Humble Grape seeks expansion via crowdfunding
Humble Grape, the independent wine merchant and wine bar concept, is preparing to launch its second crowdfunding campaign to support its ambitious expansion plans.
The company currently comprises two sites in London, and two further sites are set to open this year, both of which are already secured and fully funded. The company has grown quickly from its roots as a wine importer in 2014 to one that employs 35 staff and imports more than 400 wines from 11 countries.
Founder James Dawson aims to raise funds via crowdfunding platform Seedrs to support future expansion beyond its fourth site, to a further two to four sites per year thereafter.
Its first crowdfunding campaign in 2014 exceeded its expectations, having raised £360,000 and an additional £175,000 from private investors, to a total of £535,000. First round investors have already seen their investment increase eight fold. The second campaign aims to raise £750,000 to £1m.
Dawson said: “This is about offering our customers the opportunity to become further invested in Humble Grape. We have let customer feedback and input shape our brand so far and no matter how big we grow, I want this to continue. I believe in crowdfunding because it gives customers who believe in a brand the opportunity to become a part of its growth and share in its success. We are all about bringing our customers closer to the source, connecting them with the winemakers and giving them access to wines that would otherwise be unavailable. I want Humble Grape to belong to the people who believe in what we are doing.”
Revenue generated in the business is split approximately 15% retail, 20% events and 65% from the bar.
The company has plans to expand across London and it may consider other cities further down the line. The money raised will go towards opening sites five and size and towards growing the Wine Club, Wine Bank and online sales. Investors will also gain additional privileges and discounts.