Canned wine Hun exceeds crowdfunding target within 24 hours
Canned wine brand Hun has closed its first equity crowdfunding campaign 38 days early after exceeding its funding target.
Hun, which claims to be the first canned wine brand to launch a crowdfunding campaign, initially aimed to raise £400,000 but this target was reached less than 24 hours after the public launch.
This led them to set a new stretch target of £600,000, which was reached just over a week later. The funding will be used increase distribution across the UK, expand into new global territories and for new product development.
The campaign received backing from 456 investors with 13% equity offered on a pre-money evaluation of £4million.
Hun, which was launched during the first lockdown, was founded by East London-based entrepreneur Mark Woollard alongside a board of directors that includes Waitrose chief executive James Bailey and ex-Brewdog chief executive Andy Shaw. Hun also received private investment from Formula 1 racing boss David Coulthard.
Woollard said: "We are thrilled to have smashed our crowdfunding target of £600k, just over a week since the launch of the campaign. As the first canned wine business to crowdfund we were anxious to see how investors would react, but we can now say there is faith from our community in both canned wine and the Hun business.
“Due to the success of the campaign, we are now one step closer to achieving our ambition to become the world’s biggest canned wine brand and we have some really exciting plans for 2021. We can’t wait to take our new 456 investor Huns along for the ride with us.”
Despite launching in the midst of the first lockdown, Hun has gone from strength to strength and is at the forefront of the UK canned wine market, having launched in Tesco stores nationwide and becoming one of the first canned wines to join the ‘invite only’ Amazon Vendor seller programme.
All of Hun’s wines are vegan, fairtrade and sourced from the renowned Stellenbosch region in South Africa.