BrewDog moves closer to spirits launchBy Amy Hopkins
BrewDog has raised £19 million in the fourth round of its Equity for Punks crowdfunding scheme, with funds going towards the brewer’s first spirits venture.
The Scotland-based independent brewer has raised more than £26m over the course of four rounds since 2009 and will use the funds to expand further into to the US, expand its Ellon brewery, open new bars around the world, and commence production at its first distillery – Lone Wolf.
The fourth round of funding, which lasted for one year, is said to have raised the highest amount on international crowdfunding records and also marks the first time a company has offered equity in tandem with bonds.
A total of 42,000 investors supported the campaign.
“It was a risk creating a whole new business model back in 2009, but we’re all about taking risks to make sure we’re doing things our way, the punk way, and not bowing to stuffy industry formality,” said James Watt, cofounder of BrewDog.
“It’s paid off, and we’re psyched with the results of Equity for Punks IV. No other company would be bold enough to set the bar this high.”
Some of the funds raised will go towards BrewDog’s Lone Wolf Distillery, which will commence production in the next two weeks. Based inside BrewDog’s Ellon brewhouse, the distillery, previously named Granite City Craft Distillery, marks BrewDog’s first spirits venture.
A recent blog post from BrewDog said a section of its brewhouse roof has been removed to install a 19-metre high rectification column still. The group also revealed it will become the “only craft distillery in Scotland” to make its spirit from grain.
Lone Wolf Distillery will not buy in neutral grain spirit, and will instead distill all its vodka and gin from scratch.