Cardinal Spirits

Cardinal Spirits

Closed: Aug. 2023

About this raise

Cardinal Spirits, with a valuation of $20 million, is raising funds on Wefunder. The business makes delicious and award-winning craft spirits and canned cocktails at its facility in Bloomington, Indiana. The company generates revenue through own-brand sales, contract bottling, and its tasting room. Cardinal Spirits products are sold in 8,400 retail outlets, with annual revenue of $6.3 million and a gross margin of 39% in 2022. Adam Quirk founded Cardinal Spirits in March 2011. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $1.24 million. The campaign proceeds will be used for salespeople, marketing, whiskey production, and additional equipment.

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Investment Overview

Invested this round: $283,810

Deal Terms

Total Commitments ($USD)

Platform
Wefunder
Start Date
03/27/2023
Close Date
09/01/2023
Min. Goal
$50,000
Max Goal
$1,235,000
Min. Investment

$100

Security Type

Convertible Note

Series

Pre-Seed

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$20,000,000

Discount

20%

Company & Team

Company

Year Founded
2011
Industry
Alcohol, Tobacco, & Recreational Drugs
Tech Sector
Non-Tech
Distribution Model
B2B/B2C
Margin
Low
Capital Intensity
High
Location
Bloomington, Indiana
Business Type
Growth
Company Website
Visit Website

Team

Employees
45
Prior Founder Exits?
No
Founder Name
Adam Quirk
Title
CEO
Founder Name
Jeff Wuslich
Title
President

Financials

as of Fiscal Year 2022
 Revenue +16% YoY
$6,338,046
 Monthly Burn
$152,594
 Runway
1.8 months
Gross Margin
21%

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$6,338,046

$7,554,795

COGS

$4,983,598

$7,223,245

Tax

$0

$0

 

 

Net Income

$-1,831,123

$-2,157,615

Summary Balance Sheet

FY 2022 FY 2021

Cash

$274,785

$128,586

Accounts Receivable

$420,554

$1,004,825

Total Assets

$1,984,880

$2,721,604

Short-Term Debt

$2,481,734

$2,210,823

Long-Term Debt

$2,411,692

$1,104,325

Total Liabilities

$4,893,426

$3,315,148

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Company Funding & Growth

Funding history

Total Prior Capital Raised
$0
VC Backed?
No
Close Date Platform Valuation Total Raised Security Type Status Reg Type
09/01/2023 Wefunder $20,000,000 $283,810 Convertible Note Funded RegCF
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Add to portfolio
Cardinal Spirits on Wefunder 2023
Platform: Wefunder
Security Type: Convertible Note
Valuation: $20,000,000

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Warning: according to the close date for this deal, Cardinal Spirits may no longer be accepting investments.

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