The UK's second largest craft brewery, Innis & Gunn, just doubled its crowdfunding target, allowing it to accelerate growth and open its first bar-restaurant in England a year ahead of schedule.
The Scottish brewery raised nearly £2.5m on the investment crowdfunding platform Crowdcube in a campaign launched on 1 November.
The company had sold 4.79 per cent of its share capital to 2,012 investors at the close of the campaign.
Initially, the goal of £1m in equity was needed for expansion of the company, but now the brewery will see that accelerate.
Innis & Gunn plans to double turnover to £25m over the next three years and expand beer production in its recently acquired Inveralmond Brewery in Perth.
Production volume is expected to triple in the next two years, the company said.
The brewery will also use the extra funds to open a Beer Kitchen in England in 2017, a year ahead of schedule, and expand to Toronto, Canada.
Innis & Gunn currently operates three Beer Kitchens in Edinburgh, Dundee and St Andrews and plans to open three more in Scotland over the next 12 months.
Dougal Gunn Sharp, founder and brewer of Innis & Gunns, said the money raised is a testament to the public's belief in the brand and in independently brewed craft beer in general.
We’ve worked tremendously hard over the last 13 years to brew great tasting, award winning beer and this campaign has given us the opportunity to do even more.