Project D box of doughnuts

Source: Project D

Doughnut specialist Project D is looking to raise the ceiling of its crowdfunding campaign after smashing its original target.

The Derby-based business was looking for £400,000 worth of investment but has attracted five times that in just two weeks of crowdfunding on platform Crowdcube. 

Over 2,500 potential investors had expressed interest amounting to more than £2m, the company revealed. A quarter of this was said to have come in the first day alone. The business revealed that around 55% of the total came from first-time investors, who pledged between £50 and £1,000 each. The remainder came from professional investors.

The doughnut retailer and manufacturer, which was founded in 2018 by three former school friends, is aiming to continue its rapid growth by investing in product innovation, retail expansion, digital marketing, e-commerce, and new hires. It is targeting an annual turnover of £12m within the next three years, up from its current £2.6m sales total.

Project D founders (left to right) Jacob Watts, Matt Bond, Max Poynton

Source: Project D

Project D founders (L-R) Jacob Watts, Matt Bond, and Max Poynton.

Project D currently employs a workforce of over 100, manufacturing around two million doughnuts per year from a purpose-built 11,000 sq ft bakery in Spondon. It now has the capacity to do 17m units in a year following a recent investment in a custom-made Canol industrial doughnut line.

“It’s unbelievable how many individuals want to be a part of our company. I’m totally blown away by the numbers our crowdfund registration campaign has generated so far,” said Project D co-founder and marketing director Max Poynton.

“It’s also really rewarding to see some real interest from everyday people, including hundreds of our loyal social media followers.”

While Project D is deciding how much to increase its original £400,000 target by and has yet to announce a closing date for pre-registration, budding investors are still invited to ‘join the inner ring’ as a shareholder.

The next stage would be for investors to formally pledge their desired amounts, on a first-come-first-served basis until the overfund level has been reached.