Scotland business

BrewDog raises £1m in 24 hours from crowdfunding scheme

BrewDog logo
Image caption BrewDog is trying to raise £4m to fund expansion

Scottish brewer BrewDog has raised more than £1m from investors in just 24 hours after launching a crowdfunding scheme to fund expansion plans.

The Aberdeenshire-based firm is attempting to raise £4m from its Equity for Punks share offer.

It is selling shares to fund expansion of its Ellon brewery, bar division and a new chain of "bottle shops" across the UK.

The company is making 42,000 shares available at £95 each.

BrewDog raised £2.2m through the same scheme in 2011.

Shareholders will receive a lifetime discount at the company's bars and online shop.

Crowdfunding is a method of raising equity by asking a large number of people each for a small amount of money, often via the internet.

BrewDog has reported average annual growth of 167% and says it is on track to reach turnover of £20m in 2013.

The company has opened 12 bars since 2010, including its first international location in Stockholm, Sweden.

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