BrewDog hits £7.5m target for its Equity for Punks Tomorrow programme
More than 16,000 people have invested in what the Scottish brewer says will be the final crowdfunding offer for the business.
The fundraise was launched on 10 September and reached its initial goal in just over a month, having raised £1m in less than 48 hours.
The company says it has now set its sights on overfunding with a maximum potential raise of up to £50m before it is scheduled to close on 28January.
BrewDog announced its carbon negative status earlier this month and says with its initial target surpassed, it will be able to fund projects including direct wind power for its breweries, CO2 recovery, electric vehicle fleets, and converting waste into energy.
Projects to be activated through further funding include solar power for its breweries in Berlin, Brisbane, Columbus and its Hop Hub in Glasgow, the installation of an eco-distillery for its spirits business at its headquarters in Ellon, Aberdeenshire, and the building of breweries in Asian markets and France, its biggest export market, allowing for a reduction in beer miles, it says.
Money will also be used to fund research and development in eco-friendly packaging and to create BrewDog hubs across the UK to allow for local collection and delivery of its beers via an electric fleet of vehicles.
“Equity for Punks Tomorrow is a critical part of the evolution of BrewDog, as it allows us to fund the next step in our sustainability plans,” says James Watt, co-founder of BrewDog.
“Every penny from the raise going towards groundbreaking sustainability initiatives. Our aim is for our business to grow while simultaneously reducing our emissions - our success won’t be to the detriment of the planet.”
The brewer has to date raised more than £80.5m from more than 145,000 investors and now operates 103 bars around the world as well as four breweries in Ellon, Columbus, Ohio, Berlin, and Brisbane.
