Chapel Down has posted an update on their equity crowdfunding campaign that raised £1.7 million on Seedrs. The offer has raised £1.16 through equity crowdfunding and £550,000 via share placing, according to the company. The campaign remains open until April 29th for larger investments (£25,000 or more). The original target was to raise £1 million but 895 investors pushed that number higher. Individual investments ranged from £100 to £35,000. Almost a third of investors came from company’s home county of Kent thus demonstrating the recognition of the local community of the importance of supporting the business.
This is not the first time Chapel Down has leveraged the internet to raise capital having first graced the pages of Seedrs in 2014. Following the first funding round, Seedrs Chief Investment Officer called the event the “coming of age of equity crowdfunding” as the funding proved their process could be “a major form of corporate finance going forward” with “large-scale IPOs” occurring in part or entirety – on equity crowdfunding platforms. Chapel Down is a publicly traded company listed on the IDX.
The first funding on Seedrs gave Chapel Down a pre-money valuation of £24 million. Today Chapel Down trades with an approximate market cap of £32 million. The London Stock Exchange recognized Chapel Down in February as one of the LSE’s listed companies to inspire Britain in 2016. Xavier Rolet, Chief Executive of the London Stock Exchange Group, stated at that time that SMEs were the driving force for the UK economy. The equity crowdfunding offer and subsequent listing of shares,
“[demonstrated] the strong alliance between UK Government, financial market participants, investors, entrepreneurs and companies to support these inspiring businesses.
Frazer Thompson, CEO of Curious Drinks, called the support of consumers in funding their company humbling;
“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.”
The additional funding will be used to build a “state of the art” brewery and visitor center along with strategic growth investments.
Chapel Down is a producer of wines, beer and cider. There are approximately 450 wineries in the UK with Chapel Down being one of the largest.
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