Beer Cartel has closed its crowdfunding campaign raising $1.45M from 1,063 investors.
The campaign was able to capitalise on its expression of interest period which had over 2,500 investors register interest in the equity raise through crowdfunding platform Birchal.
The raise will be used to accelerate Beer Cartel’s growth into the future.
Beer Cartel welcomes new investors
“We’re truly excited by those that have invested in Beer Cartel and become shareholders.”
“Our customers, staff and suppliers have always been of huge importance to the business. We add a new cohort, our wonderful shareholders,” said Richard Kelsey, co-founder of Beer Cartel.
“We had many people register their interest in investing in the business that Birchal has ever seen. It’s been very exciting seeing this now translate into people investing in the business.”
Mr Kelsey said, “Now that the raise has finished the real work begins, being very strategic and using these funds to continue to grow the business. We have a number of areas identified where additional investment will drive Beer Cartel.”
“We are going to be quite measured in how we roll these changes out but look forward to seeing some strong gains in the business.”
Key stats from the raise
- $1,448,338 raised in total throughout the equity crowdfund campaign
- $540,000 raised inside 48 hours of launch
- Minimum target of $250,000 achieved in first 24 hours of launch
- 579% overfunded on the minimum target
- 1,063 new shareholders
- 2,566 expressions of interest registered prior to launch of the campaign
The way forward for Beer Cartel
The crowdfunding campaign will be used to accelerate Beer Cartel’s growth into the future.
“Over the last five years we have been growing approximately 25% year on year.”
“While we’re happy with this, the raise allows us to focus on key projects that were already planned but were going to be much slower to implement through internal funding.”
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.
“To those that have invested a huge welcome aboard, we can’t wait to see where the future takes us with your support.”
“Over the past 12 years since we first started Beer Cartel we’ve seen a significant number of changes, it’s going to be exciting to see how this continues to unfold, particularly with the continued purchase evolution of buying online.” Richard said.