Gold Coast brewery Black Hops has hit its fundraising target of $400,000 just six days after opening its offer to the public.
Matt Vitale from equity crowdfunding platform Birchal said he was delighted with the result.
“Black Hops offer was fully subscribed last night, reaching its maximum target in just six days,” Vitale said.
“We are thrilled with the result, as is the Black Hops team.”
The $400,000 is earmarked for finishing Black Hops’ second brewery and taproom located 30 minutes north of its current site in Burleigh Heads.
Investors could invest for as little as $50 to receive ordinary shares in the company. Depending on the value of their investment, they may also be offered rewards such as priority access to limited-release beers.
Black Hops co-founder Dan Norris told Brews News that the campaign has gone exactly how he hoped it would.
The campaign’s success, Norris said, has been driven by the excitement the brewery has generated over the past two years.
“Our followers are excited to be part of the journey,” he said.
“So many people have followed us for so long, they’ve seen how far the business has come in such a short time and that makes people excited.”
Depending on when funds clear, Norris said that this final sum will go towards paying any outstanding invoices as well as investing in Black Hops’ distribution goals for the future.
Sydney’s Endeavour Brewing Co is also enjoying “overwhelming success” with its equity crowdfunding campaign launched on December 12, 2018. Investors have been offered a single share price of $1, with a minimum buy-in of 100 shares.
With just under three weeks to go, Endeavour owner Ben Kooyman told Brews News last week that with over 400 shareholders already invested nationally, he expects many more to “jump on board the good ship Endeavour” in the campaign’s final weeks.