A County Durham entrepreneur who is bottling success despite being turned down in the Dragons鈥 Den is on track to treble his target from a 拢500,000 crowdfund campaign.
Former Durham University student Mark Wong went before the fearsome panel on the BBC One show in 2022 in an attempt to secure investment for mood-enhancing booze-free brew company Impossibrew, but he left empty handed as the Dragons said it was simply 鈥渢oo early鈥 for them to invest. Mr Wong, who moved to the 海角视频 from Hong Kong when he was 13, had launched the business from his Durham University bedroom after being told in 2019 that he had to quit drink for health reasons.
In search of other ways to take a tipple, he tried hundreds of non-alcoholic beers, but wasn鈥檛 getting the same effect, then he hit upon a solution after going back to Asia to learn about a world of functional plants his ancestors would use for medicinal benefits. He began brewing beer in his Durham University room using the ingredients, and teamed up with Dr Paul Chazot, a leading biosciences professor at Durham University who supported his vision, to develop Social Blend, using patent-pending technology.
Now Impossibrew鈥檚 lager and hazypale has sold more than a million cans in the last year, buoyed by the continuing increase in people switching away from alcohol. The Dry January initiative is helping the firm to record sales, with this month鈥檚 revenue expected to come in art 拢700,000, more than double last January鈥檚 拢340,000.
The firm, which outsources its brewing to a North East firm, has this month launched a Crowdcube campaign aimed at raising a 拢500,000 investment. Less than an hour after launching the fund it reached its target and it is currently way over-subscribed, standing at 拢1.4m from more than 1,000 investors.
The company, which says it has a pre-money valuation standing at 拢12m, will complete the fundraise in mid-February and says the added investment will accelerate growth through strategic customer acquisition, retention and innovation, with a focus on expanding its retail and trade presence.
Mr Wong said: 鈥淲e鈥檙e overwhelmed by the incredible support, from our existing investors and community, reaching our funding target of 拢500,000 in just 35 minutes during the priority access phase, and surpassing 拢1.2m within 24 hours of public launch. We鈥檙e incredibly grateful for the over 800 who decided to support our mission to revolutionise social drinking.
鈥淭he funding will accelerate our patent-pending Social Blend technology development and expand nationwide availability, plus building a world-class team to support our ambitious growth plans with a focus on phased approach expanding our retail and trade presence nationwide through strategic partnerships - making the future of drinking accessible to everyone. It鈥檚 humbling to see so many people believe in our vision, and we鈥檙e excited for what the future holds as we move ever closer towards our goal of becoming the world鈥檚 best alcohol alternative company.鈥
He said the Dragons鈥 Den rejection proved to be his motivation. At the time, they said they said they had concerns about pricing and market penetration, although they also praised the drinks and Mr Wong鈥檚 impressive presentation.
He said: 鈥淒ragons鈥 Den was a pivotal moment for us. While we didn鈥檛 secure investment, the experience gave us something far more valuable - validation that we were creating something people truly wanted. The response following our appearance was incredible, showing us there was genuine appetite for a third choice beyond just drinking and not drinking.
鈥淭hree years on, what started in that Den has grown into something remarkable. January has always been our strongest month, but we鈥檙e seeing sustained growth year-round as more people embrace mindful drinking and seek enhanced alcohol alternatives. They鈥檙e not just looking for alcohol-free beer - they want the complete experience that an enhanced beer can provide. I鈥檓 excited to tune into Dragons鈥 Den this season and see the next wave of British innovation.
鈥淲hile our journey took a different path than expected that day, the Den was undoubtedly a launching pad for what Impossibrew has become. Sometimes the best opportunities come from hearing 鈥榥o鈥 and turning it into motivation to prove what鈥檚 possible.鈥
