Shacksbury Holdings

Shacksbury Holdings

Growth Stage

Vermont Cidery

Vermont Cidery


Raised to Date: Raised: $1,070,000

Total Commitments ($USD)



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Security Type

Equity - Common


Series A

SEC Filing Type

RegCF    Open SEC Filing

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Days Remaining
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# of Investors


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Year Founded



Alcohol, Tobacco, & Recreational Drugs

Tech Sector


Distribution Model




Capital Intensity



Vergennes, Vermont

Business Type


Shacksbury Holdings, with a pre-money valuation of $12 million, is raising funds on StartEngine. It is a cidery that produces and sells low-sugar, low-calorie beverages. The company started with dry and unique ciders and is now expanding into other healthy ready-to-drink beverages offering great taste and convenience. Shacksbury Holdings was founded by Colin Davis and David Dolginow in 2013. The current crowdfunding round has a minimum goal of $9,996.96 and a maximum goal of $1,069,995.95, and the funds will be used to expand beyond ciders with new recipes and innovative ideas, increase partnerships and retain its identity and reputation. Shacksbury Holdings reported strong revenue growth from $200,000 in 2015 to $2.8 million in 2019.

Summary Profit and Loss Statement

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Financials as of: 09/30/2020
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Shacksbury 04/07/2024 StartEngine $8,024,856 $246,858 Equity - Common Funded RegCF
Shacksbury Holdings 11/04/2021 StartEngine $15,043,566 $605,158 Equity - Common Funded RegCF
Shacksbury Holdings 02/15/2021 StartEngine $12,029,795 $1,070,000 Equity - Common Funded RegCF
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Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Valuation History

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Employee History

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The liquor landscape in America is being rapidly disrupted. While domestic beer used to be a major alcohol category for U.S. consumers, sales of beer have declined steadily for the last several years. Revenues dropped 4.6% between 2018 and 2019. Instead, adults are reaching for a new category of drink: “progressive adult beverages” — a category that includes hard seltzers, ciders, wine spritzers, and other drinks typically found canned in the trendy section of the grocery store. 

Hard seltzer in particular is a booming section of the alcohol market. The category is growing as much as 66% year over year and is projected to hit 72 million annual cases sold in 2021. But White Claw and Truly are not the only drinks of choice for 2020 Americans. The hard cider industry is growing, too. Hard cider is 10 times bigger today than it was 10 years ago, and cideries are competing with breweries as hot neighborhood spots. 

Shacksbury Holdings is staking its claim in the cider market during this moment of rapid evolution in the alcohol industry. Shacksbury is a Vermont-based cidery that has been in operation for the last seven years. The company is known for its three core ciders: The Vermonter, Rosé Cider, and Dry Cider. Compared to other alcoholic beverages, Shacksbury ciders are low-sugar and low-calorie, with a complex apple flavor from Shacksbury’s traditional cider-making process. 

Shacksbury ciders are mainly sold via wholesale distribution in over 25 states, including national retailers like Trader Joe’s and Total Wine as well as at bars and restaurants. Shacksbury products can also be bought online. The company reports that while wholesale distribution is its primary focus, e-commerce sales have grown 90% between 2019 and 2020. 

Beyond its core cider products and its two tasting rooms, Shacksbury partners with high-end restaurant and alcohol brands nationwide to conduct limited-release cider runs and other buzzworthy partnerships. Thanks to these collaborations (including with Momofuku, Modern Times Beer, and Broc Cellars) and the brand’s core products, Shacksbury has won a number of industry awards. The company’s latest joint venture with ZAFA Wines was named one of “America’s 10 Best Places to Grab a Drink” by Bon Appetit and made TIME’s “World’s 100 Greatest Places” list. 

Shacksbury Holdings’ current StartEngine raise has been rated a Neutral Deal by the KingsCrowd investment team.

Next Section: Price


Shacksbury Holdings is raising on StartEngine at a $12 million valuation. This price is very high despite Shacksbury’s decent revenue performance. Beyond the company’s recently-acquired manufacturing facility and brand value from publicity, Shacksbury offers little in the way of proprietary assets with inherent value. Therefore, Shacksbury’s price rating is one of its lowest across our five dimensions of analysis.

Next Section: Market


The global cider market was estimated at $4.33 billion in 2018, with a 3.1% protected CAGR between 2019 and 2025. Researchers note that consumers increasingly prefer “heritage, quality, and innovation” in alcoholic drinks and are also partial to healthier, fruit-based beverages. Shacksbury is taking advantage of these trends. 

Shacksbury attempts to position itself within the larger “progressive adult beverages” category. However, benchmarking its performance against the specific hard cider market is a truer representation of Shacksbury’s potential. Assuming optimistically that Shacksbury can capture 5% of the global cider market, its obtainable market size hovers around $217 million. This is a relatively small market size, as reflected in Shacksbury’s relatively low market rating. 

Next Section: Team


Shacksbury Holdings was co-founded by Colin Davis (President) and David Dolginow (Vice President) in 2013. Davis previously served in a variety of roles in businesses around Vermont, including a Director of Fair Trade Recycling and the VP of Operations for American Retroworks. He holds a B.A. from Middlebury. 

Dolginow — who also holds a B.A. from Middlebury — has spent his career around farms and orchards. Before founding Shacksbury, he worked in development, marketing, and technology for Sunrise Orchards. 

The Shacksbury team also includes several other professionals with experience in business operations and the beverage industry. Overall, the Shacksbury team has garnered a slightly above average rating for its experience with Vermont business and farming, but relative lack of expertise in consumer brands.

Next Section: Differentiators


Few alcoholic beverage companies are truly unique, and Shacksbury Holdings is no different. While the company certainly has eye-catching packaging designs and demonstrates a clear commitment to traditional Vermont cider techniques, there are hundreds of other craft breweries and alcohol brands with the same commitment to modern branding and storytelling. 

Shacksbury’s main point of differentiation is its partnerships with buzzy food and beverage brands and the publicity and awards it garners from those partnerships. The company is nimble enough to launch limited-edition runs that capitalize on partnership opportunities or the latest beverage trends — including this summer’s launch of a cider cocktail in an eight-ounce can. 

While Shacksbury has forged proprietary partnerships with Momofuku and other food and alcohol leaders, its core cider products are ultimately difficult to distinguish among a crowded market of craft beers and malt beverages. Therefore, Shacksbury’s differentiation score is its lowest. 

Next Section: Performance


Shacksbury has been in operation for seven years and has grown from annual sales of $200,000 in 2015 to $2.8 million in 2019 revenue. The company is inching closer to profitability, having posted a net loss of just under $200,000 in 2019 (better than 2018’s results of -$365,000). 

While Shacksbury’s revenues are arguably low given its length of operation, the company’s year over year growth and margin increases are impressive. It’s no surprise, then, that our performance rating for Shacksbury is high. 

Next Section: Other

Bearish Outlook

The alcohol industry is in a period of significant flux. Major brands are employing every strategy in the book to gain a foothold with the new millennial drinker. While the hard cider market has grown modestly in recent years, the popularity of cider is low compared to the explosive growth among hard seltzer brands. 

Shacksbury hard ciders are lauded among industry writers and seem to have generated a loyal customer base in the Northeast. But it’s not clear that Shacksbury is differentiated enough to scale as a national alcohol brand. While the company’s new production facility might significantly improve margins and allow for faster growth, it’s too soon to tell for sure. Shacksbury is undoubtedly a successful small business, but it’s not clear whether the brand will generate superior returns for investors (particularly at this price).

Next Section: Bullish Outlook

Bullish Outlook

While the shifting winds of the alcohol industry might harm Shacksbury’s growth potential, the company could alternatively come out ahead as it continues to innovate products that resonate with consumers. The company’s strategy of generating the bulk of revenues from its core line of ciders while experimenting with limited releases and buzzy collaborations seems to be successful. A few more years of scrappy growth might position Shacksbury for acquisition. 

Major beverage brands are definitely eyeing companies similar to Shacksbury for purchase. Many craft breweries are acquired each year by corporations like Anheuser-Busch and MolsonCoors, and the industry shows no sign of slowing down. Major players realize that consumers — particularly millennials — value exactly the type of slick packaging design and local storytelling that Shacksbury is known for, and they’re willing to pay to add those brands to their portfolios. If Shacksbury continues to grow at pace, it may soon garner the interest of an acquirer, which would be great news for investors. 

Next Section: Executive Summary

Executive Summary

Shacksbury Holdings is delivering low-calorie alcoholic drinks supplemented by authenticity and trendy partnerships to modern drinkers. It has been rewarded with significant year-over-year growth as a result. While it’s difficult to predict the long-term trend of the alcohol market right now, Shacksbury has as much of a chance as any other well-branded craft brewery to enjoy a sale. 

On the other hand, Shacksbury is raising money at a high valuation relative to its strength of proprietary assets. It’s also relatively undifferentiated among competitors when compared to other categories of early-stage companies. Many other craft breweries and cideries are selling a similar story, and Shacksbury’s industry recognition may not be meaningful in the eyes of consumers. Therefore, Shacksbury Holdings has been rated a Neutral Deal. 

For questions regarding the KingsCrowd staff pick or ratings for this company, please reach out to

Analysis written by Katy Dolan. 

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Shacksbury Holdings on StartEngine
Platform: StartEngine
Security Type: Equity - Common
Valuation: $12,029,795
Price per Share: $3.53

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