Behemoth Brewing has successfully raised NZ$1.8m in record time, via the online investment platform, Snowball Effect.
The capital raise offer, which initially opened to existing shareholders, went public last Monday and was fully funded within 20 minutes of the launch.
“While we knew demand for shares was always going to well exceed supply, the overwhelming interest in Behemoth Brewing’s capital raise saw website traffic hit 40 times higher than we’ve ever had,” says Simeon Burnett, CEO of Snowball Effect.
The Auckland-based brewery, which was founded in 2013 by Andrew Childs, has become a well-known national beer brand through tongue-in-cheek marketing and innovative beers.
Childs says that he was encouraged by the level of interest and support that was shown for the business and by the unrelenting faith shown by existing and new shareholders, despite the disruptive year.
“When my team and I started making plans for this capital raise, we never imagined it would be this successful,” he says.
“The investor interest has been phenomenal, and I’m so grateful that fans believe in our brand to the extent our target was reached in such a short space of time.
“Our aim is to bring brilliant beer to all parts of New Zealand, and we have a lot more exciting projects in the pipeline for 2021.
The funds raised will help us continue to share fun, unique tastes with beer lovers, so we’re thankful for the support Kiwis have given us and the fantastic assistance Snowball Effect provided.”
Child’s says the new equity will be used to expand Behemoth Brewery’s hospitality business, increase production capability and invest in developing new and existing sales channels.
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