E-cigarette start-up Shoreditch completes £235,000 seed round
London-based company wants to disrupt the $6bn global e-cigarette market with a Series A round planned for later this year
Shoreditch, a London-based e-cigarette start-up, has announced the closure of a £235,000 seed round from Startup Funding Club, RCP Invest, Danvers Baillieu and Sweet Startup.
Started in January 2015 by founder Ryan Shaw, Shoreditch seeks to offer an alternative to “overpriced and overly complex offerings” from other e-liquid and vaping companies.
Named in the tradition of classic cigarette brands like Richmond and Pall Mall, the company works on a monthly subscription basis and has already processed 14,000 orders and has 5,500 active subscribers.
The investment will be used to increase the company’s customer base and drive growth as it looks to capitalise on the $6bn global e-cigarette market – which is expected to hit $50bn by 2025.
Shaw commented: “The benefits of vaping have been confirmed by Public Health England and Cancer Research UK but people have been mislead by false health claims and confused by a fragmented market. We are here to make vaping simple, affordable, convenient and great tasting.
“The investment will allow us to scale our proven customer acquisition channels and test a handful more. We are confident that we can continue producing double digit percentage growth figures over the coming months and we plan on raising a Series A round towards the end of 2016.”