UK meat snacks business Snaffling Pig has launched a crowdfunding campaign to try and raise GBP750,000 (US$924,452) to fund its next phase of growth.
The company, based in Berkshire, west of London, said it will put the money back into marketing and logistics, particularly focusing on its supermarket and pub customers through a new van operation.
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Snaffling Pig’s crowdfunding campaign goes live today (10 September) but it has already secured more than 60% of its target from pre-registered investors. The GBP750,000 investment equates to a 7% stake in the business.
As well as the new van operation, an additional five new sales and marketing facing roles will be created within the business.
The pork snacks company’s co-founder and CEO Nick Coleman said the target is to take the company from GBP5.2m turnover to GBP50m in the next five years.
It already has listings with major retailers including Tesco and Sainsbury’s
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By GlobalDataColeman said: “There’s very few brands in the affordable, mid-range category, which is where Snaffling Pig belongs. Our focus on sustainable pork meat at a time when it’s super-sexy to be a vegan brand gives us so much room for more innovation and exciting product development, with new launches planned for later this year.”
On the crowdfunding initiative, he said: “We’re genuinely overwhelmed by the incredible support we’ve had from our early investors and customers so far. You inevitably feel a little vulnerable launching a crowdfund campaign so to have this response from our community – and know they believe in our product as much as we do – makes us all the more excited about this next phase.”
Coleman set up the business with co-founder Udhi Silva, now its chief operations officer, in 2014.
In January this year, Snaffling Pig teamed up with local meat business Tulip – then owned by Danish Crown – to launch a range of gammon steaks to the UK market.
Last month, Danish Crown announced it had struck a deal to sell Tulip to Pilgrim’s Pride, the US poultry processor majority-owned by JBS, the Brazil-based meat giant that is one of the world’s largest meat companies.
