5th May, 2021 by Kate Malczewski
East London Liquor Company (ELLC) has surpassed its £750,000 (US$1 million) crowdfunding target on Crowdcube.
The London-based producer’s crowdfunding campaign has attracted 516 investors since it launched on 12 April, and it will remain open to investors until 12 May.
Alex Wolpert, founder of ELLC, said: “After such a challenging year, the response to our campaign has been seriously overwhelming and we are humbled by the support of the investor community.
“With such enthusiastic support, we are continuing our campaign to give as many people as possible the opportunity to be part of our incredible journey.”
With the funds from the campaign, ELLC plans to continue its expansion into export markets, launch new products, further develop its e-commerce platform and lay down 250 casks of whisky each year until 2023.
This is the second round of crowdfunding for the independent distillery. In 2018, ELLC raised £1.5m (US$2.1m) to increase its whisky production and launch its products in New York and California. Its initial target for the 2018 campaign was set at £750,000.
ELLC is currently valued at £26m (US$36.1m), with the goal of reaching £11m (US$15.3m) in annual sales revenue by 2029.
Since its last crowdfunding project, the distillery has rebranded; launched seven whiskies, a ready-to-drink collection and a range of hard seltzers; and collaborated with the Royal Botanic Gardens, Kew on a limited edition gin.
In November 2020, The Spirits Business spoke with Wolpert about building an international brand that prioritises both quality and affordability.