A crowd funding campaign by Black Hops Brewing has been a runaway success, raising $400,000 in just six days.

The Black Hops offer was fully subscribed last night, with the proceeds going towards finishing Black Hops’ second brewing facility and taproom in Biggera Waters and interstate expansion plans.

The Black Hops offer featured investment rewards from $50 and up to $10,000 for retail investors. Investors receive ordinary shares in the company and are also offered priority access to limited release beers as a reward.

Black Hops’ Pale Ale debuted at number 20 in the GABS hottest 100 beers of 2017, and in 2018 the brewery was awarded Champion Small Australian Brewery at the AIBAs.

Dan Norris, co-founder of Black Hops, said: “Over the years of building the business we’ve used a range of methods of funding the brewery. Everything from founders loans to founder investment, outside investment, rewards based crowdfunding and bank equipment finance.

“We’ve been waiting for equity crowdfunding to become legal in Australia because to use it makes sense to be able to fully promote an investment round and have your top customers and backers as actual investors. It’s a great way to raise some funds but it’s also a great way to build up a loyal group of backers to help you build the brand in the future. 

“We are happy to be one of the first breweries to do equity crowdfunding in Australia and we hope we can show that it can be a legitimate funding source for new breweries. We want to see the industry grow and the only way that’s going to happen is if we get more breweries. Building a brewery is expensive so having this open means another way people might go about funding the build.” 

Matt Vitale from Birchal, which handled the crowdfunding campaign, added: “We’re absolutely thrilled with the performance of Black Hops’ equity crowdfunding campaign. Not only are they the first crowdfunding campaign to reach their maximum target, but they are the first company to follow up a successful reward crowdfunding campaign (with our sister company Pozible) with a successful equity crowdfunding campaign. We hope they are the first of many.”