Scottish craft brewer BrewDog has announced a new target for its crowd funding campaign after exceeding the previous amount set.
The company has also extended the deadline to October 15, 2018 or until it has reached the maximum potential total of £50million, because of “unprecedented demand” from potential investors.
It has raised more than £11.3 million from over 24,000 investors in the fifth release of shares through its Equity for Punks programme after launching in October with a target of £10 milllion.
Co-founder James Watt said: “The continued demand for Equity for Punks demonstrates the passion people share for our mission, our values and our beer.
“It’s insane to see more than 20,000 people buy a piece of our business, and with interest still proving higher than we anticipated, we have decided to extend the opportunity to invest in our company until October.
“Our success over the past decade is down to our engaged, passionate community of evangelistic Equity Punks – they are the lifeblood of our business, and the incredible groundswell of demand for this latest round of crowdfunding proves we’re not even close to slowing down any time soon.”
Shares cost £23.75 each and are issued in blocks of two, with a minimum investment of two shares for £47.50.
The initial target will be used to build a new brewhouse at BrewDog’s Ellon brewery in Aberdeenshire to help fulfil volume demand across the UK and the rest of Europe.
It has also earmarked £3 million for expanding and investing in its bars in the UK with plans to open 15 new outlets in 2018, including four brewpubs.
Further investment will be used to invest in the brewery’s first sour beer facility, The Overworks, which will launch later this month. This world-class facility will allow BrewDog to create an array of spontaneously fermented beers in its commitment to continue pushing the boundaries of craft beer.
The funds raised over the coming months will support accelerated growth across the global business including pouring £10 million into launching a new craft beer brewery in Asia and £5 million to open a facility in Australia.
BrewDog also wants to invest £2 million into creating its own TV network dedicated to craft in all walks of life after the success of its TV show, Brew Dogs, which aired on the Esquire Network in the USA and was the most watched show about beer to ever hit the small screen.
BrewDog’s Equity for Punks crowdfunding programme has now recruited almost 70,000 investors since its inception in 2009 and has raised more than £52 million in total.