Belle Isle recently rolled out its first bourbon earlier this fall. (Courtesy Belle Isle Moonshine)
Two players in the local booze industry – one keen on delving into the world of bourbon, the other looking to give its brewery a space of its own – recently wrapped up crowdfunding campaigns.
Earlier this month Belle Isle Moonshine completed a $575,000 capital raise by way of crowdfunding platform StartEngine. A few days prior, local contract brewery Capsoul Brewing Collective wrapped a crowdfunding campaign of its own on Indiegogo that saw it pull in nearly $8,000.
For Belle Isle, the influx of new cash will help the distillery expand its product line outside of its main offerings in moonshine and canned cocktails, as well as expand its Manchester tasting room and distribution footprint.
Vince Riggi
CEO Vince Riggi said Belle Isle recently put out a limited release bourbon – its first foray into that category of spirit.
“Belle Isle actually started as a bourbon company and we ended up pivoting into moonshine. But we’ve always really wanted to circle back,” Riggi said.
“We celebrated our 10-year anniversary this past year so it felt like the right time for us to finally release some bourbon.”
The initial run of Belle Isle Bourbon totaled just under 6,000 bottles, but Riggi said the company intends to use some of the crowdfunding money to make its bourbon more than just a limited product.
“I don’t want to disclose too much,” Riggi said. “But it is very much on our product roadmap to release a line of bourbons in the future.”
Belle Isle kicked off the crowdfunding campaign over the summer as a means to close out a previous $2 million capital raise. The company raised $575,352 from 283 different investors, which Riggi said spanned from previous customers to newcomers to Belle Isle.
Investors in the latest capital raise were given a convertible note that could convert to an equity stake in the company or perks like merchandise, free tastings for life, or membership on Belle Isle’s research and development panel during new product launches.
Since its founding in 2013 Belle Isle has raised over $10 million from investors, and this was its first time using crowdfunding.
“I wouldn’t close the door on us relaunching another campaign with (StartEngine) in the future,” Riggi said.
The money will also be put toward landing Belle Isle on more liquor stores’ shelves outside of Virginia. Riggi said Belle Isle’s core products are available at nearly every Virginia ABC store and that they currently sell online to 36 states nationwide, but they want to do more than ship direct-to-consumers outside of Virginia.
“E-commerce is a very, very important part of our business, and brick-and-mortar outside of the state is kind of the next stage,” Riggi said.
He declined to say whether or not the company has reached profitability, but added that Belle Isle’s year-over-year revenue for November 2023 is up nearly 100 percent, a jump Riggi attributes in part to the bourbon launch.
“(Bourbon is) a very important part of our business moving forward,” he said. “And so far it’s just been gangbusters.”
Lastly, Belle Isle is looking to use the new funding to expand its tasting room at 615 Maury St., though Riggi said he’s unsure when that project will be completed due to inflated construction material costs.
Since launching in 2019, Capsoul has brewed beers at places like Vasen Brewing Co. in Scott’s Addition. (Courtesy Capsoul Brewing Collective)
Meanwhile, Capsoul Brewing Collective is also planning to put its crowdfunded money toward its first-ever taproom.
Co-founded by Eric Jackson and Ty Murdaugh in 2019, Capsoul went from running beer crawls and selling merchandise to contract brewing for local spots like Vasen Brewing Co. and Ardent Craft Ales.
Capsoul touts itself as the Richmond region’s only black-owned brewing company, and Jackson said part of the business’s mission is to advocate for more diversity in the local craft beer industry.
Eric Jackson
“Not even as a black company but as beer aficionados, beer lovers and beer nerds, we want to see more diversity in the beer industry,” Jackson said. “We really want to merge craft beer and the culture that we’re a part of.”
Jackson, who formerly worked as a beer writer in Atlanta and as general manager of Champion Brewing Co.’s former downtown taproom, said Capsoul began seriously looking for a brick-and-mortar home over a year ago and eventually decided to turn to crowdfunding to help make it a reality.
Capsoul raised $7,805 from 22 different donors on Indiegogo, and Jackson said they’re thinking of renewing the campaign after the new year.
The primary goal of the campaign was to help pay for a space for Capsoul, a process Jackson said they’re close to completing, but that he couldn’t disclose too many details yet.
“We’re definitely looking in Richmond proper and we’re not looking to be in any areas that are already full of breweries. So we’re looking for something fresh, something new,” he said. “We’re looking in areas that are historically black because I think that’s important.”
In the meantime, Capsoul has already bought some brewing hardware, including a 7-barrel brewing system and a canning line that Jackson said they picked up from friends in the industry.
Of the collaborative beers Capsoul has put out, Jackson said its Night Is Dark chocolate lager has been among the most popular, along with its double IPAs.
He said Capsoul’s head brewer Darryl Puller specializes in stouts and IPAs, and that they want Capsoul’s beer to be approachable to everyone.
Starting as a contract and collaborative brewery before going brick-and-mortar isn’t a common approach to launching a brewery, but Jackson said it has allowed Capsoul to get feedback from customers before taking the leap into a physical space.
“Seeing all the new people that are able to come out (to Capsoul’s releases) are excited about new beer and about Capsoul, it just goes to show, I think, that once we find the right people that believe in this vision then we’ll be set,” he said.
Belle Isle recently rolled out its first bourbon earlier this fall. (Courtesy Belle Isle Moonshine)
Two players in the local booze industry – one keen on delving into the world of bourbon, the other looking to give its brewery a space of its own – recently wrapped up crowdfunding campaigns.
Earlier this month Belle Isle Moonshine completed a $575,000 capital raise by way of crowdfunding platform StartEngine. A few days prior, local contract brewery Capsoul Brewing Collective wrapped a crowdfunding campaign of its own on Indiegogo that saw it pull in nearly $8,000.
For Belle Isle, the influx of new cash will help the distillery expand its product line outside of its main offerings in moonshine and canned cocktails, as well as expand its Manchester tasting room and distribution footprint.
Vince Riggi
CEO Vince Riggi said Belle Isle recently put out a limited release bourbon – its first foray into that category of spirit.
“Belle Isle actually started as a bourbon company and we ended up pivoting into moonshine. But we’ve always really wanted to circle back,” Riggi said.
“We celebrated our 10-year anniversary this past year so it felt like the right time for us to finally release some bourbon.”
The initial run of Belle Isle Bourbon totaled just under 6,000 bottles, but Riggi said the company intends to use some of the crowdfunding money to make its bourbon more than just a limited product.
“I don’t want to disclose too much,” Riggi said. “But it is very much on our product roadmap to release a line of bourbons in the future.”
Belle Isle kicked off the crowdfunding campaign over the summer as a means to close out a previous $2 million capital raise. The company raised $575,352 from 283 different investors, which Riggi said spanned from previous customers to newcomers to Belle Isle.
Investors in the latest capital raise were given a convertible note that could convert to an equity stake in the company or perks like merchandise, free tastings for life, or membership on Belle Isle’s research and development panel during new product launches.
Since its founding in 2013 Belle Isle has raised over $10 million from investors, and this was its first time using crowdfunding.
“I wouldn’t close the door on us relaunching another campaign with (StartEngine) in the future,” Riggi said.
The money will also be put toward landing Belle Isle on more liquor stores’ shelves outside of Virginia. Riggi said Belle Isle’s core products are available at nearly every Virginia ABC store and that they currently sell online to 36 states nationwide, but they want to do more than ship direct-to-consumers outside of Virginia.
“E-commerce is a very, very important part of our business, and brick-and-mortar outside of the state is kind of the next stage,” Riggi said.
He declined to say whether or not the company has reached profitability, but added that Belle Isle’s year-over-year revenue for November 2023 is up nearly 100 percent, a jump Riggi attributes in part to the bourbon launch.
“(Bourbon is) a very important part of our business moving forward,” he said. “And so far it’s just been gangbusters.”
Lastly, Belle Isle is looking to use the new funding to expand its tasting room at 615 Maury St., though Riggi said he’s unsure when that project will be completed due to inflated construction material costs.
Since launching in 2019, Capsoul has brewed beers at places like Vasen Brewing Co. in Scott’s Addition. (Courtesy Capsoul Brewing Collective)
Meanwhile, Capsoul Brewing Collective is also planning to put its crowdfunded money toward its first-ever taproom.
Co-founded by Eric Jackson and Ty Murdaugh in 2019, Capsoul went from running beer crawls and selling merchandise to contract brewing for local spots like Vasen Brewing Co. and Ardent Craft Ales.
Capsoul touts itself as the Richmond region’s only black-owned brewing company, and Jackson said part of the business’s mission is to advocate for more diversity in the local craft beer industry.
Eric Jackson
“Not even as a black company but as beer aficionados, beer lovers and beer nerds, we want to see more diversity in the beer industry,” Jackson said. “We really want to merge craft beer and the culture that we’re a part of.”
Jackson, who formerly worked as a beer writer in Atlanta and as general manager of Champion Brewing Co.’s former downtown taproom, said Capsoul began seriously looking for a brick-and-mortar home over a year ago and eventually decided to turn to crowdfunding to help make it a reality.
Capsoul raised $7,805 from 22 different donors on Indiegogo, and Jackson said they’re thinking of renewing the campaign after the new year.
The primary goal of the campaign was to help pay for a space for Capsoul, a process Jackson said they’re close to completing, but that he couldn’t disclose too many details yet.
“We’re definitely looking in Richmond proper and we’re not looking to be in any areas that are already full of breweries. So we’re looking for something fresh, something new,” he said. “We’re looking in areas that are historically black because I think that’s important.”
In the meantime, Capsoul has already bought some brewing hardware, including a 7-barrel brewing system and a canning line that Jackson said they picked up from friends in the industry.
Of the collaborative beers Capsoul has put out, Jackson said its Night Is Dark chocolate lager has been among the most popular, along with its double IPAs.
He said Capsoul’s head brewer Darryl Puller specializes in stouts and IPAs, and that they want Capsoul’s beer to be approachable to everyone.
Starting as a contract and collaborative brewery before going brick-and-mortar isn’t a common approach to launching a brewery, but Jackson said it has allowed Capsoul to get feedback from customers before taking the leap into a physical space.
“Seeing all the new people that are able to come out (to Capsoul’s releases) are excited about new beer and about Capsoul, it just goes to show, I think, that once we find the right people that believe in this vision then we’ll be set,” he said.