Holgate Brewhouse has raised $711,003.69 in an equity crowdfunding round, adding a further 363 shareholders to its roster in the process.
The seed funding round on platform Birchal closed on Saturday 12th October after six weeks.
Initial plans were to raise around $1 million with a maximum offer of $2.5 million, but it reached its minimum target of $530,000 well before its close date.
The price of ordinary shares came in at $1.77 and a pre-valuation estimated the company was worth around $24.5 million. Contributions ranged from $250 to a legal maximum investment of $10,000 per investor.
Holgate’s founders Natasha and Paul Holgate will use the funding to install a canning machine, as well as additional fermenters and end-line packaging equipment.
The team are also looking at investing in their marketing strategy, solar panels and a redevelopment of Holgate’s commercial kitchen.
The brewery is also planning to ultimately expand production capacity to 5 million litres a year at its Woodend site, but this round of funding will enable it to expand to 2.5 million litres a year according to its offer document.
Co-founder Paul Holgate said he was excited about the “amazing success” of the crowdfunding round.
“It was hard work and it’s not to be taken on lightly, but it was a great marketing exercise which enabled us to engage with both our historical fan base and new fans alike.
“I’d like to express many thanks to all our new investors for coming on board. We’re looking forward to doing great things together in the future.”
Offer documents detailed the history of the brewery, which launched in micro form in 1999, expanded into IPAs in 2008, barrel-aged beers in 2011 and launched export sales in 2014.
It said it won the largest state government tourism grant ever awarded to a private business, with which it extended its brewery and visitor centre, prior to the funding round.