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Cape Town brewery raises R3m through crowd-funding and plans to go global

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Drifter Brewing Company - [Google Images] Drifter Brewing Company - [Google Images]

A Cape Town brewery known for its creative flavours and brews — including one that uses peanut butter and another that uses sea water — will soon be expanding its reach.

Drifter Brewing Company raised R3m in investments in just more than a month using a new crowd-funding website, Uprise.Africa‚ according to a Wednesday announcement. Drifter got off to a fast start on the online platform‚ raising more than R1m in the first week of its campaign.

Drifter founder Nicholas Bush said he is "blown away" by the support. By Wednesday morning‚ 137 investors had raised R3,032,000. "It’s been incredible feedback‚" Bush said. "It’s great for the future of equity crowd-funding in this country."

Bush started the Woodstock, Cape Town-based company in 2015. It has grown to distribute to more than 360 stores in SA. The company now employs 14 people and exports to Zimbabwe and Namibia‚ with plans to expand sales to the US‚ Europe and Asia.

The company will use the investment money to purchase an automated bottling line for the brewery‚ which Bush said will help them increase production and meet their export demands. It will also allow them to sell more bottled beer. Currently‚ 80% of the beer Drifter sells is in keg form. They also have their sights set on opening up several Drifter bars throughout the country.

Uprise.Africa launched its website in October‚ chief marketing officer Inge Prins said. Before approving a company to raise investments on their site‚ Uprise.Africa reviews its potential to raise money and succeed.

Prins said they are currently reviewing about 60 companies and receive new applications every day. Drifter’s successful campaign has spurred an increased number of companies to apply to work with Uprise.Africa‚ she said. "It’s helping us develop best practices."

The brewery plans to cap its investments at R3.25m

 


 

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BusinessDay

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