Pinkster gin raises £1.1 million to boost growth
Pinkster gin has raised £1.1 million in a round of private financing to allow it to fully capitalise on the pink gin boom.
Pinkster launched back in June 2013 and it has enjoyed year-on-year growth since then after picking up listings with retailers Majestic Wine, Marks & Spencer, Harvey Nichols and Selfridges.
Pink gin has exploded in popularity in the past couple of years as major brands have jumped on the bandwagon, and Pinkster wants to ensure it remains at the forefront of the trend.
Managing director Stephen Marsh said: “This successful fundraise is a fitting close to a momentous year. The fact that we were able to raise a seven-figure sum through friends and family, speaks volumes about the robustness of the business model, the strength of the product, and the opportunities ahead.
“Backers include our directors, assorted employees, existing investors, and personal connections. All have bought into the fact that we’re a pink gin pioneer with a distinctly fruity USP.
“And with industry data showing that 11% of on gin-trade gin stockists carry a pink gin and 2.2 million people are now drinking pink, there’s clear headroom for growth.”
In 2016 Pinkster set out to raise £600,000 in a crowdfunding drive and ended up with £1 million after exceeding expectations. That funded growth in the brand, and the new money will go to increasing sales reach, extending brand marketing, and boosting production.
Marsh added: “Ironically, given the subsequent explosion of pink gins, we didn’t set out to make a pink drink. After working our way through a fruit bowl all those years ago, we discovered that raspberry worked mighty well with the juniper, delivering the best flavour.
“We’re passionate about sustainability, and the inebriated raspberries left over from producing Pinkster are used in three natural by-products, Boozy Berries, Gin Jam and Pinkster Royale.
“Whilst we don't have the marketing muscle of the major brand owners, we have a premium positioning and an unswerving commitment to fresh fruit. This marks us out from the pack and underpins our recent creative campaign, The Dos and Don’ts of Pink Gin.
“Our mantra is to focus on the flavour rather than the just colour. In other words, there’s much more to choosing a gin than its wow factor on Instagram.”
Earlier this year, former Diageo channel director Martijn van Buuren joined Pinkster as sales director. He completes the four-strong management team alongside Marsh, marketing director Will Holt, marketing director and finance director Georgina Northen.