Flavourly, the gourmet food, snacks and craft beer subscription club that turned down four investment offers from TV’s Dragons’ Den, has closed its campaign on Crowdcube, having raised £515,000 through the crowdfunding platform.
The total is 65% over its £300k target (reached on 21 March) and has seen 339 investors take 34% of the company’s equity. The sum is more than six times larger than the £75k offered by the Dragons (for a 20% stake) on the programme broadcast in February.
According to Crowdcube, Flavourly is the first ever Scottish company to raise more than £500k through a crowdfund.
Flavourly is the brainchild of 26-year-old Scottish entrepreneur Ryan O’Rorke, who launched Flavourly in November 2012 from his grandmother’s garage in Edinburgh. Since then the company has grown 500% year on year, shipping more than 500,000 products from over 300 small British producers. Its craft beer club was launched in 2014 and received 4,000 orders on the first day.
O’Rorke said: “We’ve always believed in the strength our product but to have exceeded our target in such a dramatic way is truly amazing. We warmly welcome all our new investors and have huge and exciting growth plans to make Flavourly the go-to destination for gourmet food, snacks and craft beer across Europe.”
