PNE Enterprise Business Hits £100,000 Crowdfunding Target
A drinks business which received support from PNE Enterprise has hit its £100,000 crowdfunding target in just one week.
Canny, a Newcastle-based milk company, took to the internet last week to ask local people to invest as little as £10 in their business.
But only 7 days into the crowdfunding campaign, Canny has already exceeded their original goal of £100,000.
The money, which has come from over 120 investors, will be used to launch a new sugar-free product and to purchase new drinks packaging.
Commenting on their crowdfunding success, Canny founders Liam Watson and Simon Bishop told The Chronicle: “We found out at super early o’clock this morning that we had fully funded a 30-day campaign in seven days. Crazy.
“Thanks to everyone that helped us spread the word and get behind us. We really couldn’t have done it without you.”
PNE Enterprise supported Canny founder Liam back in November 2013, when Liam identified a gap in the market for healthy, natural milk. Then called Natty Drinks, PNE Enterprise helped Liam to secure a Start Up Loan, and provided business mentoring to help him get his business up and running.
Now almost four years later, Canny’s products are now stocked in over 200 independent stores throughout the UK, and on Virgin Trains as part of their Meal Deal offer.
Instead of acquiring the money through a private equity house, the duo decided to offer the local community the chance to own a part of the business.
Speaking to The Chronicle last week, Liam said: “We want a team of people who own part of a growing North East business. After all, we are a North East business called Canny.”
He added: “When people think about investments they think it’s thousands of pounds but it’s not. You can put a tenner in and own part of the business.”
Funding remains open so those wanting to support Canny can do so on their crowdfunding site, www.crowdcube.com/canny