BrewDog falls short of £25m funding target
Craft brewer and bar operator BrewDog has fallen well short of a £25m target it set for its latest funding round.
The Aberdeenshire-based company announced it had raised £19m in the fourth round of its Equity for Punks crowdfunding scheme.
BrewDog launched the round a year ago in order to expand its business.
It has yet to say whether the shortfall will have an impact on its growth plans, which include expanding its brewery in Ellon and opening new bars.
The fourth round closed on Wednesday but BrewDog said it would still accept paper applications until 29 April.
The Ellon-based company has raised more than £26m since launching its first crowdfunding round in 2009.
On its website, BrewDog describes Equity for Punks IV scheme as "the biggest equity crowdfunding campaign ever seen".
Crowdfunding involves companies raising small amounts of money from a large number of people, typically via the internet.
The craft brewer is set to launch a further round of crowdfunding, to help fund a major expansion in the US.
It plans to replicate the success of its Equity for Punks scheme in the UK by turning to US residents for backing.
Cash raised from the American scheme, to be launched next month, will in part be used to open a new US brewery in Ohio.
BrewDog has estimated the initial costs of establishing the base and a network of BrewDog "brewpubs" across the country at about $25m (£17.3m).