UK ready-to-drink cocktail brand Moth has raised £11m ($14.7m) to expand in its home market and deepen its presence in the US.
The London-based company said the round was led by Puma Growth Partners, with existing investors Beringea, Guinness Ventures and Rianta Capital also participating.
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Founded by Sam Hunt and Rob Wallis in 2021, Moth sells a range of canned cocktails on both sides of the Atlantic.
Moth told Just Drinks the latest raise brings the capital it has secured so far to £23.5m.
In the UK, the company sells through major retailers including Tesco and Sainsbury’s.
The business said the new funding will be used to “deepen its UK retail presence, with a particular focus on the fast-growing convenience channel”.
Pointing to NielsenIQ stats, Moth said convenience stores account for more than half of RTD sales in the UK. In the year to 30 May, the channel saw RTD sales grow 27%, it added.
In the US, Moth sells its RTDs in Florida, Illinois and California through retailers including Whole Foods Market, Target and Trader Joe’s. “We are currently laser-focused on our neighbourhood strategy to drive velocity and the blueprint for scale within those states and cities,” Moth said. “However, we are, of course, looking and learning at other states.”
On expansion beyond the US and the UK, Moth, which has 65 employees, added: “For now, Moth is focused on the UK and US as core markets.”
The new funding follows what the company described as a “year of stand-out performance”.
Moth said its turnover reached £20.9m in the year from 1 February to 31 January, up 67% year-on-year and 146% over two years.
It declined to disclose profit figures.
