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Our Story
Korean Tradition, American Craft
Founders Dan and Max were inspired to build West 32 Soju from the memorable dinners and nights out they shared on West 32nd Street in New York City’s Koreatown in their mid-20's. Despite their love for the soju experience, as they got older, they couldn’t avoid the "soju hangover" — it nearly put an end to their frequent nights out in Koreatown. After doing some research, they were shocked to find that the worse-than-average hangover comes more from the artificial sweeteners like stevioside or saccharin, and other highly processed ingredients found in mass-produced soju.
They knew they could do better. At that moment, they decided to develop an approachable, high-quality Soju that allowed friends to keep the party going while introducing one of the most popular spirits in the world to the American consumer. Based on our research, Americans are trending towards lower ABV spirits mindfully crafted with premium ingredients to be low in calories and carbs, while the foodie zeitgeist expands their willingness to be adventurous with food and drink — West 32 checks every box.
The West 32 founders got to work testing countless bases from sweet potato to rice to corn. After over a year of trials, they achieved a refined recipe for an all-natural, gluten-free Soju, that’s the perfect spirit to enjoy neat, in cocktails, and always with your closest friends and family. West 32 Soju is our take on the traditional Korean spirit that is true to heritage, but with a modern American craft influence.
Since launching West 32 Soju, Dan and Max have been on a mission to bring soju into the mainstream. They will do this by creating an approachable brand and high-quality spirit, capitalizing on current beverage industry trends that lean toward low-abv, gluten-free, spirits, and educating and introducing a new audience to soju and the soju experience.
The Solution
Our two varieties are our Original Soju and our Reserve, which is barrel- aged in American white oak whiskey barrels for up to a year. We crafted our soju with the modern American consumer in mind, one who seeks a spirit that uses well-sourced ingredients that are made with integrity in small batches. We aren't making just any other spirit — our craft Soju’s American roots attract mixologists and Westerners alike, enabling us to educate them about Soju and introduce it into sophisticated beverage programs.
Our all-natural, gluten-free soju is made in small-batches in upstate New York near the Catskills. The design of our bottles embody the feeling of New York City's West 32nd street, from long dinners with family to late evenings out on the town.
Produced outside of Albany, NY, West 32 Soju is sold at an accessible price point that’s high enough to convey its premium quality, while still making it affordable to our consumer audience. We make our Soju from Catskills water and North American-grown corn for a completely clean base that’s triple filtered, with an added touch of all-natural cane sugar for a smooth profile that’s true to the Soju experience.
Our Traction
In the NY International Spirits Competition, West 32 Original Soju placed as the 2017 Gold Winner & 2017/2019 Soju Producer of the Year, while Reserve Soju placed as the 2019 Silver Medal Winner & 2019 Soju Producer of the Year. Our Soju has been Featured in the New York Times, Wine Spectator, Imbibe Drink of the Week, and Thirsty.
Over the last three years, we have grown our market availability from 2 states in 2017 to 13 states in 2020 and our soju is available online throughout the U.S. In 2017, we obtained our US trademark, in 2018 we obtained our South Korean Trademark, and in 2019, we sold over 1,500 cases.
The Market
Soju was the #1 selling distilled spirit in the world in 2017, with over 115 million cases sold alone. The US is now one of the fastest growing soju markets, with a growth rate of 15% year over year for the past three years. Low ABV spirits and cocktails continue to accelerate in popularity; for example, Aperol saw a 25% growth in 2018 sales due to the popularity of the ‘Aperol Spritz’.
The IWSR2 reports that low alcohol drinks are expected to have an annual growth rate of 38% by 2022. We see soju (aka Korean vodka) as the perfect low ABV spirit for the growing health conscious consumers, who care about what they put in their bodies and want to be able to drink casually over longer periods of quality time with friends without overdoing it.
Kerry Flavor reports which tracks sales, consumer trends & foodservice influence, noted that consumers will continue to desire more internationally-inspired flavors. Additionally, in the last decade there has been an explosion in popularity of Korean pop culture and cuisine, with Yelp reporting 34% category growth since 2012.
What We Do
We created a line of sojus that are craft-distilled in the US, and designed for an easy, clean-drinking experience. Our Original Soju, with its 19% ABV, is made using all-natural cane sugar, rather than the artificial sweeteners used in most soju products, so our consumers don’t have to worry about the ‘soju hangover’. The West 32 Original has a gluten-free designation, which makes it accessible to an even wider audience.
Our Reserve Soju, known for its subtle whiskey flavor, has a 32% ABV and is the only American-made barrel-aged soju, aged up to 1 year in a mix of American Oak rye and bourbon barrels.
Both of our products have a smooth finish, so they can be consumed as a component in fine cocktails, as a base in low ABV cocktails, or neat by the bottle while participating in the ritual of traditional Korean drinking games.
What is Soju?
Soju is a low proof “Korean vodka” that has a history and deep-rooted tradition spanning hundreds of years. Similar to vodka, soju is a neutral spirit, with an element of sweetness; however, soju is low ABV (only 14% to 24% ABV). It is most often consumed neat, but it serves as a great base or component in cocktails too. Most importantly, drinking Soju is a communal experience that brings people together through time-honored customs — you might ‘grab a drink’ with friends, but you share a bottle of soju. Soju is part of a social ritual. Believe it or not, Soju is one of the most popular spirits in the world, but there’s a good chance you haven’t heard of it since the vast majority of it is consumed in Korea.
The Business Model
We sell our soju to distributors in 10 states, as well as directly to retailers in 3 states. Our product margins range from 50% to 65% depending on the SKU and sales outlet.
In New York, New Jersey, and California, West 32 Soju is able to sell directly to retailers and thus bypass distributors. This allows us to engage directly with bartenders and beverage directors and build relationships with accounts. Additionally, it allows us to keep cost down for the accounts and grow before committing to a distributor in one of the mentioned states.
How We Are Different
West 32 Soju aims to shake up the routine American spirit industry with a fresh take on a traditional Korean spirit. With our carefully crafted branding and refined flavor profile, we are introducing one of the most popular spirits in the world to American consumers. Our soju is perfectly situated at the intersection of the foodie movement and low ABV trend, allowing us to capture the untapped non-Korean consumer market.
We compete with local craft sojus and with the large Korean brands, many of which create an inexpensive product by using cheap ethanol and processed sweeteners. Some craft Soju brands have recreated ancient recipes to make a more traditional product, but sit at a steep price point and have an overpowering taste that can be polarizing. Our Soju, however, is a premium brand at a price point that allows consumers to trade up for every occasion, with both relatable and aspirational New York branding, and a clean, neutral flavor profile with just a hint of sweetness.
The Vision
Our vision is to make Soju a mainstay spirit in the repertoire of the foodie cult, i.e. the people who live to eat out, try new things, drink complex cocktails, and never miss a Sunday brunch. We are on a mission to make soju mainstream, and we believe our award-winning soju is well-positioned to become the next staple in liquor cabinets everywhere.
We plan to reach 10,000 cases per year and profitability by 2025. We will do this by hiring more market managers, increasing our tasting capabilities in liquor stores, and start to increase PR.
Our Team
Our team has years of experience in successfully growing start up businesses, while our partners have experience in building spirit brands. Our partners, Coquetel Spirits and Mr. Gold, have worked with big brands like Bacardi and Patron, and have helped grow emerging brands like Gem & Bolt into the larger brands they are today. Through their relationships and guidance, we are able to access accounts and distributors to build brand awareness.
Why Invest
We believe West 32 is a premium quality soju brand with few comparable competitors on the market. Our soju is perfectly situated at the intersection of the foodie movement and low ABV trend, anchored to Korean culture, with strong branding that appeals to American consumers. We have the opportunity to expand this fast-growing category of low ABV spirits and internationally inspired flavors to the United States, and we are so excited to offer you equity in our company as we make our mark on the spirit industry.
Company | : | Archibald & Wens Inc. |
Corporate Address | : | 130 S. Indian River Driver, Ste #202-237, New York, NY 10011 |
Offering Minimum | : | $9,990.96 |
Offering Maximum | : | $249,989.97 |
Minimum Investment Amount(per investor) | : | $234.75 |
Offering Type | : | Equity |
Security Name | : | Non-Voting Common Stock |
Minimum Number of Shares Offered | : | 1,064 |
Maximum Number of Shares Offered | : | 26,623 |
Price per Share | : | $9.39 |
Pre-Money Valuation | : | $4,401,243.24 |
*Maximum Number of Shares Offered subject to adjustment for bonus shares. See Bonus info below.
COVID Relief
This offering is being conducted on an expedited basis due to circumstances relating to COVID-19 and pursuant to the SEC’s temporary COVID-19 regulatory relief set out in Regulation Crowdfunding §227.201(z).
Offering maximum.
In reliance on this relief, financial information certified by the principal executive officer of the issuer has been provided instead of financial statements reviewed by a public accountant that is independent of the issuer, in setting the offering maximum of $250,000.
Expedited closing sooner than 21 days.
Further, in reliance on Regulation Crowdfunding §227.303(g)(2) A funding portal that is an intermediary in a transaction involving the offer or sale of securities initiated between May 4, 2020, and August 31, 2020, in reliance on section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)) by an issuer that is conducting an offering on an expedited basis due to circumstances relating to COVID-19 shall not be required to comply with the requirement in paragraph (e)(3)(i) of this section that a funding portal not direct a transmission of funds earlier than 21 days after the date on which the intermediary makes publicly available on its platform the information required to be provided by the issuer under §§227.201 and 227.203(a).
Investment Incentives and Bonuses*
Early Bird
First 72 hours - Friends and Family | 15% bonus shares
Next 72 hours - Super Early Bird | 10% bonus
Next 7 days - Early Bird Bonus | 5% bonus shares
Volume
All Investors 20% discount through 1-877-SPIRITS (www.1-877-spirits.com)
$250 Investment:
West 32 Soju Sticker
$500 Investment:
West 32 Swag Bag (Branded sticker, T-Shirt, tote bag)
$1,000 Investment + 5% bonus:
West 32 Soju Bar Kit (4 shot glasses, a carafe, and a cocktail shaker)
Swag Bag
$5,000 Investment + 10% bonus:
West 32 Soju Bar Kit
West 32 Swag Bag
A one (1) hour cocktail making class with Coquetel Spirits (up to 6 friends via Zoom or other preferred video conference site)(supplies not included)
$10,000 Investment + 15% bonus
West 32 Swag Bag
West 32 Soju Bar Kit
Free Distillery Tour and Tasting at Yankee Distillers for you and up to 3 friends. It includes a 1-night stay at a hotel (2-rooms included) and free samples (excludes airfare and ground transportation).
The 10% Bonus for StartEngine Shareholders
Archibald & Wens Inc. will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Class B Non-Voting Common Stock at $9.39 / share, you will receive 110 shares of Class B Non-Voting Common Stock, meaning you'll own 110 shares for $939. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investors eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are cancelled or fail.
Investors will only receive a single bonus, which will be the highest bonus rate they are eligible for.
*All perks occur when the offering is completed.
A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.
This is the last day to invest in West 32 Soju! We are in the process of planning a national expansion of our premium, craft soju. Come join us in making soju mainstream in the U.S!
4 Days Left to Invest! Join the team and help us make soju mainstream in America!
Thanks!
Max and Dan
[The following is an automated notice from the StartEngine team].
Hello!
As you might know, West 32 Soju has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in West 32 Soju be on the lookout for an email that describes more about the disbursement process.
This campaign will continue to accept investments until its indicated closing date.
Thanks for funding the future.
-StartEngine
To Our Investors,
We have ordered swag and it is starting to arrive. Please make sure your address with StartEngine is up to date. We expect to start mailing out your eligible investor swag within the next month.
Thanks!
Max and Dan
Dan and I are excited to announce we have partnered with Highland Distributors to serve Massachusetts, New Hampshire, Maine, and soon, Rhode Island. We have now expanded into five (5) new states since the onset of COVID. We hope everyone is safe and well.
Max and Dan
[The following is an automated notice from the StartEngine team].
Hello! Recently, a change was made to the West 32 Soju offering. Here's an excerpt describing the specifics of the change:
Extended length of campaign.
When live offerings undergo changes like these on StartEngine, the SEC requires that certain investments be reconfirmed. If your investment requires reconfirmation, you will be contacted by StartEngine via email with further instructions.
Hi Everyone,
We're excited to announce Total Wine has approved West 32 Original for Massachusetts, Southern California, Tennessee, and Washington State.
Cheers,
Max and Dan
[The following is an automated notice from the StartEngine team].
Hello!
As you might know, West 32 Soju has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in West 32 Soju be on the lookout for an email that describes more about the disbursement process.
This campaign will continue to accept investments until its indicated closing date.
Thanks for funding the future.
-StartEngine
Hi Everyone,
We want to provide a brief update on the state of West 32 Soju during these unprecedented times. We are proud to say West 32 Soju has managed to get through March/April/May, and since June 1, we have returned to pre-COVID levels. For June and July, we saw an 11% increase in cases sold year-over-year (YoY) from June and July 2019. Moreover, revenue was on par with 2019. Right now, we're focused on growing our distribution in the US, with adding a distributor in the mid-Atlantic region and securing distributor in NY & CA as top priorities. We appreciate your support and look forward to sharing future updates.
Thanks!
Max and Dan
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