Young’s innovation was the launch of a unique gin subscription service that he described as “Netflix – but gin” when the pandemic hit.
“Each month you get a brand new, never to be repeated gin delivered to your doorstep for $59,” he said.
The old tin shed where James Young first started distilling gin.
“We’ve released 30 editions so far and these let my creative side run wild.”
A portion of the money raised through crowdfunding will be used to increase the subscription service’s database of paying members to 10,000 per month.
Other funds will be used to employ an East Coast sales team to help infiltrate leading bars and bottle shops, as well as build international export markets.
Young also plans to build a heritage building in the Swan Valley that he describes as a “cathedral of gin”. He is already working with some of the top architecture firms in Australia and the world, whose designs will compete to win the project.
The share offer follows a booming time for Old Young’s, which has averaged 90 percent annual growth since 2016 and will reach $5.3 million in revenue by 2022.
Old Young’s will also triple production capacity by bringing a next-generation 500 liter still online, as well as an automatic bottling line capable of handling more than 250,000 bottles per year.
The elevation will open to the public on Thursday. There are 3.6 million shares available at 75 cents each to raise $2.7 million.