Press release - February 9, 2023: Whiskey distillery in successful fundraising

Whiskey distillery in North Zealand raises over 4 million DKK for further growth

On Wednesday morning, February 8, the owners of Thornæs Destilleri A/S could note that the ownership circle has been extended by several lengths. No fewer than 148 have chosen to follow the distillery's call to buy ownership shares via the just ended Equity Crowdfunding campaign. With the considerable cash injection, Nordsjælland's whiskey distillery has now gained renewed strength to continue its growth journey.

After a three-week long campaign, it is now clear that even in a time of widespread caution throughout the investor community, it still pays to lend a hand. Even if what is on the menu is very far from the traditional range of investment-ready projects.

"We have traveled over 4 million DKK at a time when one can probably say that the investor climate is on the cold side. We are of course very satisfied with that - even if we actually asked for a little more. I think one of the reasons we've been successful is that we're a company that falls a little outside the traditional criteria. There is really nothing to compare it with", says founder and director of Thornæs Destilleri, Torben Thornæs Andersen.

An important point throughout the capital raising has been to explain to the market the mechanisms of whiskey production. In contrast to other types of companies, where the value can be difficult to project because, for example, it is an intangible service, the value of whiskey production is a little more transparent.

"Whiskey is one of the few products that does not have an expiry date. Instead, it becomes more valuable over time as it matures, and we have actually seen the prices at which whiskey is being traded on the whiskey exchanges have exceeded inflation in recent years. In other words, it looks like a fairly safe investment - even in times of crisis", says Torben Thornæs Andersen

The crowd gives the capital raising a longer reach

Even before the distillery opened the round of crowdfunding, they had secured support from a number of important investors. It is a prerequisite for success that there are a few who start by taking a bigger bite of the cake.

"We were lucky enough that a large portion of shares were already subscribed from the start. It is professional investors who look at us critically and who can see a financial potential. You can say they carry out a kind of due diligence on behalf of the market - and therefore they are very important in the process", says Torben Thornæs Andersen.

But subsequently, it is the small investors who step in. Their pockets may not be as deep as those of professional investors, but over time their importance can become even very important.

"Small investors are of course also interested in getting a return, but there are many who primarily invest because they see something that inspires them. The fascination of the entire distilling universe is something we feel almost daily when people visit us at the distillery. Therefore, I feel confident that with the broad investor group, we have gained a lot of ambassadors who will be happy to help us spread the word about Thornæs," says Torben Thornæs Andersen.

Over 4 million gives extra faith in the future

It is expensive to make whiskey, especially in the beginning when the vast majority of money ends up in the whiskey barrels, which must lie and mature for several years. With money in the account, that journey becomes a little easier for Thornæs Destilleri, who can now afford to scale production and at the same time invest in sales resources.

"We can do a lot with the money we have received. The goal is to strengthen the business so that the need for additional capital comes at the right pace. After all, we have a dream to be listed at some point, and this fundraising is designed as a step on the way. Now we have peace of mind to work purposefully with our vision of making Danish Single Estate Whiskey with organic grain from our own fields. That vision has come much closer now," says Torben Thornæs Andersen.

For further information contact:

Torben Thornæs Andersen
Founder, MD and Head Distiller
Thornæs Distillery A/S
Mob. +45 5091 5890
Mail torben@thornaes.com

Facts about Thornæs Destilleri A/S

Find the most recently updated information about Thornæs Distillery in the fact sheet, which you will find on the blog page.