The investors, including Pentland Ventures and Steadman Partners – owned by BrewDog owner Martin Dickie – will support growth on Ugly Drinks’ presence in the UK and the rest of Europe, as well as additional US sales and marketing and product innovation.
The investment follows rapid growth in the UK, with 3,000 new stockists secured in 2019, according to the firm.
Five million can milestone
It is now hoping to hit the five million can milestone in the UK before the end of the year.
“This is a really significant fundraise for us, and will be instrumental in taking the business to the next level,” said Ugly Drinks co-founder Hugh Thomas.
“The investment will not only help us to establish ourselves further in more competitive markets like the US, but strategically build our presence in Europe. We’ve had a phenomenal start to our journey, and are really pleased to have such a fantastic team behind us as we move forward into new territories and innovations.”
Ugly Drinks was launched just one year ago in the US.
Last month, Food Manufacture reported that artisan drinks producer Raisthorpe Distillery had invested in its production facilities with the installation of a new still.
