Doughnut firm launches crowdfunding campaign

Doughnut brand Project D has launched a crowdfunding campaign to help it realise its next phase of growth.

The Derby bakery is looking to raise investment capital of at least £400,000 through the Crowdcube crowdfunding platform.

Founded in 2018 by three former school friends working from a kitchen table, Project D has already attracted partnerships with heavyweight brands like British Airways, Brewdog, Amazon and Rolls-Royce.

Today, the firm has more than 100 staff operating from a purpose-built 11,000 sq ft bakery.

It is now looking to further 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.

Finance raised from the campaign will be invested in product innovation, retail expansion, digital marketing and e-commerce and key office hires.

Project D marketing director Max Poynton, who set up the firm with Matt Bond and Jacob Watts, said: “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.

“There is no better time than now to be involved in this market, as the popularity of doughnuts keeps growing year-on-year.”

Project D has recently expanded its senior management team, taking on a head of finance, head of HR and head of retail and wholesale.

It also works with business advisor Mark Doleman, who previously spent 20 years as a partner at Deloitte.

Its rapid expansion has been aided by the company’s huge digital marketing push and social media following, with its TikTok account alone receiving 19 million views, 1.1 million likes and 27,000 comments in a single two-month period.

Project D is also 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.

Max said: “We’ve already received a great deal of interest from prospective investors.

“We’re extremely confident that we will smash our £400,000 target.”

To find out more about the crowdfunding campaign visit https://www.crowdcube.com/pre-reg/project-d?fbclid=IwAR0Rr-wVRsvUPHy4D5rCkkteErIOhjyi2x2-OT9bIkNre4vbV8DUkzEUZHE.