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An Auckland craft beer company has reached its crowdfunding goal of $ 1.8 million in record time.
Behemoth Brewing’s capital increase offer, which was initially opened to existing shareholders, was made public last Monday and was fully funded within 20 minutes of launch.
The brewery was founded in 2013 by Andrew Childs and has gained popularity through his tongue-in-cheek marketing.
Childs said he was encouraged by the support shown for the business, despite a challenging year, but the response to the capital increase had been “phenomenal.”
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Existing shareholders had the first rights to increase their stake and took the majority of the available capital during the exclusive investment period.
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Andrew Childs and Hannah Miller Childs own Behemoth Brewing. The craft beer company reached its crowdfunding goal of $ 1.8 million in record time.
The remaining shares were made available to new shareholders the following week.
However, due to the number of investors eager to get involved, the limited offering was quickly taken advantage of by a select few, setting a record time for the Snowball Effect investment platform.
“While we knew that demand for stocks would always exceed supply, overwhelming interest in the Behemoth Brewing capital increase caused website traffic to increase 40 times more than ever,” said Snowball Effect CEO Simeon Burnett. .
“Since we launched our first capital increase offer in 2014, we have never had the level of interest that Behemoth Brewery has experienced.
“Generally, our public offerings can last up to a month, which provides enough time for investors to review the material and make an investment decision.”
The new capital will be used to expand Behemoth Brewery’s hospitality business, increase production capacity and invest in the development of new and existing sales channels.
