Sullivan’s raises $1.26m as it closes its Series A follow on
SULLIVAN’S Brewing Company, a Kilkenny artisan brewer backed by the Smithwick family, is raising a toast to new investors after the successful closing of its Series A follow-on round.
Ergo has learned the company raised more than $1.26m (€1.13m) in proceeds in the round, mainly from US and European investors, including €175,000 in further investment from Enterprise Ireland. Sullivan’s has now raised approximately $4.6m in funding since its launch in Ireland in 2016. The proceeds are set to be used to continue the company’s investment in growth and sales across the US and Europe, and will also be used for working capital. Plenty of pints to go around.
In 2017, Sullivan’s, headed by Alan Quane, entered the US market in Buffalo, New York. It has since expanded to other US markets.
Last year, Sullivan’s added six new markets in the US around the Great Lakes. In 2020, it added nine new markets, including southern Michigan, Columbus Ohio, Pittsburgh Pennsylvania, Savannah Georgia, northern New Jersey, Philadelphia and eastern Pennsylvania and New York City.
Sullivan’s distributes its ales in six states, with Ergo understanding that it is working on adding more.
Michael Meade, who invested $1m into Sullivan’s in 2016 through his 1702 Irish Ales investment group and is the chief executive of Sullivan’s USA, said the raise would “further strengthen our balance sheet as we pursue continued expansion across the US and abroad”.