Cape Town brewery raises R3m through crowd-funding and plans to go global
Drifter Brewing Company used the Uprise.Africa website, raising more than R1m in a week; the brewer now plans to expand sales to the US‚ Europe and Asia
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...
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