Scotland’s largest independent brewery, BrewDog, which has a bar in Newcastle, has reached the £4.25m target in its record-breaking crowdfunding scheme - a month before deadline.
Equity for Punks initially set out in June to raise £4m, but increased the target by £250,000 in November to keep up with demand for shares.
BrewDog launched this latest round of Equity for Punks by driving a tank around the Bank of England with an army of craft beer fans in tow. The Scottish brewery smashed all previous crowdfunding records by selling £1m of shares in the first 24 hours of the punk offering, as beer fans scrambled to buy equity in the business. On offer were 42,000 shares in the company at £95 each.
The company is the UK’s fastest-growing food and drinks brand and now employs 200 staff. It is on track to turnover £19m in 2013, with the strong growth forecast to continue into 2014.
The brewer has achieved an average annual growth of 167% over the past five years and the company is already valued at over three times the value it was given during the last Equity for Punks scheme in 2011.
Its award-winning beers are stocked nationally in all major supermarkets and BrewDog already exports to 38 international markets.
Its biggest success in the past year has been the growth of its bar division, opening 12 bars since 2010 – largely funded by Equity for Punks investment – including its first international location in Stockholm, Sweden.
Having shunned the banks for growth investment, BrewDog has so far raised over £7m through over 12,000 ‘fanvestors’ buying shares in the business during three rounds of Equity for Punks.
BrewDog co-founder James Watt, said: “The response to Equity for Punks this year has been absolutely epic. We were off to a great start by raising a quarter of our target in the first 24 hours alone. Closing early only goes to show just how passionate and evangelic our fans are. We can’t wait to return the trust our investors and fans have shown in us with more awesome beers, bars and growth in 2014. Christmas has come a couple of days early for all of us.
“With three successful rounds of Equity for Punks completed, we have continuously displayed that crowdfunding has become a worthwhile and innovative means for business growth. The mental shackles that have tied down British SMEs to the staid and unimaginative traditional methods of raising funds have been untethered. We have ushered in a brave new world, and you can expect to see more businesses launching similar schemes in 2014. Crowdfunding no longer just a fad or buzzword, it is a legitimate alternative financial system. We have broken all records, and silenced all doubters, and now we want to ensure all the fans that have supported us have a chance to buy a share of BrewDog.”