One Year No Beer hits Seedrs crowdfunding target raising 125% of funds
Edinburgh-based start-up One Year No Beer has today closed their latest funding round with 125% of the target funds raised.
A total amount of £1,756,563 was achieved through the support of 512 investors.
The funding will be used to further develop the technology infrastructure of the business, allowing them to scale their lifestyle support system which facilitates sustained behavioural changes, through the power of community and connection.
One Year No Beer was launched as a free service in 2015, by founder Ruari Fairbairns, who decided to take a break from alcohol following enormous social, peer and corporate pressures. After realising the effects were life-changing, he decided to help others improve their relationship with alcohol.
Funds raised by new and returning investors build on a successful £3 million raise to date, which includes investment from Mark Cowan, ex-director at Facebook, Joe De Sena, CEO and founder of Spartan and Death Race, and Alain Renaud, previously global head of mergers and acquisitions at HSBC.
Ruari Fairbairns said: “We are absolutely delighted to have reached our funding target and this investment will really allow us to expand our offering and support so many more people with our products.
“We were in a slightly different position because we weren’t going out to a called audience or looking for sophisticated investment - this is because we already have a really powerful community. We didn’t struggle to raise these funds, and we reached our funding target of £1.4m in the first 24 hours of going live.”
Alain Renaud, managing partner at Alexander Partners and board member of One Year No Beer, added: “I’ve been an investor and a board member with One Year No Beer since September last year. I tried it for myself joining the one month programme and I thought it was very effective. Soon after, I met with the founders and I thought that the company was extremely interesting as an investment.
“I have a background in investment banking and private equity, and I thought it was a great opportunity. A year later I have to say it has been even better than I thought. The business model is very compelling and what I find most interesting is the honesty of the content and the credibility of the model. I have no doubt that this will continue to be a very successful company.”
Teri from Lancashire, who invested in the round, commented: “I’ve invested in One Year No Beer because I want everyone to be able to experience what it is like to have a break from alcohol. It’s just amazing and I absolutely believe in it.”
Chris Laping said: “I invested in One Year No Beer because I wanted to make an impact on the world.”
Mr Fairbairns concluded: “Without a doubt, the main reason for people wanting to invest in us, is for the impact. People can see just how much an impact we can make on peoples’ lives.
“Also, it’s not just about the impact on the individual, it’s also about the impact on society as a whole. We have an opportunity to change the world. It’s not about prohibition, quite the opposite, alcohol is a symptom and our work at One Year No Beer is about helping to identify the cause. That is why we can have such a positive impact on so many.”