Belle Isle Moonshine is raising capital to help it expand its direct-to-customer sales, which have become a large segment of its business. (Photos courtesy of Belle Isle Moonshine)
After raising more than $10 million from investors since its inception in 2013, Belle Isle Moonshine is attempting to raise the bar with a fundraising tactic it’s never tried before: crowdfunding.
The Manchester-based distillery plans to launch a $1.2 million campaign this week on StartEngine, an online investment site that hosts fundraising drives for startups.
CEO Vincent Riggi said the crowdfunding effort celebrates the company’s recent milestones, including its 10-year anniversary this April and its one millionth bottle and canned cocktail sold, which Riggi said happened in 2022.
Vince Riggi
“We have never really tapped into this bucket of crowdfunding, and we have tens of thousands of fans,” Riggi said. “What better way to raise capital for Belle Isle’s expansion than to not just engage your standard investor base but engage your fans and allow them to join this journey we have at Belle Isle?”
The StartEngine raise would help the distillery finish out an investment round it started this time last year. As of April 11, Belle Isle had raised $1.6 of its $3 million goal, according to SEC filings.
The new online campaign, which will run about 60 days, is meant to take the company as close to the finish line as possible without triggering certain regulatory requirements, Riggi said. Title III of the JOBS Act, or Regulation Crowdfunding, requires companies raising over $1.235 million to submit a full audit report. This is restricted to crowdfunding, so Belle Isle’s previous capital raise doesn’t count toward that threshold.
Each investment received through the site gives the investor a convertible note which, depending on the amount given, can convert into an equity interest in Belle Isle or benefits ranging from free T-shirts to free drinks to an invitation to join the distillery’s tasting panel to provide input on new products before they’re launched.
Riggi said the money will be used for renovating and expanding its tasting room within its 615 Maury St. distillery and a limited-release bourbon line, plus a focus on expanding outside of Virginia.
Belle Isle Moonshine’s building was formerly an Altria mail sorting plant. (BizSense file)
Belle Isle sells moonshine, canned cocktails and cocktail kits, often in fruity flavors like prickly pear, pineapple coconut and honey habanero. It currently ships to 36 states.
The expanded tasting room will span several thousand square feet, and Riggi said he hopes to open it within six months of the campaign’s completion. Belle Isle has tapped Campfire & Co. to design the space and Willhouse Construction to build it.
“It’s an important part of our growth over the next several years,” Riggi said. “The capital raise is for us to continue to build our business in Virginia and also start building our business outside of the state.”
Riggi said that although it’s still a small craft distillery, Belle Isle sold nearly 16,000 nine-liter cases last year. That puts it in the top 10 percent of craft distilleries in the U.S., he said.
Belle Isle Moonshine is raising capital to help it expand its direct-to-customer sales, which have become a large segment of its business. (Photos courtesy of Belle Isle Moonshine)
After raising more than $10 million from investors since its inception in 2013, Belle Isle Moonshine is attempting to raise the bar with a fundraising tactic it’s never tried before: crowdfunding.
The Manchester-based distillery plans to launch a $1.2 million campaign this week on StartEngine, an online investment site that hosts fundraising drives for startups.
CEO Vincent Riggi said the crowdfunding effort celebrates the company’s recent milestones, including its 10-year anniversary this April and its one millionth bottle and canned cocktail sold, which Riggi said happened in 2022.
Vince Riggi
“We have never really tapped into this bucket of crowdfunding, and we have tens of thousands of fans,” Riggi said. “What better way to raise capital for Belle Isle’s expansion than to not just engage your standard investor base but engage your fans and allow them to join this journey we have at Belle Isle?”
The StartEngine raise would help the distillery finish out an investment round it started this time last year. As of April 11, Belle Isle had raised $1.6 of its $3 million goal, according to SEC filings.
The new online campaign, which will run about 60 days, is meant to take the company as close to the finish line as possible without triggering certain regulatory requirements, Riggi said. Title III of the JOBS Act, or Regulation Crowdfunding, requires companies raising over $1.235 million to submit a full audit report. This is restricted to crowdfunding, so Belle Isle’s previous capital raise doesn’t count toward that threshold.
Each investment received through the site gives the investor a convertible note which, depending on the amount given, can convert into an equity interest in Belle Isle or benefits ranging from free T-shirts to free drinks to an invitation to join the distillery’s tasting panel to provide input on new products before they’re launched.
Riggi said the money will be used for renovating and expanding its tasting room within its 615 Maury St. distillery and a limited-release bourbon line, plus a focus on expanding outside of Virginia.
Belle Isle Moonshine’s building was formerly an Altria mail sorting plant. (BizSense file)
Belle Isle sells moonshine, canned cocktails and cocktail kits, often in fruity flavors like prickly pear, pineapple coconut and honey habanero. It currently ships to 36 states.
The expanded tasting room will span several thousand square feet, and Riggi said he hopes to open it within six months of the campaign’s completion. Belle Isle has tapped Campfire & Co. to design the space and Willhouse Construction to build it.
“It’s an important part of our growth over the next several years,” Riggi said. “The capital raise is for us to continue to build our business in Virginia and also start building our business outside of the state.”
Riggi said that although it’s still a small craft distillery, Belle Isle sold nearly 16,000 nine-liter cases last year. That puts it in the top 10 percent of craft distilleries in the U.S., he said.