Scottish craft brewer Innis & Gunn has hit its crowdfunding target of £1m in just three days.
The Edinburgh-based company launched its equity crowdfunding campaign, AdventureCapital, to the public on 1 November, offering a 2% equity stake in return for investment to back its future plans for expansion.
So far, 763 investors have pledged £1,151,110 and it is now “overfunding” with 25 days remaining, meaning Innis & Gunn will accept further investment in exchange for releasing additional equity.
Dougal Gunn Sharp, Founder and Master Brewer at Innis & Gunn (pictured above), said response has been “overwhelming”.
He said, “We did not expect to reach the target in such a short time, we are absolutely thrilled, and grateful to all of our investors so far – we can’t wait to get started on this next chapter together.
“Making great craft beer has been at the heart of this crowdfunding campaign, so it’s been excellent sharing our passions with so many investors.
“Every penny we raise is going to grow our potential to make even more great beer.”
Innis & Gunn intends to double its turnover to £25 million over the next three years.
The money raised through AdventureCapital will fund the brewer’s plans to roll-out its bar and restaurant brand, The Beer Kitchen. Last month, the company announced plans to open a third Beer Kitchen in St Andrews in November, following successful opening in Dundee and Edinburgh.
A future four sites are planned for 2017, including one in Glasgow, which will house the company’s first micro-brewery, and its first international venue in Toronto, Canada.
The investment will also support continued experimentation with beers, and increase capacity at its newly acquired Inveralmond Brewery in Perth, which has been renamed Innis & Gunn Brewery. Read more here.