Gold Coast brewery Black Hops Brewing raised $2.2 million in less than a day through crowdfunding platform Birchal.
With just short of 1000 investors, the raise opened on Tuesday and hit target long before it went public.
This investment round facilitates the company’s expansion plans. The brand is building a $3 million canning line, doubling its floor space and increasing capacity by 30 per cent. A gin and whiskey distillery is also in the works and will be part of its production brewery and taproom shed, Black Hops II brewery in Biggera Waters.
Black Hops is Queensland’s largest independent brewery with a revenue of $13.5 million in the last financial year.
In a letter to investors, Dan Norris, CEO and co-founder of Black Hops, said the outcome is a huge understatement.
“The coolest part is that so many of the investors are staff, customers, suppliers, re-sellers, and current investors jumping on board again.”
The first brewery was opened in Burleigh Heads in 2016 and was co-founded by Dan Norris, Eddie Oldfield and Michael Mcgovern.
Black Hops’ core range includes craft beers like G.O.A.T Hazy IPA, Pale Ale, Hornet IPA, and East Coast Haze. The company also releases limited-edition beers every two months to capitalise on brewing trends and offer something new to customers.
