BREWDOG has missed a crowdfunding goal for the first time, raising £19 million of a planned £25m, but the craft brewer smashed the target for its first bond offer.

The fourth round of BrewDog’s ground-breaking Equity for Punks scheme launched a year ago with bonds offered in addition to equity. More than £800,000 was raised in bond sales, 162 per cent of its target.

In spite of the failure to hit its target the offer is the most any business has raised through crowdfunding. BrewDog said funds would be used to increase capacity at its Ellon brewery fivefold. The craft brewery will also focus on building a sour beer facility in Aberdeenshire and launching a distillery, Lone Wolf.

Funds will also be used to launch a US brewery in Columbus, Ohio – which will also benefit from a US crowdfunding initiative, set to launch later in the year.

James Watt, co-founder of BrewDog said he was massively proud of reaching £19m. “It is an absolutely incredible achievement and something we’re massively proud of,” he said.

He added that all funds raised would be put back into the company to grow the investment of its 42,000 shareholders.

“We are committed to working harder than ever to build our company,” he said. “Our shareholders are the absolute beating heart of our business, launching Equity for Punks was the best decision we ever made. We’ve raised enough money to keep the momentum of the craft uprising going in the process. It’s a slam dunk for us and for the craft beer industry.”

As part of its latest round of crowdfunding, the company became the first to offer equity in tandem with bonds. Launched through crowdcube, Brewdog offered annual 6.5 per cent interest for four years on a minimum investment of £500. More than 1,000 people took up the offer.

The company has progressive lifted its crowdfunding targets over four rounds, raising more than £26m since launching its first crowdfunding round in 2009.

Brewdog posted revenue of £45m in 2015, a 52% increase on 2014, but pre-tax profits feel to £3.48 as the company increased investment.