Less than a year and a half after securing $2 million in two days on PledgeMe, craft brewing company ParrotDog is set to launch another equity crowdfunding campaign to raise an additional $1.4 million.
As previously reported, ParrotDog was founded in 2011 by Matt Stevens, Matt Kristofski, and Matt Warner. It described itself as one of the “leading” craft breweries in the Wellington area and has been award Champion International Small Brewery along with two trophies, two gold medals, and multiple silver medal at the Australian International Beer Awards. The company revealed that by moving into a brewery, it will be able to triple production fairly quickly and will have the space to create a brew bar for local Wellington residents.
The company revealed that the latest crowdfunding campaign is going have a pre-sale for existing shareholders will open on Wednesday, with the offer opening to the public on Thursday afternoon, and will close at 5 p.m. on Friday or when fully subscribed. ParrotDog reported each of the shares will sell for $1.40, with a minimum investment of 500 shares. At most, it will sell 1 million shares or 7.75 percent of the company. ParrotDog is now projecting a $238,000 net loss on a 44 percent lift in revenue to $4 million in the 2018 financial year, and a $285,000 net profit in 2019 based on a further 69 percent gain in revenue to $6.8 million that year. The company also stated:
“Our plan is to establish sufficient coverage of the nation from the outset, by investing heavily into a sales network that’ll create the accessibility for Parrotdog that we’ve always envisioned. While developing a sales and distribution network in-house will likely increase operating gross profit and total sales volume for the company, our aim is to also mitigate the cash flow concerns high-growth companies often experience by viewing this sales strategy as a 12-month project to be supported by capital investment.”
All funds from the upcoming crowdfunding campaign will go towards ParrotDog’s sales network and continue its expansion. The company notably discontinued its sales and distribution with a third party earlier this month, explaining that it did not see any growth coming from the partnership.
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