A controversial north-east brewery has raised more than £4million from its customers after shunning investment from banks.
Aberdeenshire-based BrewDog now has more than 12,000 shareholders after offering fans of its craft beers the chance to buy a small stake in the company.
The scheme – called Equity for Punks – raised more than £1million in the first day, and last night the firm revealed it has raised a total of £4.1million.
With BrewDog now the fastest growing food and drink brand in the UK, the cash is being used to expand its Ellon headquarters and fund further international expansion.
Rather than turn to venture capitalists, BrewDog has raised money through a series of so-called “crowdfunding” offers that give subscribers an equity stake, and a host of beer-based perks, in exchange for their money.
The latest round of fundraising – Equity for Punks III – costs investors £95 a piece. Just £150,000 worth of shares now remain.
“Through Equity for Punks we have shown that far from a buzzword or a fad, crowdfunding is a legitimate alternative financial system,” co-founder James Watt said last night.
“We have broken records and silenced all doubters, and the money raised will allow us to spread the craft beer revolution further than we ever imagined.
“We’ve had a huge surge of investment in the past couple of weeks, as craft beer fans heard we were close to hitting our target.”
The company now employs 200 staff, is on track to turn over £19million in 2013 and is forecasted to grow by 100% in 2014.
The company’s beers are stocked nationally in all major supermarkets and exported to 38 international markets.
Mr Watt added: “We now have over 12,000 shareholders, with more joining the ranks every day. The phenomenal success of Equity for Punks has proven how much our customers believe in our mission to make people more passionate about beer.
“The funds raised through Equity for Punks has given a huge boost to our expansion plans, allowing us to accelerate the development of awesome new sites all around the world.”