880k from more than 250 investors. The raise values the company at £14m.
Founded in late 2021 by Harvey Armstrong and Sam Holmes, Prime Time beer is brewed with 30% fewer calories and 63% fewer carbs than standard beers, and is aiming to appeal to drinkers seeking a healthier alternative.
The beer rolled out in Waitrose on Monday as the company’s first supermarket listing.
Armstrong, the company’s co-founder and CEO, said retail was a critical focus for the brand, which has a strategy to expand “steadily and methodically with retailers that align closely with our brand values”.
“Launching into a dominant retailer demands significant time and careful planning,” he added. “Brands that scale too quickly often fail because they neglect the essential support each retailer requires to reach the optimum rate of sale.”
Once the Waitrose launch is a sustained success, Armstrong said, Prime Time would aim to expand into the rest of the trade “with a strong understanding of what it requires to be successful at this level of distribution”.
Alongside Waitrose, Prime Time is stocked in 350 UK venues, including Young’s pubs and two Premier League football clubs.
The business said it quadrupled revenue in 2023 and tripled it again in the first half of 2024.
Prime Time has previously raised £2m in private investment from investors including brand executives from Aesop and L’Oréal, and the commercial director of Fulham FC.
It will launch its first marketing campaign later this month to support the Waitrose listing, with advertising appearing in 250 London sites, including 110 buses, for one month.
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