Non-alcoholic drinks company Monday Distillery has closed out its equity crowdfunding venture, reaching more than $1 million in investment with 497 new shareholders coming on board.
Founder of Monday Distillery Samantha Manning said: “We embarked on this equity crowd funding journey so we can continue to develop new drinks and remain at the forefront of innovation. Seeing the public put their hard-earned money into our business is a surreal experience. Something that started on my stovetop at home now has almost 500 new investors.”
The funds raised will allow new drink varieties to be produced and will serve to grow online channels and increase sales through distribution, expand on distribution channels and pursue international growth. Investment goes to the parent company of Monday Distillery – Higher State Co – which is also home to the Lunae Sparkling brand. Investors are now co-owners of both brands.
Manning (above) said: “We really are a testament to the power of our community. Many of the funds raised were achieved via our family, friends and customers who have supported us in many ways over the years. But, hopefully, the biggest payback will be becoming part of a brand that’s showing how big things can happen from smaller towns. And that we can match huge international groups sip for sip in what we deliver.”
Co-owner and Finance Director at Monday Distillery Haydn Farley added: “We are in the very fortunate position where demand is so high that we need to expand to keep up with the pace of growth. We now have the investment to keep growing, and we are thrilled that so many people helped us achieve this goal.
“We aim to capitalise on the strong demand for non-alcoholic RTDs in Australia and internationally, and the emergence of the category of functional water and beverages. Our key obstacle to growth has been the ability to supply and distribute to keep up with this demand. Now this investment allows us to jump over this obstacle and plough ahead.”
Monday Distillery partnered with equity crowdfunding platform Equitise to lead this raise.