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Drop sets new £500k funding goal as £300k target hit

Tthe tech-enabled virtual wine cellar, Drop, which offers expertly curated wine delivery within the hour, has so far seen 276 individuals take part in its Seedrs campaign to expand its on-demand service nationwide.

The fund has raised over £300k to date, as investors show their belief in the wine delivery app. In response, Drop has now set a new stretch target of £500k and the raise will continue to run until Saturday 13 February, meaning there is still time to invest.

Co-founder Will Palmer said, “The response has been amazing, and we are so grateful to those that have chosen to invest and be part of our growth plans. The fact that we hit our target in such a short time frame is a testament to the fact our investors believe in the business model and future for Drop.

'Investors have been particularly interested in the tech platform, unique offering and our plans for national expansion. There is still time to invest in the next 24 days as we move towards our stretch goal of £500k.”

Investors supporting Drop will see their money fund ambitious growth projects to capitalise on the current market potential. The key goal will be to scale the business to a national footprint of over 100 distribution points thus offering a curated wine cellar with one hour delivery to customers across the country.

Projects to support this include: expansion to 85 franchise locations, regional logistics hubs, additional tech development for an enhanced virtual wine cellar experience and AI interpretation of customer needs.

Drop already has its sights set on a number of UK cities and is in conversations about locations in Edinburgh, Birmingham, Manchester and Cardiff. In addition, the Seedrs campaign offers a host of benefits to investors such as online discounts up to 30%, free delivery, private wine tastings, a case of wine on their birthday and access to exclusive tastings.

Co-founder Ian Campbell said, 'It is fantastic to see that over 60% of our Seedrs raise has come from our existing Drop customers, demonstrating their belief in our model.

'The raise has also attracted interest from a range of investors and some new customers to the platform. There have been a number of good developments in setting up additional franchise sites in London.

'In addition to this we are in conversations with some great leads across the UK around opening drop locations in Edinburgh, Birmingham, Manchester and Cardiff with plans to roll out to a number of other locations across the next 5 years.”

The business has got off to a strong start to 2021 with January sales hitting three times those in January 2020.