Ready-to-drink (RTD) brand Moth has secured £11m in funding, backed by Puma Growth Partners, Beringea and Guinness Ventures, to accelerate its expansion.

The brand will invest the funds into expanding its UK retail presence with a specific focus on the convenience channel.

Additionally, Moth has plans to accelerate its US expansion, where it is growing within the RTD category across California, Florida and Illinois through retailers including Whole Foods Market, Target, Trader Joe’s and Binny’s.

This fundraising move comes after a year of standout performance with a turnover of £20.9m, increasing 67 per cent year-on-year and 146 per cent within the past two years.

The successful results reflect the category’s rapid growth over the past years, as canned cocktails now account for 27 per cent of the UK’s £787m RTD market.

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There is also strong growth in the US market, with cocktail RTDs growing seven times faster than the wider $15.2bn RTD category.

Sam Hunt, the co-founder of Moth, said: “When we started Moth, the idea that a cocktail from a can could genuinely be delicious and rival one from a bar felt like a provocation.

“Now we’re selling one every four seconds, and the momentum we’re seeing across grocery and convenience is the strongest it’s ever been.

“This raise is about taking that conviction deeper across the UK and America, and we’re grateful to have attracted investors who understand our ambition and what we’re building at Moth.”

Moth was founded in 2021 and currently offers a range of 12 premium canned cocktails, including the popular Moth margarita, which is made in fully recyclable cans.