Craft beer brewer Tyne Bank Brewery takes Crowdcube past major milestone
Top equity crowdfunding platform, Crowdcube has hit another major milestone, with the 400th business successfully funding on the platform. This takes the total amount raised on Crowdcube by start-ups, early and growth stage businesses to £163 million, attracting 282,175 investors in just over five years of trading.
Craft beer maker, Tyne Bank Brewery, took Crowdcube past the 400 mark today, raising £213,320 from 360 investors. The multi-award winning firm is also one of the first companies to come through the Crowdcube North office, which recently opened in Manchester to cope with the demand for crowdfunded investment in the region.
The 400th raise comes on the back of a number of other important milestones for Crowdcube, including this year’s record-breaking crowdfunding campaign for Mondo, which saw the challenger bank raise £1m in just 96 seconds. It also follows the first ever crowdfunding exits last year, with E-Car Club, sold to Europcar, and Camden Town Brewery, which was bought by AB InBev, the world’s biggest drinks company.
According to Luke Lang at Crowdcube: “Last year was a game changer for Crowdcube and for the crowdfunding sector in general. We thought it would be difficult to top, but 2016 is turning out to be just as significant in terms of the amount and speed at which funds are being raised and the growing sophistication of the crowd. More significantly for the sector perhaps, is the merging of alternative and traditional investment as we continue to collaborate with venture capital and institutional investors to co-fund raises.”
Highlights for 2016:
Total amount raised this year on Crowdcube: £31.2 million
Number of new investors on the platform since the start of 2016: 45,000
The fastest raise: Challenger bank start-up Mondo raised £1m in just 96 seconds in March 2016.
Return raises: Energy storage company, Powervault, recently returned to Crowdcube for the third time and is set to break through the £1m barrier this week. Pioneering by-the-box storage service LOVESPACE returned for a second round of funding, as did Hybrid Air Vehicles, the company behind the innovative Airlander range of hybrid aircraft.
Witt Energy extended its campaign, having already raised nearly £2.5m.
As one of the first to come directly through Crowdcube North, Tyne Bank Brewery follows the recent success of Dirt Factory, the UK’s first indoor bike park based in Manchester, which raised £431,890 to enable it to open more facilities across Europe. The brewer plans to use the investment to move to larger premises in Newcastle Upon Tyne, which will include a craft beer tap room and event space, as well as room to house a kegging, bottling and canning line to help scale up production.