Dublin Vinyl has been on a winner with it’s first taste of equity crowdfunding.
It has been well positioned to capitalise on the still growing demand for vinyl records and is the only pressing plant in Ireland as well as being one of four across the British Isles.
The business involves manufacturing vinyl records for major record labels, pressing thousands for some of the biggest bands in the world, right through to small independent artists who need 300 copies of their latest album to sell at their shows.
The global vinyl market is now estimated to be worth over $1.5 Billion and the highest it’s been in almost 30 years. And it’s continuing to grow with over 4.2 million records sold in the UK last year and Q1 sales in Ireland this year up 28% on 2018.
“We began manufacturing in January 2018 and currently have a capacity to manufacture up to 20,000 records per week,” said Managing Director Hugh Scully.
“We plan to double that over the next few months and have recently launched our own consumer brand, LovesVinyl.com, a Record Subscription Club that delivers vinyl directly to fans every month.”
The initial offering on crowdfunding site Seedrs sought to raise €100,000 but exceeded that by almost 50% last month.
This was part of a planned initial raise of €300,000 to invest in expanding the reach of the company.