Award-winning South Australian distillery, Prohibition Liquor, has closed its equity crowdfunding campaign, after raising $2.693 million from 1183 investors – becoming the third largest liquor raise in Australian crowdfunding history.
This is the first time a South Australian liquor company has gone through the equity crowdfunding process, with supporters from the state rallying behind Prohibition – with the Expression of Interest (EOI) phase garnering nearly $15 million in potential investments from almost 4000 participants.
Founded in Adelaide in 2015, Prohibition has won over 200 awards for its products and is stocked in over 2000 retail locations. The private round for the raise, which was run by OnMarket, went live on 27 February at 10am Adelaide time. By 3 March, the raise had reached almost $2 million, from over 700 investors.
Prohibition Liquor founder and CEO, Adam Carpenter, said the company was “absolutely blown away” by the response to its equity crowdfunding campaign.
Source: Prohibition Liquor
“To have 1183 new investors join the Prohibition family and collectively contribute $2.693 million is an incredible achievement. This makes us the third-largest liquor raise in Australian history and, more importantly, the first-ever South Australian liquor company to complete an equity crowdfunding raise,” said Carpenter.
“We set out hoping to reach 1000 investors, and to have exceeded that goal is a testament to the passion and belief people have in what we do. These aren’t just shareholders – as part owners they are now ambassadors for our brand, helping to spread the Prohibition story far and wide.
“This kind of grassroots movement is exactly what makes a brand like ours so special. We are proudly Australian owned, and having this incredible community of supporters backing our future means everything. Now, we embark on an exciting new chapter as a public company, with an army of advocates behind us. Watch this space – the best is yet to come,” he said.
The company said the raise will support Prohibition’s expansion, as it is in the process of reviving the historic 147 year old Seppeltsfield Distillery in the Barossa Valley – the second oldest still in the country. The project aims to transform the site into a production facility and tourism destination, with a tasting room and bar currently under construction.
Funds raised will also support international market growth in France, Japan, and the USA, as well as the expansion of its Gilbert Street tasting room and the launch of a new gin bar at McLaren Vale’s Penny’s Hill Estate.
High-profile investors included former radio host Ali Clarke and her husband, Crows AFLW coach Matt Clarke. They join Prohibition as strategic advisors, supporting the company's expansion in South Australia.
The Australian record for a liquor industry raise stands at $4.3 million, achieved by Hellyers Road Distillery in May 2024. In March 2023, Old Young's Gin Distillery raised $2.7 million, making it the second largest.
