A Newcastle-based business behind an alcoholic tea brand has turned to crowdfunding for a second time to support its development of an export strategy, targeting markets in the US, Australia, Japan, France, Switzerland, Austria and Singapore.
Noveltea specialises in cold brew tea matched with either gin, rum or whisky. Its products are listed in the likes of Fenwick, Harrods and John Lewis.
It launched its first crowdfunding pitch on Crowdcube in August 2017 and has now returned to the site in a bid to raise a further £150,000.
At the time of writing the business had secured almost 80 per cent of the target.
Alan Balfour, chairman of Tea Venture Ltd, which trades as Noveltea, said: “In our first crowdfunding campaign, we overfunded in five days and received investment from around 300 individuals.
“Less than a year later, we are on track to achieve revenue growth of 380 per cent and are ahead of our cash-flow budgets. We are now taking on growth capital and will continue making sure that every penny is invested wisely.”
Noveltea currently exports to Germany, Hong Kong and China but is seeking further international expansion.
It will also use the funding to launch a third flavour – The Tale of Oolong – which is an infusion of oolong tea with Scotch whisky.