Salonica Capital acts as financial advisor for Drop Drinks on its latest round of fundraising
About Drop Drinks
Drop Drinks produces vintage beverages whose distinctive taste is inspired by traditional British sweets. Drop Drinks is establishing itself as a challenger drinks brand.
The Company was able to secure a pre-money valuation of £3.2m and was 170% oversubscribed. The funding will support the scale up of key aspects of the business and execute the go-to-market strategy for further products and variants. The additional cash will also fund the rollout of automation features, for labelling and filling, within the company’s factory.
Othman Shoukat, Director at Salonica Capital mentioned “We are proud to have supported the Company over 2 rounds of fundraising spanning over 2 years. The response from investors was fantastic which is a testimony to the business which is truly innovative and can be scaled up rapidly. Credit goes to Omar Majid and his team who have worked closely with Mo Ali, CEO of Drop Drinks for the preceding 12 months. We look forward to our continued involvement with the business over the next phase of growth”
Mo Ali, CEO and Founder of Drop Drinks said “These drinks have already been developed and are ready to launch. As soon as the funding comes in, they are going straight into production. Our flavours are aimed at offering adults a form of escapism from the stress of everyday life. You have a sip and it takes you back to the carefree days of your childhood.”
Drop Drinks plans to expand the range to a total of eight flavours, “all fitting with the old-school nostalgia concept”, with four more to be unveiled in 2021.