Brewdog has set its sights on raising £50m by January in its last equity crowdfunding effort, after hitting its initial target of £7.5m in just six weeks.
The craft brewer and bar operator launched its Equity for Punks Tomorrow programme on 10 September, reaching £1m in less than 48 hours.
The money raised in this round will be used to invest in sustainability projects, including direct wind power, CO2 recovery, electric vehicle fleets and converting waste into energy.
Having secured over £73m from previous rounds, Brewdog said it has set its sights on overfunding beyond its £7.5m goal, with a maximum potential raise of up to £50m before it is scheduled to close in January.
“Every penny raised beyond the initial goal will also support sustainable ideas and concepts around the world,” Brewdog said today.
The further funding will help invest in a solar power for Brewdog’s breweries in Berlin, Brisbane, Columbus and its Hop Hub in Glasgow. It will reduce its “beer miles” by building breweries in Asian markets and its biggest export market, France.
Last month the brewing company confirmed the Equity for Punks Tomorrow was the last of its crowdfunding efforts, which have raised more than £79m since 2009.
Co-founder James Watt said: “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… 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 announced its carbon negative status earlier this month, which Watt said was the first step in “ensuring that, as a business, we’re holding ourselves accountable”.
Brewdog recently purchased 2,050 acres of grazing land in the Scottish Highlands to create a ‘Brewdog Forest’, an area of woodlands under the Woodland Carbon Code accreditation programme.
The round will run until 29 January 2021 with shares priced at £25.15 each and to be issued in blocks of two, with the minimum investment of two shares for £50.30.
Investors will receive a lifetime discount online and in Brewdog’s 100+ bars worldwide, exclusive beers and a tree planted in the Brewdog Forest.