Menu
News

Impossibrew crowdfunding jumps to £1.2m in under 24hrs

Functional non-alcoholic beer business Impossibrew has launched a Crowdcube fund that has far surpassed expectations.

The crowdfunding, which was looking for £500,000 investment, with pre-money valuation standing at £12million, opened this week and was immediately overfunded by 256% of the target.

Speaking to the drinks business about the achievement, Impossibrew founder Mark Wong said: “We’re truly humbled by the momentum behind the crowdfund and our mission to redefine social drinking.”

The total currently stands at £1,284,151 raised from 836 investors and is due to complete in mid-February.

Partner Content

Wong told db: “This raise would allow us to bring our new way to unwind to more people via improving availability across the board with more scale efficiencies so we can then pass on savings to our consumers directly. In a way, allowing us to move from a more research preview phase to a more consumer phase.”

Wong added: “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, and surpassing £1.2m within 24 hours of public launch. We’re incredibly grateful for the over 800 who decided to support our mission to revolutionise social drinking.”

According to Wong, the funding will accelerate the business’s “patent-pending Social Blend technology development and expand nationwide availability”.

Plus, he admitted that he was passionate about “making the future of drinking accessible to everyone” and admitted: “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.”

Related news

AB InBev extends its Olympic partnership until 2032

Breweries unite in Colorado for Collaboration Fest

Heineken to make beer weaker

Leave a Reply

Your email address will not be published. Required fields are marked *

It looks like you're in Asia, would you like to be redirected to the Drinks Business Asia edition?

Yes, take me to the Asia edition No