The most successful company to raise money on Fundwise secures 340k EU support funding
04. March 2016
Up until today the most successful company to raise money on Fundwise - Estonian craft cider maker Siidrikoda - EUR 93 200 and 42 investors - just secured a support scheme of EUR 340 000 from Estonian Agricultural Registers and Information Board, being considered the strongest applicant in their field.
Siidrikoda’s campaign closed in the end of September and their promises to the investors were to use the raised investments in three almost equal parts - 1) marketing; 2) technology; 3) product development. And this is precisely what the company has done:
• Today their product line has already 4 beverages - ciders Snoob, Hipster ja Säde and a non-alcoholic carbonated apple juice Äpu.
• Their sales network is growing by day, as is the turnover.
• Long-term goal includes building a strong brand and gain also international fame. The company has professional brand experts and designers on board. The trademarks are protected and they’ve also "grown" the intellectual property.
• The money is also used for the acquisition of complementary technologies that allow, for example, to produce a non-alcoholic or very low alcohol cider/carbonated juice. Equipment capabilities have grown and will grow in the near future.
• And, last but not least - co-investors’ money enabled leveraging the EU structural funds for necessary applied research activities needed for the company’s quick growth. Siidrikoda’s application received the highest estimate by the Estonian Agricultural Registers and Information Board’s committee. The investors money will help cover the 10% down payment requirement.
• The results of the applied research will enable the company to develop new products from apples pressing residues. Siidrikoda has a clear business vision of what can be achieved with that and also how to carry it out.