Matugga Distillery raises more than £300,000 through crowdfunding in just two weeks
With more than two weeks remaining in its first equity crowdfunding campaign, Scottish rum distillery Matugga Distillery has passed its ambitious fundraising target of £300,000.
The distillery has welcomed more than 200 new shareholders who have bought into the company’s plans to take Scottish rum worldwide by blending distilling skills honed in Scotland with its proud African and Caribbean roots.
Now, with funds secured to invest in new distillery kit and to expand Matugga’s team, the married co-founders Jacine Rutasikwa and Ugandan-born Paul Rutasikwa hope to attract further investment to help accelerate their export plans.
Head distiller Paul, who is beginning work on a sugarcane plantation in his native Uganda which will make Matugga a “Cane to Cask” producer, said: “The African market is buoyant but craft drinks companies in the UK don’t see the opportunity.
“When it comes to export, UK companies immediately think of Asia and North America - but they are missing out on huge demand, appetite and spending power across African nations.
“We are fortunate to have the contacts, cultural affinity, family ties and product-market fit to be an early mover. We want to supply our unique, high-quality spirit to rum drinkers around the world, and to convert many new ones along the way.”
The company, which has a pre-money valuation of more than £1.2m, is currently at full capacity. The fresh funding will enable the Matugga Distillery to fulfil high demand for its products.
To invest in Matugga Distillery, visit Crowdcube.