The label for Belle Isle’s limited-edition “Artist Series 2023” bourbon was designed by Richmond artist Ed Trask. (Photo courtesy Belle Isle Moonshine)
When Vince Riggi and his brother-in-law Brian Marks founded Belle Isle Moonshine a decade ago, it wasn’t white lightning they dreamt of brewing, but bourbon.
“The main reason we didn’t start with bourbon is because of the aging process,” Riggi says. “It takes years to age it. So, we thought, ‘What can we make while we’re waiting for our bourbon to age?’”
The answer was moonshine — and 10 years later, Belle Isle Moonshine is in the top 10% of craft distilleries by production volume nationwide.
“We pivoted to moonshine, and we didn’t look back. We just sold our millionth bottle of craft cocktail,” Riggi says. “But now, we’ve hit our marks, and we always wanted to circle back to bourbon.”
So, the company did just that in late November, releasing a limited-edition bourbon called “Artist Series 2023” over Thanksgiving weekend. For the first time, Belle Isle Moonshine is selling something other than its namesake spirit.
Riggi says that 5,921 bottles were released on the market, and they are selling fast. The 107-proof bourbon was barrel-aged for five years; special features include a collaboration with Richmond-based artist Ed Trask on the label, a cap featuring the famous arches of the CSX A-line bridge and a $2 pledge per bottle sold to benefit Richmond-based nonprofit ASK Childhood Cancer Foundation.
To raise capital for the rollout, Riggi and his partners organized a StartEngine investment program. For $250 — or more — investors received a convertible note, a type of bond that converts into equity under certain scenarios.
Like corn whiskey in an oak barrel, the convertible notes offered by Belle Isle Moonshine will mature on Dec. 30, 2027, at an 8% interest rate, or in circumstances that include the sale of the company.
Before fees, Belle Isle Moonshine raised $575,362.26 through the program from 283 investors, many of whom learned about the campaign through advertisements on Facebook and Instagram. The original goal was $1.2 million.
“We loved the process of crowdfunding, raising capital while engaging with our fanbase,” Riggi says, “but it can be complicated. It may have been too confusing for the retail investor.”
Some of the projects slated for funding, including enhancements to the tasting room that opened in 2022, were affected by the shortfall in investments. But the rollout of the limited-edition bourbon, as well as a forthcoming flagship bourbon brand, are proceeding full steam ahead on the strength of the investment capital.
“For the next bourbon we launch, the goal is to have it available 365/24/7,” Riggi says. “Within the next three to four months, we’ll have several more products rolling out. We are planning an ‘Artist Series 2024,’ as well — that will be a different bottle by a different artist supporting a different charity.”
“Bourbon is capital intensive,” he continues. “We could do [the convertible note campaign] differently next time — we might change it up a little bit to make it more approachable.”
“We try to bring our fans into the mix,” Riggi adds. “A lot of this push was letting them join this journey with us and become a part of this ride.”
