The chief executive of Chapel Down’s beer and cider business, Curious Drinks, has said the company’s £1.7m crowdfund is “further testament to the revolution taking place in the British beer business”.
Chapel Down this morning updated the market on the Seedrs campaign, which closed last month.
In total, the campaign, which went live in October, raised £1.71 with 895 investors, exceeding its original £1m target by 71%.
The company said £1.16m had been raised through the crowdfunding, with individual investments ranging from £100 to £35,000. £550,000 has been raised through the Placing, including £275,000 from the directors of Curious Drinks and Chapel Down. The placing will remain open for investments of over £25,000 until 29 April.
The new funds will be used to construct a brewery and visitor attraction in Ashford, Kent. Construction is expected to begin in Summer 2016 and be fully operational by Spring 2017. Proceeds will also be used to further strengthen the Curious Drinks team, enhance its domestic and international routes to market and further develop the brand.
Frazer Thompson, chief of Curious Drinks, said: “The success of our Curious Drinks crowdfunding campaign is further testament to the revolution taking place in the British beer business. Customers want great beer and we’re delighted that they love Curious as much as we do. We are pleased to welcome nearly 900 new shareholders who we know will become fantastic brand ambassadors.
“Since launching Curious Drinks, we have been thrilled by its rapid success. But to have earned the support of 895 shareholders who believe in the brand and who want to support us on our journey with their hard earned cash is truly humbling.”