Just a little over two weeks after launching its equity crowdfunding campaign on Crowdcube, UK’s Northern Monk Brewing Company has successfully secured more than £1.3 million in funding from nearly 1935 investors. The funding round raised its initial £500,000 target just hours after its debut.
As previously reported, Northern Monk Brewing Co. was founded in 2013 and is inspired by the history and heritage of brewing in the North as well as a progressive approach to techniques and branding. The brewery was notably started with just £5,000 gifted from a grandparent.
“Initially based in a parent’s cellar, selling our wares at farmers markets, we quickly attracted investment and set out to find a brewery of our own. In 2014 we launched the brewery and tap room in a Grade II listed mill building in central Leeds that reflected our Northern roots.Over the next 2 years, we plan to triple capacity, invest in a new canning line, build on our wild beer and barrel programme and open tap rooms in London and Manchester. With a community focus at our core, we wanted to give our community the chance to join us for the rest of our journey.”
The company has already achieved various milestones, including:
- Sales doubled each year for past three years
- Profitable for the last 2 years. EBITDA of £255,809 FY17
- 2 production sites. Ready for expansion.
- Sales to 22 countries
All funds from the Crowdcube round will be used to continue the growth of Northern Monk’s brewery. The company previously stated it will let the campaign to run up to £1.5million with equity running up to 15% total.
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