HonestBrew drinks to £1.5m investment as it looks to go offline
The online craft beer subscription service wants to open up a physical store and expand its trade operations...
HonestBrew, the Startups 1oo-ranked online retailer connecting beer lovers “with the world’s best craft beers”, is celebrating after securing £1.5m in a fresh round of funding led by Hargreave Hale VCTs.
A number of high-net-worth investors were also involved in the round, including Stephen Moon – CEO of Science in Sport – who joins the board as non-executive director.
Launched in January 2014 by Andrew Reeve, Annabel Causer, Craig Wilmott and Timothy Armstrong, HonestBrew champions independent craft breweries by sourcing and showcasing beers across its ‘online bottleshop’; delivering these beers directly to homes and offices across the UK.
In addition to its online bottleshop, which features over 500 beers from across the globe, the e-tailer provides a craft beer subscription service that matches beers to people’s taste – a service which competes with rival brand Beer52.
The start-up also has a trade offering for businesses, coffee shops and restaurants looking to stock a craft beer range.
It intends to use the new investment – which brings total funding to £2.4m – to launch a physical ‘bottleshop’ and support the growth of its trade operations.
Discussing the company’s future ambitions, co-founder Reeve commented:
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“We want to keep pushing the growth of craft beer in the UK, helping independents to gain a greater market share and people to enjoy craft beer no matter where they are.”
Reeve claims that HonestBrew is “the leading player in the online craft beer market in the UK”.
Its rival Beer52 has previously secured a six-figure investment sum from Skyscanner co-founder Gareth Williams; Secret Escapes co-founder Andrew Bredon, and Funkin Cocktails founder Alex Carlton and, in 2016, was projecting turnover of £7m.