BrewDog reaches funding target early

BrewDog plant in Ellon.
BrewDog plant in Ellon.
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Ellon-based BrewDog recently announced the early closure of its shares scheme to fund expansion.

Unprecedented demand led to the brewery reaching its target of £4.25 million a month before the deadline.

The company set out in June last year to raise £4 million but confidently increased the target by £250,000 in November to keep up with the mounting scramble for shares.

Co-founder James Watt said: “We have ushered in a brave new world, and you can expect to see more businesses launching similar schemes in 2014.”

BrewDog marked the latest round of Equity for Punks by driving a tank around the Bank of England with an army of craft beer fans in tow.

The brewery smashed all previous crowdfunding records by selling £1 million of shares in the first 24 hours, as beer fans scrambled to buy equity in the business. On offer were 42,000 shares in the company at £95 each.

Mr Watt added: “We were off to a great start by raising a quarter of our target in the first 24 hours alone.

“Closing early only goes to show just how passionate and evangelic our fans are. We can’t wait to return the trust our investors and fans have shown in us with more awesome beers, bars and growth in 2014.

“With three successful rounds of Equity for Punks completed, we have continuously displayed that crowdfunding has become a worthwhile and innovative means for business growth.”