A HALLMARK of the craft beer movement has been its association with crowdfunding. BrewDog, of course, was an early and, perhaps the most famous, adopter, having convinced hundreds of beer fans to join its self-styled craft beer revolution.
But others followed successfully in its wake. Innis & Gunn first moved into what might broadly be termed peer-to-peer finance when it launched a mini-bond in 2015, setting out to raise £3 million to fund the development of its first brewery (it ultimately used the cash to acquire Perth-based Inveralmond Brewery). The next year it launched a crowdfunding offer of its own, raising £2.4m to underpin its growth ambitions.
Having both sold significant chunks of their businesses to private equity concerns this year, it might have been assumed that Innis & Gunn and BrewDog have become too big for crowdfunding. Not so. BrewDog is aiming £50m with a five crowdfunding drive, and now Innis & Gunn insists it is not done with the model either. Although it sold a near-30 per cent stake to US-based L Catterton for £15m in September, boss Dougal Sharp said crowdfunding would continue to be part of the funding mix going forward.
The rationale? It’s not solely about the money, Mr Sharp said. It’s about forming relationships with consumers and earning their loyalty. In a crowded market such as craft beer, that can be priceless.
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