BrewDog extends crowdfunding deadline after raising 拢11.3m

Image source, BrewDog

Craft brewer BrewDog has extended its latest crowdfunding drive after exceeding an initial 拢10m target.

The Aberdeenshire-based firm said it had raised more than 拢11.3m from more than 24,000 investors over 90 days.

It is now extending its Equity for Punks crowdfunding programme to mid-October, or until "the maximum potential raise of 拢50m" is reached.

Funds raised to date will be used in part to build a new brewhouse at its Ellon brewery.

The firm also plans to use cash raised by the new October deadline to support "accelerated growth" across its business.

Its investment plans include spending 拢10m on the launch of a new brewery in Asia, and 拢5m on opening a facility in Australia.

A further 拢3m has been earmarked for expanding and investing in UK BrewDog bars, with plans to open 15 new venues in 2018.

In April, BrewDog became worth more than 拢1bn after selling a stake to a US private equity firm.