Hops & Grain, a craft brewery based in Austin, Texas, has raised $1 million on Wefunder – the maximum amount they are able to raise under Reg CF. The crowdfunding offer set a minimum goal of raising just $50,000 and quickly topped that amount. The debt based offer was listed on Wefunder in June and closed on Wefunder yesterday (August 12th) as Hops & Grain took to twitter to ask its fans and customers to support the project to push it to one million. This is the 3rd Reg CF offer to hit the maximum amount allowable by law and this is the first bricks and mortar establishment to raise that amount. Wefunder has been the most active online investment platform in the Reg CF space.
According to a tweet, 558 individual investors will help fund the expansion of the Gold Medal winning brewery. Hops & Grain will be building a new facility next to Texas State University with a capacity of 20,000 barrels. The new operation which includes a tap room and brewery, is expected to be 100% powered by wind energy.
Founded by Josh Hare, he apparently started brewing in his dorm room before he was legally able to consume it. The first location in Austin has steadily grown over the past few years. The new operation will be mirroring was has already been accomplished in Austin.
The craft brewery sector of investment crowdfunding has been a popular sector. The UK has seen multiple, successfully funded breweries. Consumers can be passionate about their beer and the combination of strong affinity for a product and an interest to invest can create a compelling story for a brewery looking to raise capital online. Once an individual becomes an investor they have a strong incentive to become powerful brand ambassadors too. EquityforPunks, the ongoing BrewDog equity crowdfunding project, is currently raising $50 million under Reg A+ to help finance a US expansion.
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