Investors are now being invited to ‘join the inner ring’ as the UK’s fast-growing doughnut brand Project D launches its first crowdfunding campaign.
The bakery is looking to raise investment capital of at least UK£400k through its launch on the Crowdcube crowdfunding platform. First founded in 2018 by three former school friends working from a kitchen table, Derby-based company Project D has attracted partnerships with brands like British Airways, Brewdog, Amazon and Rolls-Royce.
In less than five years, the doughnut retailer and manufacturer has grown from three young entrepreneurs to a company of more than 100 staff operating from a purpose-built 11,000 square foot bakery.
The company is looking to accelerate its success by using investors’ funds to multiply its current £2.6 million annual turnover to a figure of more than £12 million in three years.
For a sum of £50, anyone from professional investors to members of the public can become a shareholder as part of the company’s ambition to create the world’s largest doughnut company in a market estimated to be almost £25 billion.
Finance raised from the crowdfund campaign will be invested in product innovation, retail expansion, digital marketing and e-commerce and key office hires.
“This is a unique opportunity to invest in a young business that has already established itself as one of the leading doughnut manufacturers in the UK,” said Max Ponyton, Marketing Director of Project D who set up the business with friends Matt Bond and Jacob Watts. “There is no better time than now to be involved in this market, as the popularity of doughnuts keeps growing year-on-year.
“We offer a bigger and better product, with more innovation than any of our competitors. I’d therefore urge investors to join the inner ring and enjoy our journey towards becoming the largest doughnut company in the world.”
Project D has recently expanded its senior management team, taking on a Head of Finance, Head of HR and Head of Retail and Wholesale.
The business, which has to date created more than 2500 product lines, works closely with food scientists and nutritionists at a research and development facility in Corby, Northamptonshire.
In addition to this news, Project D is preparing to open its first flagship store in Sheffield’s Meadowhall shopping mall, with plans to open more permanent retail outlets in the near future.
“We’ve already received a great deal of interest from prospective investors,” added Max. “We’re extremely confident that we will smash our £400k target. There’s no limit to what people can invest – and we’d love to see a mix of small, £50 investments alongside some big-ticket investments.”
Project D has taken on a manufacturing facility able to turn out more than 17 million doughnuts per year and currently manufactures around 2 million doughnuts each year at its Derby headquarters.
The crowdfund campaign has already generated £150k prior to the official launch on Crowdcube.
Max Ponyton was International Bakery Magazine’s latest Breaking Bread in the May/June issue. The interview can be read, here.
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Caitlin Gittins
Editor, International Bakery
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