Flavourly clinches £515,000 from the crowd to expand food and craft beer subscription service
Crowdcube round marks Startups 100 company’s second overfunded crowdfunding attempt to date following “fastest ever” Angels’ Den campaign
Startups 100-listed Flavourly, a luxury food and craft beer subscription club specialising in products such as bacon jam and chilli popcorn, has raised £515,000 on equity crowdfunding platform Crowdcube.
The subscription business’ original target was £300,000 but interest from 339 investors saw the company achieve 65% over its initial target in return for a share of 34% equity.
The round marks the company’s second successful crowdfunding attempt to date, after it previously raised £116,000 in less than 24 hours on Angels Den, and represents a new milestone for Scottish enterprise – Crowdcube claims Flavourly is the first ever Scottish company to raise over £500,000 in crowdfunding.
Launched in November 2012 by 26 year-old Ryan O’Rorke, Edinburgh-based Flavourly delivers independently-produced gourmet food, snacks and craft beer in a package to customers each month and has shipped more than 500,000 products to date with 500% year-on-year growth.
In the latest series of Dragons’ Den, Flavourly accepted a joint bid from Piers Linney and Peter Jones for £75,000 in return for a 20% stake but after the show aired O’Rorke decided to reject the offer – a move which looks to have paid off. This latest investment is six times larger than the offer presented in the Den.
With turnover for 2015 set to hit £1m, the company plans to use the funding to expand its customer base and also has overseas expansion on the cards.
Flavourly’s O’Rorke said of the funding: “We’ve always believed in the strength our product but to have exceeded our target in such a dramatic way is truly amazing. We warmly welcome all our new investors and have huge and exciting growth plans to make Flavourly the go-to destination for gourmet food, snacks and craft beer across Europe.”
To find out why O’Rorke changed his mind on the Dragons’ Den offer click here.