Innis & Gunn has passed the £1m mark in its £3m fund-raise on crowdfunding platform Seedrs towards its planned brewery in Edinburgh. The campaign, under the banner This Is Beer Money, is offering 1.96% equity in return for the investment, giving the company a pre-money valuation of almost £150m. So far, 701 investors have pledged £1,097,141 with 34 days of the campaign remaining.
The pitch states, “Since we started Innis & Gunn we have dreamed of building a large-scale brewery in Edinburgh, to create a real home for our business, our people and our community. However, building a large-scale brewery is expensive so we wanted to ensure we had enough scale in our business to support the decision.
So, for 16 years we brewed with our recipes in other people’s breweries, using our people, materials and yeasts, and instead concentrated on scaling our business and building our brand. After 16 years with this production model we are now ready to realise our dream, and we’re building the first large-scale new brewery in the city for more than 150 years. In doing so we’ll cement Innis & Gunn’s place in Edinburgh’s modern beer landscape and leave an enduring legacy.”
The company previously said it aimed to apply for planning permission for the brewery in the “final quarter of this year and become operational in early 2021”. Innis & Gunn raised £2.37m on Crowdcube from more than 1,900 investors in late 2016. In the three years since, Innis & Gunn has increased turnover to more than £25m. The brand also successfully relaunched its pubs as Taprooms this year, with takings up 30%. The concept will be rolled out across the UK with two new sites each year for the next three years.