Independent wine merchant and bar Humble Grape has exceeded its £1m crowdfunding target through private investment.
Between £750,000 and £3.5m was pre-pledged prior to the campaign going live on crowdfunding platform Seedrs on 19 March, with Humble Grape increasing its original aim from £750,000 to £1m – a target it exceeded this week.
All crowdfunding has come from private investment, largely made up by wine makers and customers. The pre-valuation is set at £10m based on the revenue seen by the company since first opening in 2009.
Following its first crowdfunded site in Battersea, which opened in 2015, and its Fleet Street site opening last year, the brand has already fully funded its third and fourth sites, based on the profits from existing business. The brand is set to open a third site in north London later this year, and a fourth site in central London in the autumn.
The investment from the campaign will go towards the growth of a fifth and sixth site and a further two to four sites per year thereafter, as well as the expansion of the Wine Club, Wine Bank and online sales.
Founder James Dawson said: “This is about offering our customers the opportunity to become further invested in Humble Grape. We’ve let customer feedback and input shape our brand so far and no matter how big we grow, I want this to continue. I believe in crowdfunding because it gives customers who believe in a brand the opportunity to become a part of its growth and share in its success.”
Videos from The Caterer archives