After a month of asking for individual investors to invest their money through the crowdfunding platform Uprise.Africa, South Africa’s Drifter Brewing Company announced on Wednesday it has made history as the first company to raise R3 Million.
The company said it has managed to secure R3 million from 129 local investors.
With the campaign still having 30 days before it closes Drifter has opted to have the campaign run into overfunding by making more equity available and capping the total amount at R3.25 million.
Drifter plans to use the funds to purchase an automated bottling line that will allow them to rapidly increase production capacity and fill their demand for exports into the US, Europe and Asia.
By amping up their production capacity and shelf life of their brew, Drifter is on a mission to turn their existing facility into a world class brewing hub.
They also plan to launch a number of Drifter bars that will serve their speciality brew nationwide.
Drifter is the brainchild of Nicholas Bush, a well-travelled craft beer connoisseur who launched the company in early 2015.
The name Drifter symbolizes adventure, creativity and craftsmanship and draws inspiration from Nick’s parents who sailed around the world in a self-built sailing yacht by the same name.
The beers brewed by Drifter are innovative and unique.
They are always pushing boundaries and keeping things exciting in the South African craft beer industry. Local beer lovers should be familiar with their crowd favourites, The Stranded Coconut and The Cape Town Blonde and will be inspired by the brewers’ new techniques and flavours in producing brews made from sea water and peanut butter.
Located in Woodstock Cape Town, Drifter Brewing Company holds a full force manufacturing facility as well as a tasting room and event space with stunning Table Mountain views.
Their model has proved to be largely successful with the company already taking market share from the bigger beer brands in seeing a 120% revenue growth in the last three years. Drifter currently distributes to over 360 stores in South Africa and exports to Zimbabwe and Namibia.
They have also obtained partnerships in the US to begin exporting to Texas, Florida and Washington DC and have formed relationships for future exports into Europe and Asia.
This article was lifted from Tech Financials with permission.