Impossibrew is targeting further growth after a successful crowdfunding campaign.
The company, which is “harnessing tech to create enhanced functional non-alcoholic beers” utilises innovative Social Blend technology helps drinkers unwind naturally, offering a true third choice beyond ‘drinking’ and ‘not drinking’ and pioneering a new category in functional drinking.
Last month saw Impossibrew launch a Crowdcube fund aimed at £500,000 investment, with pre-money valuation standing at £12million.
The fund opened to the crowd on the 22nd January and has now closed, overfunding by 315% of the target; the total stands at £1,575,390 raised from 1,204 investors.
The added investment is aimed at accelerating growth through strategic customer acquisition, retention and continuous innovation. Notable investors in Impossibrew include Frazer Thompson, Founder of Chapel Down, a former Global Brand Director of Heineken and Jacopo Di Vonzo, Founder of Remeo Gelato.
Impossibrew Founder Mark Wong explained: “We’re overwhelmed by the incredible support, from our existing investors and community, reaching our funding target of £500k in just 35 minutes during the priority access phase, surpassing £1.2m within 24 hours of public launch and completing at nearly £1.6m.
“We’re incredibly grateful for the over 1200 who decided to support our mission to revolutionise social drinking.
“The funding will accelerate our patent-pending Social Blend™ technology development and expand nationwide availability, plus building a world-class team to support our ambitious growth plans with a focus on phased approach expanding our retail and trade presence nationwide through strategic partnerships – making the future of drinking accessible to everyone.
“It’s humbling to see so many people believe in our vision, and we’re excited for what the future holds as we move ever closer towards our goal of becoming the world’s best alcohol alternative company.”
