Renaissance gets to $700k target early
Crowd-funding craft brewer Renaissance gets to $700k target early
By Pattrick Smellie
Aug. 24 (BusinessDesk) - Blenheim boutique beer brewer, Renaissance, has wooed small investors to fill its order for $700,000 of new capital in just a week and a half, a quarter of the time the novel offer was open for punters to commit funds.
Offered on the Snowball Effect crowd-funding platform, Renaissance sought between $600,000 and $700,000 for a range of specific capital investments in new equipment and marketing efforts to help cement its place at the high end of the New Zealand craft beer market, as well raising as funds for exploratory export sales and marketing.
The company hopes to build profitable exports to Australia, Europe, the United States and Asia in a four year plan outlined in the short-form investment statement required under the new Financial Markets Conduct Act for small businesses raising small amounts of equity and seeking to avoid the costs and disciplines of a continuous disclosure and a full stock exchange listing.
Shares were offered with a $500 minimum investment at $2 apiece for 12.28 percent of the company through Snowball Effect, the first of two crowd-funding platforms to be licenced by the Financial Markets Authority.
Existing shareholders in the company cancelled $147,000 of reported profits retained by the company to make the investment "more attractive."