The Michigan Invests Locally Exemption, or MILE for short, has its first potential benefactor. Tecumseh Brewing Co. will seek cash from the crowd in exchange for a revenue share in a bid to launch operations in Tecumseh, Michigan.
The two cofounders, Tim Schmidt and Kyle DeWitt, were profiled in the Tecumseh Herald. The two met while working at the Blue Tractor, a brewery in the college town of Ann Arbor, Michigan. Schmidt is a native of Tecumseh and DeWitt had eyed Tecumseh as a potential location for a brewery based on some research he had done from his previous home in California.
The duo has been working on the idea for three years, and the community seems to be excited about the prospects of having a local microbrewery. Their Facebook page has garnered quite a bit of support already with many expressing excitement about the launch.
Tecumseh Brewing Co. has launched an offering on Localstake.com seeking between $150,000 and $175,000 of capital. Schmidt and DeWitt expect to invest a total of around $500,000 in the brewpub. According to Lenconnect, the pair has already raised $125,00 from friends and family as well. They plan on opening in October.
Michigan continues to push forward on a related initiative as well, seeking to implement a secondary market for crowdfunded shares purchased by Michigan investors.
Last updated 3/26/2014
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