Hop Stuff Brewery raises £58,300 Crowdcube funding in oversubscribed pitch
Investment in Woolwich-based start-up brewery takes total invested through platform to £9.7m
Hop Stuff Brewery has announced the completion of a successful round of funding through crowdfunding platform Crowdcube, raising £58,300 – exceeding its original target of £50,000.
The Woolwich-based business is the third brewery to raise money through the Crowdcube platform following Quantock Brewery’s £120,000 backing earlier this month in another oversubscribed pitch.
70 investors are now shareholders in the brewery following the investment, which is eligible for Seed Enterprise Investment Scheme tax relief.
The money will be used to purchase a new brewing system for the business and rent a location in the Royal Arsenal, Woolwich, giving the young brewery the capacity to produce 3,000 litres of beer a week.
Hop Stuff’s backing takes the total raised through the crowdfunding platform to £9.7m through 57 pitches.
Food and drink remains the most popular sector for Crowdcube investors, accounting for £4.1m of this total; of which £3.2m was invested in drink businesses.
James Yeomans, founder of Hop Stuff Brewery, said: “We’re absolutely delighted to have surpassed our funding target on Crowdcube, and in such a quick timeframe; the response from investors was fantastic and puts us in a great position to launch our exciting new brand.
“We’re excited to now have a community of like-minded people that can play a real part in making our idea become a reality. Without crowdfunding, raising the finance we needed proved to be very difficult, with many traditional means unavailable to a start-up such as ourselves.”