New Zealand's first crowdfunded capital raising has been completed with craft beer company Renaissance Brewing yesterday reaching its target of $700,000.
Renaissance plans to invest the capital in boosting its production capability and developing new markets in Australasian and overseas territories, including the US, Canada, Britain, mainland Europe, Malaysia, Hong Kong and Japan.
Josh Daniell, head of equity crowdfunding platform Snowball Effect, described the result as a vote of confidence in a new way of raising capital for growth-focused companies.
"The fact that the funding target was achieved in such a short space of time is a definitive endorsement of both the quality of the offer and equity crowdfunding itself," he said. "The uptake is that several hundred entrepreneurial investors have now taken a stake in a wealth-creating Kiwi asset and have the opportunity to share in its success. We're excited to see what Renaissance can do with this groundswell of support behind them."
Last month the FMA awarded its first equity crowdfunding licences which allow crowdfunding platforms to offer equity stakes to investors.
- Staff reporter