Brewdog extends run of crowdfunding raise with target of £50m

 
Alys Key
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Some 24,000 investors participated in the latest round (Source: Brewdog)

Brewdog hit its £10m target a few days early over the weekend, but now the Scottish brewer is extending its run in a bid to raise as much as £50m.

The fifth Equity For Punks crowdfunding round will now run for a full year, having launched in October 2017.

It will now run until 15 October this year, or until a goal of £50m is reached.

Investment accelerated in the last few days of the campaign ahead of today, which was set as the original deadline, helping Brewdog to raise £11.3m so far from 24,000 investors.

Founder James Watt commented that "the incredible groundswell of demand for this latest round of crowdfunding proves we’re not even close to slowing down any time soon".

Read more: Brewdog has used an endangered fruit in an environmental campaign beer

Equity crowdfunding expert Rob Murray Brown of ECF Solutions told City A.M. said the rush of interest near the end of the campaign had been "unusual".

The company raised an average of about £100,000 each day for most of the 90-day campaign, which would have left it falling short of the £10m target. But a rush of interest which added £3m in the last two weeks pushed it over the line.

Noting the new target of £50m, Murray Brown said: "Well I would have said no way a few weeks ago but now who knows. At that valuation it is a little crazy."

Individual shares in Brewdog are valued at £23.75 each in this funding round. The company was valued at £1bn last year after it took an investment from TSG Consumer Partners.

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