CRAFT beer firm BrewDog has raised over £23 million in its fifth UK crowdfunding round, more than doubling its initial target of £10m but falling well short of the £50m it had hoped to achieve.

According to the Aberdeenshire brewer’s website, by yesterday it had raised £23.2m from 45,340 investors, with the current round due to close on October 15. That takes the total it has raised across all five so-called Equity for Punks rounds to £64.2m from 90,259 individuals.

Read more: BrewDog edges closer to £10m crowdfunding target

The firm’s co-founder James Watt called the support the business had received from its “evangelical community of equity punks” humbling, adding that it “demonstrates the passion people share for our mission and belief in awesome beer”.

When it launched Equity for Punks V in October last year BrewDog said its aim was to raise £10m to fund expansion of its Ellon headquarters, but would keep the fundraiser open for a year with the hope of hitting £50m.

Read more: BrewDog falls short on its US investment target

Mr Watt said at the time that the extra cash would help the firm accelerate its plan to build breweries in China and Australia, open ten more bars in international markets and launch a television channel.

Last month the business launched on-demand video service The BrewDog Network while in recent weeks it has opened bars in Iceland and South Korea. It has also begun construction on a brewery in Brisbane, Australia.