Muckle help serve up £1.4m investment in NOVELTEA
Two former Newcastle University students who developed a unique range of alcoholic tea drinks have raised £1.4m from investors to help them further expand their business.
NOVELTEA has already proved popular with customers in the UK, Germany and also China.
The funding will allow founders Vincent Efferoth and Lukas Passia to target new overseas markets, expand their product range and create 20 new jobs at the company’s base in Newcastle.
NEVF investment
Solicitor Stephanie Brown led the legal advice to NOVELTEA, with support from partner Adam Rayner and solicitor Hayden Richards throughout the transaction.
The investment has come from the North East Venture Fund (NEVF), which is supported by the European Regional Development Fund and managed by Mercia; the government’s Future Fund; and the crowdfunding site CrowdCube.
Time for tea
Vincent and Lukas, who are both originally from Germany, came up with the idea for NOVELTEA whilst studying in Newcastle – after observing the British love of tea and alcohol.
The company was launched in 2016 and was the first to cold brew and infuse tea with a matching spirit.
In 2019 it received investment from Dagmar Wöhrl, a German politician, celebrity and businesswoman who stocks the drink across her chain of hotels.
All of NOVELTEA’s award-winning drinks are vegan, gluten-free, have no artificial additives and have a relatively low alcohol level at 11%.
Reaching more customers
Lukas Passia one of the founders and joint Managing Director of NOVELTEA said: “We’re absolutely delighted to secure this investment and can’t wait to start pushing further on with our ambitious plans.
"Our unique drinks are already receiving international acclaim and this funding will allow us to grow and reach many more customers and introduce them to NOVELTEA.”
Thea Tebble of Mercia said: “NOVELTEA is a premium beverage in a range of unique blends. Its quality product and ambitious management team is a great foundation for future growth.
"The business has already achieved impressive traction and Mercia’s support will help it expand into new markets.”
"Truly supportive legal partner"
Stephanie Brown, solicitor at Muckle, said: “We have advised NOVELTEA on a number of stages in their growth.
"Lukas and Vincent have built a fantastic brand, with innovative products that offer something completely different, and we were delighted to support them again as the business continues to grow.”
Vincent Efferoth, NOVELTEA co-founder and joint managing director, added: “Muckle is a truly supportive legal partner that understands our vision, knows how to help us achieve our goals and their advice on this investment has again played a crucial part in helping us continue to realise our growth plans.”
To learn more about how we can help your business grow, contact Adam Rayner on 0191 211 7962 or [email protected]