Independent brewery BrewDog has announced that it is nearing the £4.25 million target of its Equity for Punks crowdfunding scheme, six weeks ahead of its original schedule.
The brewery and pub group, which has an outlet in Birmingham, has so far raised more than £4.1 million as beer fans clamour to buy equity in the business.
The extended target of £4.25 million represents the highest amount European companies can currently raise through crowdfunding schemes of this type.
The extra funds raised will further boost the expansion of BrewDog’s bar division both domestically and abroad after announcing it plans to open BrewDog bars in Tokyo and Sao Paulo by next March, as well as several new UK sites before next summer.
BrewDog launched its latest crowdfunding initiative during the summer. It has made 44,600 shares available to anyone to buy online, ignoring traditional methods of funding to support its continued rapid growth.
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 £19 million this year and is forecasted to grow by 100 per cent in 2014.
BrewDog co-founder James Watt said: “Through Equity for Punks we have shown that far from a buzzword or a fad, crowdfunding is a legitimate alternative financial system. We have broken records, and silenced all doubters, and the money raised will allowed us to spread the craft beer revolution further than we ever imagined.”