Craft beer maker BrewDog has closed its Equity for Punks USA fundraiser having raised only $7 million of its $50m target.

Following the same format as the four Equity for Punks rounds in the UK, which have raised more than £40m, BrewDog offered investors a minimum of two shares for $90.

The crowdfunding initiative was launched to “turbo charge” the brewery’s expansion in North America. It was launched in August 2016, ahead of San Francisco-based TSG Consumer Partners paying £213m for a 22.3 per cent stake in the Ellon-based business.

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That deal gave early Equity in Punk investors, who spent £230 on a single share, a windfall of £6,590.

BrewDog has since opened its first brewery in the US, in Columbus Ohio. The 100,000 sq ft facility has begun production with the first US-brewed beers reaching stores this month.

“The past year has also seen us destroy the business finance rulebooks once again through Equity for Punks USA, through which we raised an insane $7m,” said the company, which made no mention of the original target in its statement.

“It’s been humbling to see the number of people in the USA who support us and support our mission to make great beer, and to make other people as passionate about it as we are,” added the company.