BrewDog plans to recruit army of shuffleboard ‘Olympians’ at new bar, ‘ShuffleDog’. Scottish craft brewery, BrewDog today launches its bid to have shuffleboard added as an Olympic sport for Tokyo 2020, as it opens the doors to the first ShuffleDog in Leeds. Located at Crispin Lofts, New York Road, Leeds, LS2 7PF, the new concept […]
BrewDog smashes crowdfunding record, closing Equity for Punks a month early after reaching £4.25 million target
Scottish brewery raises £4.25 million in six months in record-breaking crowdfunding scheme
Scotland’s largest independent brewery, BrewDog has today announced the early closure of its Equity for Punks crowdfunding scheme with its cofounder James Watt stating: “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.” Unprecedented demand has led to the brewery reaching its target of £4.25m a month before the deadline. BrewDog set out in June to raise £4m but confidently increased the target by £250,000 in November to keep up with the mounting demand for shares.
- 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 launched this latest round of Equity for Punks on Thursday 20th June in idiosyncratic style, driving a tank around the Bank of England with an army of craft beer fans in tow.
- On offer were 42,000 shares in the company at £95 each.
- 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.
- Unlike many crowdfunding programmes that simply look to raise donations in return for fringe benefits or bonds, BrewDog offers genuine equity in its business, alongside a lifetime discount in its bars and its online shop.
- The brewer has achieved an average annual growth of 167 per cent 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.
- The company now employs 200 staff, is on track to turnover £19m in 2013, with the strong growth forecast to continue into 2014.
- BrewDog is Britain’s fastest growing food and drinks brand*.
- The company’s 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.
BrewDog co-founder James Watt commented:
“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.”
James Watt added:
“The phenomenal success of Equity for Punks has proven how much our customers believe in our mission to make people more passionate about beer. For those who’ve already invested, we want to say thank you – you’ve bought the ticket, enjoy the ride.”
*Named Fastest Growing Food and Drinks company in The Sunday Times Fast Track 100 2013