In under two weeks, New Zealand’s first ever equity crowdfunding campaign is complete.
Renaissance Brewing, the award winning New Zealand craft beer producer, has reached $700,000 (NZD) within two weeks, successfully over funding by $100,000 (NZD). The company launched its campaign on Snowball Effect, one of the first platforms down under to secure an equity crowdfunding license.
Renaissance Brewing intend to use the capital to boost its production capacity and develop new markets in Australia, the US, Canada, the UK, Malaysia, Hong Kong, Japan and mainland Europe.
Josh Daniell, Snowball Effect’s Head of Platform and Investor Growth commented:
“This is an important milestone, for both SMEs and Kiwi investors, and a vote of confidence in a new way of raising capital for growth-focussed companies, such as Renaissance.”
“The fact that the funding target was achieved in such a short space of time is a definitive endorsement of both the quality of the offer and equity crowdfunding itself.”
“We’ve been building the platform for over two years and were told time and time again by companies that they want an efficient method of raising capital so they can focus on growing their businesses.”
“This first offer was an excellent showcase of what can be achieved.”
“The uptake is that several hundred entrepreneurial investors have now taken a stake in a wealth-creating Kiwi asset and have the opportunity to share in its success. We’re excited to see what Renaissance can do with this groundswell of support behind them.”
The rapid success of the campaign aptly demonstrates the appetite for startup exposure in New Zealand. Renaissance Brewing has 16 days remaining on its campaign. You can find further details here.