Beer Cartel’s equity crowdfunding offer with capital has raised $500K in two days. The business has now lifted its target from $1.5m to $2 million as it looks for more investors to join the equity raise through crowdfunding platform Birchal.
From its initial push, Beer Cartel now has 400 new shareholders and 2500 expressions of interest in investment in the business. The business had an initial target of raising $250K in capital in 24 hours.
“What we’ve seen following the success of last year is huge interest in the raise and we’re truly excited to now open it up to the wider public” said Richard Kelsey, co-founder of Beer Cartel. “We had the second highest number of people register their interest in investing in the business that Birchal has ever seen. It’s very exciting seeing this translate into people investing in the business”.
In 2020, Beer Cartel enjoyed a 75 per cent jump in online sales year to year. The equity raised will be used to accelerate Beer Cartel’s growth into the future.
“For us, as well as the investment, we’re really focused on bringing new shareholders into the business who share the same passion as us, wanting to support the growth of craft beer in Australia.
“Over the last five years we have been growing approximately 25% year on year. While we’re really happy with this, there are a number of key projects that we’d love to undertake to accelerate this growth. That’s what these funds will really drive,” said Kelsey.
Key projects include refinements to Beer Cartel’s website, further building marketing capability, growing Beer Cartel’s beer subscription (Australia’s longest running), and developing a membership model to benefit existing customers.
Investing in Beer Cartel not only gets investors a shareholding in the company but also comes with a number of perks.