Equity crowdfunding on Snowball Effect, the first ever offer in New Zealand quickly hit is crowdfunding target of $600,000 and closed at their over-funding target of $700,000 or 117% funded. Snowball Effect shared the news in a tweet this past Friday;
— Snowball Effect (@snowballnz) August 23, 2014
The funding raised by the award winning craft brewery will be used to boost production and expand market reach into a growing number of countries. Renaissance Brewing, based in Malborough, New Zealand, was founded by two Californians back in 2005 by Andy Deuchars and Brian Thiel. Nearly a decade of their founding Renaissance led the way becoming the first ever equity crowdfunding offer in New Zealand taking advantage of a law that only went into effect earlier this year.
The funding took less than 2 weeks to raise the targeted amount as 287 investors decided to back the company. The crowdfunding round was scheduled to close on September 12th but investors quickly joined existing shareholders closing the round early. Crowdfunding platform Snowball Effect went live this August with the Renaissance offer.
Josh Daniell, from Snowball Effect, was quoted on the success in The New Zealand Herald,
“The fact that the funding target was achieved in such a short space of time is a definitive endorsement of both the quality of the offer and equity crowdfunding itself,” he said. “The uptake is that several hundred entrepreneurial investors have now taken a stake in a wealth-creating Kiwi asset and have the opportunity to share in its success. We’re excited to see what Renaissance can do with this groundswell of support behind them.”
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