BREWDOG has raised more than £1 million just two days into the latest round of its Equity for Punks crowdfunding initiative.
Having raised more than £41m from previous rounds in spite of missing its last two targets, Brewdog is looking to raise looking to raise £10m to expand its Ellon brewery, with a stretch goal of £50m to further its global expansion.
This could include the construction of new breweries in Australia and Asia and the creation of a dedicated craft beer TV network.
Brewdog was valued at more than £1 billion in April when it sold a 23 per cent stake to TSG Consumer Partners, but with a share being sold now for £23.75, against a £13.18 valuation at the time of TSG’s investment, directors have pumped up the value of the company to a theoretical £1.8bn.
Since April’s deal the company has begun production in the US. Co-founder James Watt, in a letter to shareholders, said: “As we are governed by financial rules, we cannot speak directly to the valuation, however… we can note two factors here however. Firstly the TSG deal was agreed in January, and secondly we have grown our monthly volumes significantly since then.”
At close of business last night, Equity for Punks V had raised a total of £1.3m from 2,790 investors, 2.6 per cent of the overall target.
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