Anspach & Hobday smashes crowdfunding target
The business’s campaign was launched in mid-November with a target of £300,000 but as of Wednesday morning (15 December), it had raised more than £575,000 through the Crowdcube platform.
It has been backed by more than 730 investors, offering 10.51% equity in the business, which gives it a pre-money valuation of £4.9m. The company said its new nitro porter – London Black – was “aspiring to offer a consumer choice to rival Diageo’s Guinness in London and across the UK”.
Funding enabled growth
The beer, which launched in April this year, has landed 32 house lines in pubs and sold more than 670 kegs, which is the equivalent of 20,000 litres or 35,000 pints.
Anspach & Hobday raised £525,250 in a similar fundraising campaign in 2018, which led to expanded production facilities in a new site in Croydon and it transferred from bottled to canned beer, renovated its Bermondsey site and invested in a new lab-based role to oversee quality control. These investments have enabled the business to grow 31% year-on-year (2020-21) despite the pandemic, with the company reaching the milestone of £1m in turnover in the 12 months to October.
Alongside equity, investors will also receive a variety of rewards depending on their contribution. Highlights include a 10% lifetime discount, brewery tours, and an exclusive meal at London’s English Restaurant featuring London Black.
Overwhelmed by support
Chairman and co-founder Jack Hobday said: “We have been overwhelmed by the support we have received. It is incredible to see the appetite for choice at the taps. I hope others will join our raise before it finishes on Thursday (16 December). Together we’re going bring London Beer back to Londoners and the wider country.”
Head of production and co-founder Paul Anspach added: “This expansion will change the performance of our business and help us to continue to make the best beer we can. The whole team is thrilled to have had our hard work so thoroughly backed.”
