BrewDog smashes crowdfund and sets new target of £50million

The craft brewer launched its latest round of crowdfunding in October, with a target of £10 million over an initial 90-day period.

It has now raised more than £11.3 million from more than 24,000 investors.

The company has confirmed that as a result of an influx of requests for additional time to invest, it will now be keeping the investment opportunity open until 15 October 2018, or until the maximum potential raise of £50 million is reached.

Shares cost £23.75 and are issued in blocks of two, with a minimum investment of two shares for £47.50.

The Equity for Punks programme has now recruited almost 70.000 investors since its inception in 2009 and it has raised in excess of £50million through five rounds of crowdfunding.

The initial target of £10million will be used to build a new Brewhouse at BrewDog’s Ellon brewery to help fulfil demand across the UK and Europe.

Further investment will be used to invest in the brewery’s first sour beer facility, The Overworks, which will launch later this month. .

It also has plans to launch a new craft beer brewery in Asia and it will direct £5million to open a facility in Australia. A further £3million is earmarked for expanding and investing in UK BrewDog bars, with plans to open 15 new bars in 2018, including four brewpub locations​.

The brand also wants to invest £2million into creating its own TV network dedicated to craft in all walks of life.

“The continued demand for Equity for Punks demonstrates the passion people share for our mission, our values and our beer,” says BrewDog cofounder James Watt 

“It is 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.”