On Monday (29 June), Nottingham-based outdoor brand Alpkit invited customers to be part of the business as shareholders.
Its investment campaign, hosted on crowdfunding platform CrowdCube, was open for just eight minutes when it hit its target of £750k and it took just another 44 minutes to reach its cap of £1.5million.
At its peak, there were five people investing every second.
The move follows record sales over the last twelve weeks, where like for like sales were up 50 per cent to £2.3million.
Alpkit offered shares from £10 at this time of expansive growth for the company.
CEO and Co-Founder, David Hanney, says: “This is an exciting time for Alpkit and we’ve been completely overwhelmed by the support from our customers. For a long time, they’ve been asking us whether it would be possible to invest in Alpkit and we’ve always wanted to extend our ownership and deepen our relationship with our customers.
“So when we looked to add financial strength to our growth plans, we wanted to involve them ahead of other financial institutions. The response has been incredible and we know we wouldn’t be in this position today without their loyal support.”
Alpkit’s 1380 new shareholders will be entitled to tiered benefits, depending on their level of investment. These include discounts on Alpkit product, VIP entry to Alpkit’s annual Big Shakeout festival, a custom UK-made backpack and to be the first to hear about Alpkit’s plans. The funds raised will be invested in the opening of two new stores a year from 2021; international growth through easier translation, payment and delivery; and a programme to achieve world-class sustainability assessment using the BCorp framework by 2022.