SOFI Spritz

SOFI Spritz seeks $1million in equity crowdfunding

October 16, 2019
By Alana House

SOFI Spritz is offering Aussies the chance to invest and own a stake in the homegrown alcohol start-up through an equity crowdfunding campaign that has already raised $265,948 in the past fortnight.

Its first equity crowdfunding campaign with Equitise is looking to raise up to $1 million, while the brand is on track to serve more than two million cocktails this year, with 50% growth year on year and plans to accelerate this growth rate with the funds from the capital raise.

SOFI Spritz secured investment on Channel 10’s Shark Tank in 2016. The brand received offers from four of the sharks and accepted a joint offer from Glen Richards and Steve Baxter, who remain as close advisors to Founder and CEO Tom Maclean and have helped elevate the brand to a national scale.

From humble beginnings at The Bondi Farmers Markets in 2013, SOFI Spritz has scaled and diversified its business through raising capital on Pozible – a rewards-based crowdfunding platform, after closing three successful campaigns in 2014, 2015 and 2018. With the backing of the crowd already, SOFI has now turned to equity crowdfunding, wanting to give their investors more for their dollar. Alongside a stake in the business, shareholders will receive additional benefits including investor discounts and exclusive access to new releases.

SOFI Spritz

Winner of The Best Innovation Award at the Australian Drinks Awards in 2017, SOFI Spritz has gone from strength to strength, to become a major player in the ready-to-serve alcohol market. Featuring in more than 2000 locations, including securing national ranging with leading bottle shops Dan Murphys, BWS, Vintage Cellars and First Choice.

Focussed on new product development and marketing innovative alcoholic beverages, SOFI Spritz launched its cocktail cans at festivals, testing them for the first time at Groovin’ the Moo, The End Of The Line and Falls Festivals with a great response. The White Peach & Ginger can is now available at 30,000 feet on Virgin Australia flights, which carry approximately 4.5 million passengers per year.

The export journey has only just begun for the brand, with shipments sent to local markets in the South Pacific last year, with plans to further penetrate the global export market in 2020.

“SOFI is a genuine Australian start-up, with global ambitions and a vision to become the #1 drink of choice for the casual Aperitivo occasion,” said Maclean. “To help realise that vision, having built a loyal and passionate fan base through rewards-based crowdfunding in the past, it felt right for SOFI to launch an Equity Crowdfunding campaign,”

“The crowdfunding capital raised will go towards introducing new product lines, growing the sales team, investment into significantly increasing awareness and building trial, funding the development of innovation and realising the global vision to develop export opportunities,” he said.

SOFI Spritz are specialists in new product development and designing products that resonate with its audience, primarily millennial consumers, with a core audience of females between 20-34 years old. What sets them apart from others, is that they are 100% Australian owned and only use natural ingredients, with no added sugar, addressing the ever-growing health conscious market.

The business recently looked into the growth market of on premise strategy, trialling SOFI Spritz cocktail kegs at Bondi’s Bucket List which exceeded the venues expectations, selling over $120,000 worth of SOFI cocktails on tap and achieved a GP margin of almost 90%. In the coming months, the business will begin locking in new venues to trial its cocktail kegs.

Co-founder of Equitise, Chris Gilbert says it’s SOFI Spritz’s ability to resonate with its audience that makes it an exciting crowdfund.

“A successful equity crowdfund is always measured by how much the crowd gets behind a product,” said Gilbert. “With SOFI Spritz they’ve had terrific success in crowdfunding, growing a loyal consumer following as well as being a muchloved drink of choice amongst a millennial following,

“With such an engaged customer base, we’re hoping to see great results for Tom and his team from SOFI Spritz. They’ve set up a terrific Aussie home-grown business that is one to watch and get in on the ground level,” said Gilbert.

Potential investors can find more information here.

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