Greggs, watch out. They're coming for your vegan sausage roll gig.
Happy Pear twins David and Stephen Flynn have reached their crowdfunding target of €2.5 million, which they intend to use to expand their brand at home and abroad.
The plant-based pair launched the campaign with €1.5m in reservations, asking fans of the business to support by contributing at least €500 apiece. They reached their target by Tuesday of this week.
As reported by the Irish Times, the shares are being issued to a trust called “STAK The Happy Pear” within a crowd-investing platform aptly called Broccoli. Following a two-year “time lock”, Happy Pear shareholders can sell their stakes to other investors on the platform.
The Happy Pear have said that 75% of the funds would go towards expanding into new markets, and 25% would be spent on expanding the international awareness and delivery of their new mobile app.
The Happy Pear introduced the crowdfunder in their usual video style.
Speaking on a promotional podcast, Stephen of the Happy Pear insisted "this isn’t about money. This is about social change," adding that crowdfunding “is a lot more congruent with our philosophy” than the likes of venture capital or private equity funds. The twins also said that anyone who can't afford to buy shares is welcome to pitch in on the Flynns’ four-acre organic farm in Wicklow.
Without equity funding, The Happy Pear anticipates that it will return to growth and profitability in Ireland this year and
delay plans to launch in the UK until 2025, although its exports would total €3.9m by 2027.
Header image via thehappypear.ie
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