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Virtuous Spirits AB (publ.)

Flavored by Nature

A character vodka for you who appreciate the real side of life, unfiltrered.

Take part in building a new category in the vodka market, attractively priced premium vodka in its very own style - set up for scaling up and making use of the fantastic distribution deals just signed. After a few difficult years, Virtuous has learned which paths to take and which to avoid. At an attractive valuation, you as an investor get to join an exciting journey!

Investor proposal

With a clear proposition to the distributors, bartenders and consumers, a new seasoned experienced team that's shown results, Virtuous is building a category based on real life experience. A vodka by nature, a vodka with the real taste of the ingredients, leaving it as unfiltered as life itself.

2,5 TSEK t-shirt
10 TSEK t-shirt, entrance to Stockholm Beer & Whisky Festival
25 TSEK all above, bartender to your party
50 TSEK all above, visit Järvsö
100 TSEK all above, dinner/tasting with the founder Claes Stenmark

Join Virtuous - unfiltered as life!

Invest more than 300 TSEK - contact [email protected]!
All of the shares issued are B-shares, with 1 vote per share (A shares have 10 votes per share). There are 1 285 400 A shares and 786 094 B-shares. The company is considering transforming all shares to the same voting rights.


The problem this product solves

The big problem in the vodka industry is the lack of uniqueness - most vodkas are the same, separated by their marketing alone. They're not in tune with the modern consumer, who desires something authentic, organic and real.

The vodka market only tries to renew itself with stranger and stranger flavours, leaving people with a flavour fatigue for quirky flavours and tired of the low level of innovation.

How the product solves it

Virtuous is a character vodka, made from Swedish organic rye. Better yet, it's unfiltered - meaning that it's as real as the nature it springs from.

It comes in one natural (Virtuous Blond) and five flavoured variants - but the Blond is a flavour of itself.

Virtuous brings renewal to a tired spirits category, unexpectedly real. A vodka for those who desires real taste, by nature.

Product features

Virtuous can be enjoyed as it is, or in anything from the very most simple drinks to the most advanced cocktails. They're bought in stores and wholesellers and enjoyed in homes and bars in 6 European countries, e.g. at the Swedish Systembolaget, Harvey Nichols in the UK and at the bar Dandelyan in London - awarded the best bar in the world.

Product use cases

It's for consumption at home or in a bar, anywhere you feel like yourself.

We're working with well connected distributors to build the brand and place Virtuous in bars and stores around Europe.


Daniel Rumack avatar
Daniel Rumack CEO
Former Sales Manager Nordics at DOM and Simon-Voss
Susanne Welvert avatar
Susanne Welvert CMO and Area Manager
Former Area Director Spain, Greece, Latin America at The Absolut Company (introduced Absolut in Latin America).
Johan Ranstam avatar
Johan Ranstam Chairman of the board
Angel investor, entrepreneur
Anette Löfgren avatar
Anette Löfgren Member of the Board
Former Global Strategic Planning Director Director The Absolut Company Pernod Richard.
Anna-Karin Fondberg avatar
Anna-Karin Fondberg Board member
Former Sales Director Carlsberg Sweden, starting as CEO of Swedish Breweries 1/1 2018.
Claes Stenmark avatar
Claes Stenmark Founder
Former chef and cookbook author.
Marcus Engström avatar
Marcus Engström Brand Ambassador
Fourteen years behind the bar, latest at Vita Kaninen.


Target Market

The global market for premium and above vodka is very big - the markets where Virtuous is currently present is larger than 7 BSEK for this price segment alone, with Poland (>3 BSEK) and UK (>2 BSEK) are the largest.

Competitive landscape

There's a vast list of competitors on the vodka market.

The most famous are Absolut Vodka, with an annual sales volume of about 100 million litres of premium vodka, Grey Goose with 36 million litres of ultra-premium vodka. Over the last couple of years, the craft premium vodka Tito's Handmade Vodka has more or less exploded at the market, reaching about the same volume as Grey Goose.

Unique differentiator from competitors

The main difference between Virtuous and our competitors is the product itself, where even the unflavoured vodka is considered a flavour - it's an unfiltered character vodka.

Company revenue streams

Virtuous Spirits revenue comes from selling Virtuous to distributors, who in turn sells it to wholesellers, bars, restaurants and shops.

Product/service distribution

Virtuous has a single distributor strategy for each market, since the distributor is an essential key in the brand building process. Virtuous delivers ex-works from Järvsö, where the production facility is located. The distributor then sells to wholesellers, bars, restaurants and shops. The distributor has area managers that does direct sales to bars, restaurant and shops; as well as plan marketing activities for the brand (together with Virtuous).


Previous milestones/traction

  • Launched, first products hit the bars in Sweden
  • Signs distribution contract with Highball for the UK market
  • Signs distribution contract with Two Spice for the Swiss market
  • Anette Löfgren with heavy vodka industry experience takes a seat at the board
  • New board with very experienced industry people
  • Susanne Welwert starts full time with distributor development and Virtuous's communication and marketing
  • Signs distribution deal with Arcus for the Swedish market
  • Signs distribution deal with The Unknown Agency in Canada (Toronto/Ontario) (first order expected Dec 2017)
  • Relaunch with Polish distributor Prime Brands
  • Relaunch with Italian distributor Fine Spirits

Next key objectives

  • Activate current markets to reach about 37 000 litres(within estimates from distributors)
  • Sign distribution deal at one major market like Spain or Germany
  • Sign distribution deal with 1-2 smaller markets, like Belgium or Holland
  • Participate in vodka competitons

  • Sign distribution deal with duty-free distributor
  • Reach tipping point with all markets active in 2017
  • Sign distribution deal at one major market
  • Sign distribution deal with 1-2 smaller markets

2020 - 2022
  • Reach tipping point at markets signed 2018
  • Single market with sales higher than 10 000 cases (90 000 litres)

Previous Financing

Virtuous Spirits has made two previous crowdfunding rounds in 2013 and 2015, of a total sum of 2,9 MSEK. A total of 11,2 MSEK has been invested in Virtuous Spirits so far, from a combination of founders, business angels and crowdfunding.

Use of funds

Market activation after making groundbreaking distributor deals on key markets.

Return on Investment

Virtuous Spirits expects to be in a favourable position to be acquired in 4-5 years, when a major player would be interested (> 200 000 litres per year). When discussing earlier with one of the big players, they indicated that a typical valuation of a company selling 300 000 litres per year with our indicated margins would be purchased at 20-30 MEUR.

The market has seen transactions at several hundreds of millions of euros (Svedka,Grey Goose, Absolut and others). E.g. Svedka was sold to Constellation Brands at $384M when selling 1,1 million cases (about 10 million litres).

Risk Analysis

Virtuous is a small company on a market with a few big players and many small, regional or local, players. That is both a threat and an opportunity, since the brand that can threaten the margin of the big players might become an interesting brand to acquire, or to compete heavily with. Therefor, establishing the brand in its own category is a risk mitigation as well as a good staging for a future exit.

The other big risk is the financing risk, since the vodka market is a branding game. Virtuous mitigates through differentiating the product, not just the brand.