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Price per share
Equity offered
Legal warning: The acquisition of this financial instrument is associated with considerable risks and may lead to the complete loss of the invested assets. The prospective return is not guaranteed and may also be lower.

The Company offers investors who make an investment of more than EUR 5 000, the opportunity to participate in the Company's annual strategy day, where these shareholders are given the opportunity to influence the Company's product development and contribute their own ideas to the development of the Company's sales and marketing.

first name last name, position of company name

„Authors' Distillery operates uniquely in the alcohol business, and we aim to use crowdfunding to internationalise our company through a licensing and franchising model, one country at a time. Authors' Distillery has an exceptional brand, combining reading with the pleasure of quality alcohol. Our company is backed by renowned local authors, among whom we are now reaching out to international figureheads.     "

Anne Pekkanen, managing director (from 8.8.2022 onwards)

Investment information

Equity offering
Invested so far:
Equity offered:
10.71 – 28.57 %
Price per share :
min investment 20 shares
Number of existing shares:
Fully diluted shares:
Pre-money valuation:
Offered units:
Offered in:
Invesdor Oy

Key investment highlights

The franchising and licensing model enables agile internationalisation. Instead of a heavy export process, the company will produce drinks in local distilleries and search for local authors as marketing icons for the brand. The model also allows for valuable minority ownership of distilleries in larger markets.

Modern and scalable production technology will allow for consistent quality and the expansion of production abroad to licensed distilleries.  

The co-owners already have a strong reputation and network of contacts worldwide. Books by Christian Rönnbacka, Tuomas Kyrö and Soili Pohjalainen have already been translated into more than 15 languages. 

The unique brand concept combines quality literature and quality distillates. 

The products are internationally awarded. The International Wine & Spirit Competition (IWSC) awarded Authors' Distillery Readers' Gin with a Gold Medal in the World's Best Gin & Tonics and a Silver Medal in the Spirit category for 2021. In addition, Readers' Rum was awarded a bronze medal in the rum category in 2022.


Authors' Distillery 

Authors' Distillery is a Finnish independent craft distillery whose business concept combines quality literature and quality distillates. Founded in 2019, the distillery's partners and the brand story behind it are best-selling authors Christian Rönnbacka, Tuomas Kyrö, Soili Pohjalainen and actor-writer Mikko Leppilampi. They provide exceptional value to the alcohol brand through their ready-made visibility and content.  

The company's Readers' Gin, Readers' Rum and Gin & Tonic have won awards at the prestigious International Wine & Spirits Competition. Substantial investments in production have been successfully made at the right time with the easing COVID-19 constraints in the hospitality and tourism sector, and the company is ready to expand into new products and markets. Readers' products are available in Finland, Sweden, Denmark and Estonia. Retailers include major liquor stores, restaurant chains, fine dining restaurants, and drink bars. The leading target group for the products is adults over 30 years of age who are interested in culture and appreciate quality. 

The company estimates that the combined global market size for premium gin and rum is around €5 billion, growing faster than the overall gin and rum market. In the funding round, the company seeks capital to reach markets in other Nordic countries and Northern Europe. The company plans to replicate the distillery's core concept and business to foreign subsidiaries through licensing and franchising models and attract prominent local authors such as Jens Lapidus as frontmen. The company says it will also be able to leverage the brand recognition and contacts of its co-authors worldwide. Books by Rönnbacka, Kyrö and Pohjalainen have already been translated into more than 15 languages.  

The company believes that success in a prestigious quality competition and the increased recognition will significantly accelerate the distillery's internationalisation plans. The Authors' Distillery brand is not tied to Finland or Finnish culture, and the brand story is intended to appeal to writers and lovers of quality drinks and culture worldwide.

Our story


Photo: Mika Tuominen 

The driving force behind the idea of founding a distillery was the writer Christian Rönnbacka. While writing his book Viskiretki (Whisky Excursion), he visited several Finnish distilleries. He describes that he felt a massive appreciation for the makers and a burning desire for something of his own. Rönnbacka found other writers enthusiastic about gin and eventually found the missing piece, distillery master Ari Kaura, who had tasted four thousand whiskies. The Authors' Distillery was born.  

Unlike most distilleries, Authors' Distillery first found out from its target audience what they like, and the recipe was refined from there. The company put together tasting groups from their local community, to which they offered several different types of gin. From the winning flavour combinations, the company went on to develop the final spirit. The production facilities were set up in Mäntsälä, where the old piggery was given a new life as a distillery.   

Distilleries usually start with a fast-finishing gin, as did Authors' Distillery. Readers' gin was launched in 2020. The rum market in Finland is as large as the gin market, but there has been a lack of domestic artisan producers. So, the company tapped into this niche by launching the first rum distilled in mainland Finland, Readers' Rum, in 2021. Both products quickly established themselves on Alko's shelves and in restaurants (including Muru, Finnjävel and Pastis) across the country.   

The company's brand aims to combine high-quality distillates and inspiring stories. This is marketed as an experiential package for restaurants and events. The company's next step is to use writers and artists to reach its target audience of over 30-year-olds globally who are interested in culture. The company has just hired Anne Pekkanen, a sales-oriented CEO with a wide range of experience in the hotel and restaurant world in sales- and marketing management positions, to implement its internationalisation strategy.  



  • Lease and renovation of production facilities  
  • Purchase of modern production equipment (iStill 500)  
  • Building a visual brand image   
  • Finalising the distillery story and business concept  
  • Licensing and opening sales channels   
  • Building the recipe for the first product  


  • Launch of Readers' Gin in November 2020  
  • Rapid progression through Alko's on-demand range to the shelf range  
  • Opening of key alcohol wholesalers and major restaurants


  • Launch of a new high-quality distillate Readers' Rum alongside gin  
  • Gold medal at the International Wine & Spirit Competition for the world's best gin & tonic.   
  • Silver for Readers' Gin at the International Wine & Spirit Competition in the spirit category  
  • Establishment of both drinks on Alko's shelves and in restaurants across the country  


  • In a new financial year starting in May, the company will be able to sell into a market without COVID-19 restrictions   
  • CEO Anne Pekkanen launches internationalisation strategy
  • Bronze for Readers' Rum at the International Wine & Spirit Competition



Photo: Mika Tuominen 


Photo: Mika Tuominen 

Authors' Distillery's distillates are high-quality, handcrafted beverages in the same price and quality category as other domestic, independent distilleries. The products are manufactured at the company's production facilities in Mäntsälä, using modern iStill production technology. Ari Kaura, an experienced master distiller, is responsible for the company's recipe and production planning.  

With the new iStill 2000 distiller, commissioned in Mäntsälä in spring 2022, the annual production capacity will increase to around 60 000 - 100 000 litres, depending on the distillates produced, without significant additional investments. With the current facilities and capacity alone, this production volume will enable a revenue of approximately €2 million. 

Product range

According to the company, its Readers'Gin and Readers'Rum products stand out from the competition not only for their award-winning quality and taste, but also for their different backstory and brand image, based on a strong tradition of storytelling that has endured throughout history.   


Gin is an intensely flavoured, colourless spirit. The only mandatory spice is juniper berry, but gins may also be flavoured with coriander seeds, angelica root, citrus peel, cinnamon, lavender, ginger, elderflower, and many other spices. However, the taste of juniper is dominant. The minimum alcoholic strength by volume of gin is 37.5%.  

  • In addition to juniper, Readers' Gin has mint, coriander, and citrus flavours. In the Alko product catalogue, it is described as colourless, dry, warm, lemony, coriander, light juniper, and rich.  
  • Readers' Gin Lågskär Edition Navy Strength & Barrel Aged is an oak barrel-aged gin. In Alko's product catalogue, it is described as yellow-brown, dry, warm, spicy, nuanced.  
  • Readers'Gin Raspberry Chick Lit is the company's latest product. In the Alko product catalogue, it is described as light pink, dry, smooth, and berry. This new product is made from 100% domestic ingredients, as the juniper berry used in the gin has also been successfully sourced from Finland.  

The fresh herbs used in Authors' Distillery's gins are grown in a greenhouse just over 10 kilometres from the distillery. The raw materials are extracted in the distillery with the liquid before distillation. This gives the gin a more intense and full-bodied flavour. In addition, the gin gets a little sweetness from the open heat exchangers at the bottom of the pot. As the alcohol heats up, the Maillard reaction, familiar from quince, occurs.  


Dark rum is defined as a rum made from sugar cane juice or molasses from sugar cane, often aged in oak barrels for 2 to 20 years.  

  • Readers' Rum Preface is the first batch of rum matured in mainland Finland. Alko's product catalogue describes it as cinnamon brown, medium-bodied, dry, warm, creamy, nutty, and vanilla. 


Award 1

The International Wine & Spirit Competition (IWSC) awarded Authors' Distillery Readers' Gin with a Gold Medal in the World's Best Gin & Tonics and a Silver Medal in the Spirit category for 2021. The IWSC is one of the world's most prestigious alcohol competitions, with around 90 countries participating each year. 

In addition, Readers' Rum was awarded a bronze medal in the rum category in 2022, despite its short maturation period.  

The business model


The company tries to concentrate purchases as much as possible on the domestic market to maintain the stamp of local production in craft distilling. The idea of supporting localism will be passed on to licensed distilleries to deliver on the brand promise. In terms of purchases, the company will work with wine importers, among others, who offer exciting batches to realise new types of distillates (e.g., Muru Wines).  

The company has sourced distillery technology from the Netherlands. State-of-the-art remotely controlled iStill distillers support the internationalisation strategy by enabling recipe portability. The exact recipe developed at the company's distillery in Mäntsälä can be transferred to any iStill distiller in the world at the touch of a button, making it possible to distil beverages with the same recipe anywhere in the world in a way that is significantly simpler than traditional distillation technology. 


The company's main distribution channels are the main alcohol stores and Alko. The distribution channels will be expanded market-by-market based on a franchise model and demand driven by competitive success. The company aims to have a comprehensive distribution network capable of delivering beverages to brand-conscious consumers wherever and whenever they are. 


Modern iStill production technology ensures consistent quality and taste. The technology allows the same recipe to produce the same result in another production facility. This requires suitable water, raw materials and production training. At current production volumes, bottling, fermentation and raw material sourcing are done with craft spirit and authoring skills.   

The company's current production capacity is sufficient to meet the local market's demand. However, as the company moves into larger markets, it plans to manage production locally through a licensing model; see the section on franchising and licensing. 

Storage and logistics

Currently, the company stores finished products in a tax-exempt warehouse in Mäntsälä, Finland, which houses the company's finished product warehouse and the barrel maturation of rum. The company's finished product warehouse is currently worth around €100,000. As rum production grows, it will become necessary to expand the storage capacity.   

It does not make sense to transport glass and finished beverages from Finland to the rest of the world. Instead, the company aims to manufacture Readers' products close to the consumer through licensed manufacturers thus taking into account ecology and sustainability. Domestically, the company will use logistics partnerships with local hauliers and alcohol wholesalers.  


The company says it will leverage insightful marketing driven by content and a renowned community of authors. Instead of expensive advertising, the aim is to use earned media to engage consumers in the story. These include small booklets and podcasts. Personal interviews with co-authors, where they talk about their books, lives and distillery, are also effective outlets. Similarly, marketing events in partnership with publishers, book launches and author tours in a restaurant setting are excellent places to showcase Authors' Distillery distillers.   

Product development

Distillery master Ari Kaura's visionary product development has been measured and rewarded in the world's toughest spirits competition. In product development, gin currently represents the immediate consumption and seasonal line, while rum represents the barrel sales, vintage and shelf lifeline. The company also has other spirits on the drawing board, such as a gin-based tentacle for the grocery trade.    

Franchising and licensing

The company does not believe it is profitable to export alcohol produced in Finland on a large scale through paid marketing. Therefore, the company's objective is to build a brand concept for a writers' distillery in the format of a localisation model for TV series (e.g., Want to be a millionaire, over 160 countries).  

  • The company will select a suitable distillery in each language area, either committed to the iStill distillation process or set up there, that wishes to localise the distillery through local authors' stars and publishers. Local flagship authors will be offered the opportunity to become owners of the land-based company, and Authors' Distillery may also choose to become a minority owner of the land-based company.  

  • The franchise agreement gives the local licensee full access to Authors' Distillery's business concept: brands, recipes, distilling training, approach to engaging local authors, trademarks, visual identity and marketing concept, for which it pays a revenue-linked license fee of 8-10%. 

The company aims to launch a licensing model in Sweden in 2023. CEO Anne Pekkanen has strong networks in Sweden and other nearby markets in the hotel and restaurant sector. In addition, the distillery's management team has extensive contacts in the international author and publisher scene.   

The company estimates that after 1-2 successful localisations, global brand awareness will expand and open up an exit prospect into the international spirit's market. 


The company's responsibility is based on favouring local production and avoiding long transport distances.

  • The company's production facilities are located in Mäntsälä, and the company uses Finnish expertise.

  • The company favours local raw materials as much as possible. Therefore, only Finnish raw materials have been used in producing the latest product, Readers' Chick Lit.  

  • The company's internationalisation is based on establishing local distilleries under a license/franchise model. In this way, the company avoids long distillate transportation. Local distilleries will also benefit from local know-how and raw materials.  


The management


Anne Pekkanen, Managing Director of Authors´ Distillery

Anne Pekkanen

Managing Director from 8.8.2022

An international hotel and restaurant industry multi-specialist with management experience in the chain world and family business. A determined change leader with a passion for business development and the ability to put visions into practice. Strengths include an analytical and solution-oriented mindset and excellent interpersonal skills. A collaborative and outspoken team leader with experience in leading both in a specialist organisation and in a smaller working community. Graduate in economics from the Gothenburg School of Economics. 


Ari Kaura Master Distiller, Member of the Board  of Authors' Distillery

Ari Kaura

Master Distiller, Member of the Board 

A flavourist with specialised training in distillation from the Netherlands. With a background of over 25 years in the malt whisky hobby and exploring the distillery business in Scotland. Worked as a researcher for 20 years, with a legacy of a meticulous and thorough approach to beverage development. As a result, the new distillery's prize cabinet is beginning to fill up with prestigious drinks awards worldwide. 


Christian Rönnbacka Chairman of the Board  of Authors' Distillery

Christian Rönnbacka

Chairman of the Board

Christian "Rölli" Rönnbacka, who created the concept of Authors Distillery together with Lippo Luukkonen, has risen to the top of the A-group of Finnish detective writers. He is best known for his nine Hautalehto decoys. For 30 years, he worked first as a policeman and then as an insurance investigator. He has also taught and lectured on security issues and Verbal Judo. He is now a freelance writer who, alongside his distillery and writing, has invented and developed an adventure app for mobile phones based on the Hautalehto TV series.  


Tuomas Kyrö Board member of  Authors' Distillery

Tuomas Kyrö

Bestselling author, Member of the Board 

Three decades of knowledge of literary content and the alcohol industry, both as a user and producer. The journey from home-brew to Authors' Distillery's quality distilleries has been full of surprising plot twists. Kyrö believes that the same basic principle applies to literature and distilling: always do good, never do bad. 


Lippo Luukkonen Member of the Board of Directors of Authors' Distillery

Lippo Luukkonen 

Managing Director until 8.8.2022, Member of the Board of Directors

For the past twenty years, he has worked in various positions in the publishing and media sector. Licensing and commercialising content in different formats has been at the heart of his professional activities for many years. Luukkonen has extensive networks in the national and international publishing and writing scene. He utilises these networks to support the distillery's domestic and international growth strategy. Luukkonen holds a Master’s degree in law from the University of Helsinki. 


first name last name, position of company name

Sami Kähkönen

Member of the Board

Kähkönen is an experienced growth entrepreneur, leader, and enthusiastic rum lover. He complements the team with expertise in financial management, finance and leadership. He also has work experience in the restaurant industry. Kähkönen holds a Master's degree from the University of Tampere. 

The members of the company's Board of Directors are actively involved in developing Authors’ Distillery. The extract from the commercial register attached to the company's share issue materials still shows the old Board of Directors and the Managing Director of the company. The registration of the new Board of Directors and the CEO in the Trade Register is pending on 30 May 2022. 

Distribution of the company shares

Shareholder Role Shares Votes
Doppo-Invest Oy Regulatory, licensing expertise 21 000 15,00 %
Writershouse Oy Author visibility 21 000 15,00 %

Ari Kaura

Distilling expertise 20 000 14,29 %

Mustasuu Oy

Finance 16 997 12,14 %
Sami Kähkönen Entrepreneurship, leadership & finance 14 000 10,00 %
Folia Medicine Oy Food hygiene 10 500 7,50 %
Mielensäpahoittaja Oy Author visibility 10 500 7,50 %
Muru Dining Oy Sales development 8 400 6,00 %
Soili Pohjalainen Author visibility 6 250 4,46 %
Samuil Angelov       Alcohol knowledge 5 600 4,00 %
ML Entertainment Oy Visibility, network 5 253 3,75 %
JHP Invest Oy Baltic sales and marketing 500 0,36 %
In total 140 000 100,0%

Active shareholders support the company in many ways. In addition to the key people listed in the management section, Mikko Leppilampi, for example, adds value to the distillery through his network and visibility, the Michelin award-winning fine dining restaurant group and wine wholesaler Muru Dining brings valuable credibility and alcohol sales expertise, Samuil Angelov as a respected sommelier and alcohol expert brings new ideas to product design, JHP-Invest as a specialist in Baltic beverage exports and Soili Pohjalainen as a prominent female author. 

Use of Funds

The maximum amount of the company's share issue is €1,000,160.  Three scenarios for the capital raised and its use:

The amount invested is €300,048

The amount invested is €300,048, which the company will use to pay the salary of the CEO best suited to the task, boost domestic sales, strengthen marketing activities, solve the problem of rum storage by renting and prepare the opening of the first export market. 

The amount invested is €500,000

The amount invested is €500,000, which the company will use to pay the managing director's salary best suited to the task, to open the first export market and to organise the rum storage.  

The amount invested is €1,000,000

The amount invested is €1,000,000, which the company will use to pay the managing director's salary best suited to the task, the recruitment of sales and marketing staff, the organisation of the rum warehouse, the planning of the redemption of the production site and the opening of two export markets simultaneously.  


Roadmap after the financing round:

The company will use the capital raised to internationalise its brand story. The current share issue will at least allow opening of the first licensing market, after which the acquisition of new markets will be accelerated, possibly through a further financing round.    

  • The company will move forward in the alcohol business with a new licence/franchise model on a linguistic area basis. The company can negotiate minority stakes in franchised distilleries in different target markets.     

  • The company plans to charge a licence fee of 8-10% for the exploitation of the finished brand concept locally in the target country, with sales growth proportional to the market size.     

  • Authors' Distillery is not tied to Finland or Finnish culture, but the brand story is aimed at authors, readers and fans of quality beverages worldwide.  




2023 €500 000, license fee 50 000  

2024 €1 600 000, license fee 160 000  

2025 €2 400 000, license fee 240 000  



2024 €2 000 000, license fee 200 000  

2025 €8 000 000, license fee 800 000  

2026 €12 000 000, license fee 1 200 000 


In the early 2000s, there were only two significant distilleries in Finland, Teerenpeli and Altia. In the wake of Kyrö Distillery's market breakthrough, a whole new industry emerged in Finland within a few years: craft distilleries. There are now several serious players in Finland.   

Finnish alcohols have done very well in international drinks competitions, which has benefited all Finnish producers. In addition, domestic distilleries benefit from the clean reputation of Finland's natural environment. The competitive advantage of Finnish distilleries is that they get their primary raw material, water, directly from the tap. The most expensive raw material for a foreign distillery may be pure water imported by the truckload.  

The global craft alcohol market was worth €12.6 billion in 2021 and is expected to grow at a CAGR of 28.3% between 2022 and 2030. Some primary drivers contributing to the market expansion are the growing demand for artisanal beverages and the increase in the number of artisanal distilleries.  

Those born between the 1980s and the early 2000s make up a significant proportion of craft beverage consumers. They are the largest group of consumers visiting restaurants and pubs. In addition, they appear to be the largest group of buyers of a wide range of foods and beverages, including craft beverages.  

Despite the negative impact of COVID-19, the craft spirits market continues to grow, says the US Craft Spirits Association. During the pandemic, various types of spirits remained the most stable product area. Between August 2020 and August 2021, the number of craft distilleries increased by 1.1%.   


Gin market

The global market size of gin €16 billion  

  • Of which premium distillates €2.5 billion  

  • CAGR 33,4 % (2017-2025)  

Nordic market €0.5 billion  

  • Of which premium gins €75 million  

Gin market in Finland €32 million  

  • Annual growth rate 8.3%  

Rum market

Global rum market €14.3 billion  

  • Annual growth of 6.7%  

Nordic rum market €345 million  

  • Annual growth of 7.8%  

Rum market in Finland €46 million   

  • Annual growth of 5.9%  

Note: Domestic competition in rum is much less, with only Åland producing craft rum.  

Financial figures & Growth

Selected key figures of the issuer (actual + projected)

Oy Authors' Distillery Ltd  2019 2020 2021 2022 2023 2024 2025
Revenue Growth % N/A N/A 240,0 % 439,2 % 100,0 % 81,8 % 45,0 %
Revenue (EUR) 0 30 102 550 1100 2000 2900
Gross Margin (EUR) 0 0 71 343 722 1340 1946
EBITDA (EUR) -4 -80 -136 50 200 700 1300
EBITDA % N/A -266,7 % -133,3 % 9,1 % 18,2 % 35,0 % 44,8 %
Interest Expenses 0 -6,86 -6,86 -6,86 -6,86 -6,86 -6,86
Net Income After Taxes (NIAT) 0 -86,86 -142,86 43,14 193,14 693,14 1293,14
Balance Sheet Total (EUR) 0 135 268 - - - -
Equity Ratio N/A 0,56 0,71 - - - -
Number of Employees 0 0 0 3 3 4 5

All figures in thousands of euros. 

Explanations of the financial ratios 

The company's financial year starts on 1 June and ends on 31 May.  

The company's total sales potential will become clear once COVID-19 restrictions are lifted  

COVID-19 has affected the company throughout its existence. Closures have hampered restaurant sales, and restaurants have been selling off old stock. Despite this, in the financial year ending May 2022, revenue increased by 240% compared to the previous financial year.   

With the lifting of COVID-19 restrictions, the company expects sales growth to accelerate substantially. In addition, with the development of its brand awareness, the company expects to reach the same sales curve in its home market as the well-known craft distilleries that started earlier.   

Profitability is expected to improve as sales volumes increase  

The company has completed significant investments in production. With fixed costs increasing only moderately, it expects its profitability to improve significantly as sales volumes increase.   

A cautious growth forecast expects a fivefold increase in revenue  

Based on the domestic market, the company's growth forecast expects revenue to almost quintuple in the current financial year and to double further in FY23-24, without any significant increase in fixed costs.


Authors' Distillery's pre-money valuation is €2.5 million, based on the company's view of its fair value. This calculation considers the company's re-acquisition costs and growth potential based on licensing/franchising opportunities and a strong brand. Authors' Distillery has a post-money valuation of €2.8-3.5 million depending on the number of shares subscribed for in the offering (16 800 - 56 000).  

In the view of the Board of Directors, the most reliable way of determining the company's value is to look at the discounted returns estimated for the next five-year period, due to the following factors:  

  • The company has largely completed its production investments, finalised its business concept and honed its recipe to an internationally award-winning level. The company's sales margin is at an excellent level, and it expects the fruits of development to be reaped in the coming years. If sales grow, profitability will improve rapidly due to the high sales margin.  

  • The company has built up a unique combination of award-winning products, an internationalisation model, a cost-effective production facility, a business concept and strong IP rights that would be almost impossible to replicate.  

  • The company believes that its licensing-based internationalisation model will drive fast growth in the coming years as export markets are opened up. This will significantly increase the company's potential profitability. 

Exit Scenarios

The options presented are scenarios that cannot be guaranteed. In addition to the exit scenarios, the company also sees the development with the current ownership structure as an alternative, aiming for profitable organic growth and a firm dividend policy.    

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Selling the company: an industrial investor or a larger international alcohol company wants to buy the company because of its unique internationalisation strategy and concept. This will allow faster internationalisation through ready-made distribution and marketing channels.  

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IPO: Requires several successful launches to new markets. A listing would facilitate access to finance to accelerate internationalisation.   

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Involvement of venture capitalist/investors: One exit option is to sell the company or parts of it to a venture capitalist who seeks to multiply the company's value by expanding its market and advocacy network. 

Issue Terms

In this funding round a minimum of 16 800 (EUR 300 048,00) and a maximum of 56 000 (EUR 1 000 160,00) new shares of Oy Authors Distillery Ltd (2972924-1, thereinafter the “Company”) are offered for subscription. 

If less than 16 800 shares are subscribed, the Company has the right to cancel the issue, in which case paid investments will be refunded to the investors. No interest is paid to the refunded subscriptions. 

The Board of Directors reserves the right to raise the maximum amount of the funding round. 

The shares entitle their holder to dividend and other shareholders’ rights from the moment the shares have been registered to the trade register and have been added to the shareholder list. 

The subscription price per share is EUR 17,86, and the minimum subscription is 20 shares corresponding to EUR 357,20.  

The Company offers investors who make an investment of more than EUR 5 000, the opportunity to participate in the Company's annual strategy day, where these shareholders are given the opportunity to influence the Company's product development and contribute their own ideas to the development of the Company's sales and marketing. 

The Subscription Price for the new shares must be paid in full to the customer deposit account pointed by Invesdor Ltd or to the bank account appointed by the Company’s Board of Directors, in accordance with the instructions given by Invesdor Ltd. 

The subscription period starts on 8.7.2022 and ends on 15.9.2022. The subscription period on Invesdor’s platform starts on 8.7.2022 and ends preliminary on 15.9.2022. The Board of Directors reserves the right to extend the subscription period. 

In case of oversubscription of this share offering, the Board of Directors may decide to suspend the issue. In case of an oversubscription the shares shall be allocated in the order of subscription (“first come, first served”). 

The capital gathered in this share issue will be recorded entirely to the reserve for invested unrestricted equity. 

The shares will be subscribed by making a subscription commitment on Invesdor Ltd’s online platform and by approving Invesdor’s applicable terms and conditions, and adhering to Company’s Minority Shareholders’ Agreement, or otherwise as indicated by the Company’s Board of Directors. 

The Board of Directors of the Company will accepts subscriptions made in accordance with the terms of the offering, which have been made in accordance with the laws and regulations applicable to the offering.  

The Company currently has 140 000 shares. The Trade Register Extract attached to the offering materials still states the previous 105 000 registered shares as the number of shares. The registration of the new shares in the Trade Register was initiated on 30.5.2022 and is pending. 

The Company has one (1) series of shares, and thus all of the shares carry equal rights. 

Transferability of the Company’s shares is restricted as follows: 

  • The transferee must adhere to a Company’s Shareholders’ Agreement 

  • Redemption clause in the Articles of Association 

The Company currently has no outstanding options or convertible bonds. 

When investing, the investor must adhere to the Company's Minority Shareholders’ Agreement (dated 16.6.2022), which is attached to the end of this pitch page. Adhering to the Shareholders’ Agreement is a mandatory part of the investment process. In the Shareholders’ Agreement, the investor: 

  • Undertakes not to require any certificates for the shares 

  • Undertakes not to sell, transfer or otherwise dispose the shares to any party who has not adhered to the Agreement as a minority shareholder  

  • Undertakes not to pledge or otherwise lodge the shares or any rights related to the shares as security without prior written consent of the Company 

  • Commits to vote in favour of any decisions required to the future financing rounds and shall also sign and execute any shareholders’ agreement and other agreements required for completion of the above actions in accordance with the instructions received from the Board of Directors of the Company, as long as all shareholders are treated fairly and equally 

In addition, the shareholders 

  • Have a Drag-Along and Tag-Along right 

  • Undertakes to, in connection with an Exit, take all necessary and requested actions and support all decisions necessary to consummate the Exit 

Please familiarize yourself with the attached Shareholders’ Agreement carefully before investing. 

The Company’s current shareholders have a separate Shareholders’ Agreement in place. Even though the investors investing in this offering do not join this agreement, some provisions may be of interest to them: 

  • Shareholders have a prohibition on pledging shares in certain situations specified in the shareholders' agreement. 

  • Shareholders have pro rata rights to participate in future share issues of the Company  

  • Shareholders have certain restrictions on the transfer and assignment of shares 

  • Shareholders have pre-emptive rights under the conditions set out in the shareholders' agreement 

  • Tag-Along right 

  • Certain resolutions of the General Meeting and the Board require a majority of 4/5 of the votes 

The Articles of Association of the Company includes a redemption clause. The Articles of Association can be found attached to this pitch page. 


Various risk factors associated with investing in the company may be significant if realised. Many of Authors' Distillery's risk factors are part of the nature of its business and are typical for the industry. Each risk may have an essential effect on the company's business, profits, and the potential ability to achieve its financial objectives. The risks associated with the company can be divided into seven different groups.

Macroeconomic risks 

  • Uncertainty in the company's core markets in Finland, Sweden, Estonia and Denmark and in the global economy and financial markets may adversely affect the company's business and operating results.  

Risks related to the company's business   

  • The success of internationalisation with the completely new licensing model is not guaranteed.  

  • Changes in customer consumption patterns may reduce the company's sales and profitability. 

  • Failure in marketing may adversely affect the company's customer relationships and product demand.  

  • The company may be unable to implement its expansion strategy and take full or timely advantage of new business opportunities.  

Risks associated with the manufacture and sale of alcoholic beverages  

  • A production batch distilled by the company may fail to meet quality criteria. This may result in production stoppages and affect product availability.   

  • Effective marketing in compliance with strict alcohol marketing regulations is a challenge.  

  • The prolongation of the coronavirus and the consequent slowdown in restaurant sales and travel may hamper sales.  

  • Factors beyond the company's control may adversely affect product demand, customer confidence, and product availability.  

  • The realisation of product liability may result in withdrawing a batch of products from the market.  

  • The Company has received an explanation request from Valvira on 30.6.2022 regarding the promotion of spirits produced by the company on the company's website and social media. The company has been given until 8.8.2022 to respond to the request.

Risks relating to management and staff   

  • The company is dependent on its management and qualified personnel, and the loss of such personnel could be detrimental to the business.  

  • Failure to recruit and retain qualified personnel may adversely affect the company's business performance.  

  • Increasing the number of staff may harm the company's profitability.  

Legal and regulatory risks  

  • Failure to comply with laws, regulations and general social responsibility relating to the company's activities and products may result in sanctions and damage the company's image with its customer groups.  

  • The company may be subject to claims or lawsuits that could harm the company and require management resources.  

  • Customs duties and restrictions on products imported by the company may result in additional costs and complicate the company's financial position.  

Financial risks  

  • Fluctuations in foreign exchange rates may harm the company's operations.  

  • The company is exposed to changes in interest rates on loans.  

  • The company is exposed to credit and counterparty risks.  

Risks related to the share issue   

  • There is no guarantee of any future dividend to shareholders.  

  • The share issue will entail costs and operational obligations for the company, which will entail costs.  

  • It may not be possible to sell shares at the desired time or at all.  

  • The investor may lose some or all of the capital invested.  

  • There may be no return on the investment. 



Oy Authors Distillery Ltd decided to reduce the minimum investment amount. The minimum investment was reduced from 50 shares to 20 shares, for an investment amount of €357.2.

13.09.2022: Prolongation of the funding round

The Board of Directors decided to prolong the subscription period until September 30th 2022.

29.09.2022: Prolongation of the funding round

The Board of Directors decided to prolong the subscription period until October 14th 2022.