ParrotDog raises $1.2million in 12 hours

11/08/2016

FOR IMMEDIATE RELEASE

ParrotDog raises $1.2million in 12 hours

Wellington-based craft brewers ParrotDog launched their equity crowdfunding campaign yesterday, and raised their minimum goal of $1,200,000 in less than 12 hours.

ParrotDog will spend the money on moving from their current Vivian Street brewery to a larger space in Lyall Bay, which they plan to have up and running within the next few months. Moving into this new building will enable ParrotDog to triple production and have their own on-licence bar.

“We’re blown away by the support of our crowd. Now we need to get to work and build our new brewery!”” says ParrotDog co-founder Matt Stevens.

“Its fantastic to see the range of investors that are pledging. A lot of people we’ve discussed the offer with are first time investors and excited about becoming shareholders. I feel the introduction of crowdfunding is great for the New Zealand economy as a whole as it frees up the flow of capital from everyday kiwis to growing businesses. We’re starting our expansion plans and as we expand we hope to grow our shareholders investment.” says Stevens.

ParrotDog is seeking to raise up to $2,000,000, which represents 16.81% of the company and is the cap on equity crowdfunding in New Zealand. Shares are priced at $1 each with a minimum investment of $500. Investors will receive additional rewards with each share parcel sold, including benefits such as a personalised glass handle at the bar, beer and food discounts. Those that invest over $35,000 will receive voting shares.

PledgeMe CEO Anna Guenther is amazed by what ParrotDog achieved “First they broke our website, and then they broke our records. This is the second time we’ve been blown away by the supporters of a Wellington craft beer company.”

“With the launch of this campaign, we’ve now passed the $10 million mark pledged through the platform, and ParrotDog are now our largest funded campaign.”

ParrotDog’s campaign is running until 5pm on 9 September, or until their maximum goal is met. You can view their campaign here:http://pldg.me/parrotdog

ENDS

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