New Zealand brand Zeffer cider has completed its goal in raising $1.2 million public capital offer in an impressive five days after the Snowball Effect campaign was launched.
The original offer was offered to private investors on February 28, and then going live to the rest of the public March 1.
The Matakana founded cider had already reached $700,000 within a 48-hour margin. By Sunday the rest was history and the eight-year-old brand had reached its maximum target with 26 days remaining on the clock.
The original Snowball Effect campaign had 30 days to raise 1.2mil.
Josh Townsend, sales and marketing director at Zeffer, stated that the company is looking forward to welcoming in its new shareholders.
“We have been truly overwhelmed with the support we have received, particularly achieving our maximum target in such a short timeframe… [We are] really excited about creating New Zealand’s next FMCG success story.”
Simeon Burnett, CEO and co-founder of Snowball Effect, says Zeffer’s offer was one of the fastest to reach its target on its online marketplace platform.
“We saw a major groundswell of small investors getting involved, with over 200 people investing at the $10,000 or less mark, contributing $670,000 of the total. Larger investors (those that invested over $10,000) also played a significant role, accounting for $530,000 of the total,” says Burnett.
The money raised will help Zeffer launch its Asian export strategy, especially in China and Thailand, and further increase its domestic resources to drive growth.
“Over the next three years we aim to develop the business to a highly profitable and scalable level, where export revenue grows from 17 percent to 50 percent of total sales,” says Josh Townsend.
Locally, funding will also be used towards completing Zeffer’s relocation to the Hawke’s Bay, to the source of the apples, resulting in an annual freight savings of approximately $200,000.
The award-winning cider brand, founded in 2009, has already experienced impressive results in the cider category, which is now worth more than $100 million per annum in New Zealand, with Zeffer alone producing over 300,000 litres per year.
Keep up to date with Zeffer's investment progress here