CAPE TOWN - Drifter, an SA-based brewery located in Woodstock, Cape Town made history as the first company in SA to raise R3 million through Equity Crowdfunding.
Drifter Brewing Company, manufacturers of craft beer, started a crowdfunding campaign to speed up expansion and push their business into the global market.
Within just 30 days of launching their campaign, Drifter managed to secure a total of R 3 000 000 from 129 local investors.
Additionally, Drifter originally only started with 5 people who invested in their business.
Previously, the brewery raised more than R1 million through equity crowdfunding on Uprise.Africa.
"We've been wanting to do this style of funding for a long time so we were very excited when the Uprise.Africa platform came out. It truly is the community and the people who support the Drifter brand that keeps us growing, so to be able to offer them a chance to get involved in the brewery and 'own the beer their drinking' is amazing. Investing in SME's are high risk, but Uprise.Africa does a fantastic job of vetting businesses and answering any questions investors might have".
Drifter explains that securing the crowdfunding came with many challenges.
"Doing a public funding raise is not without its challenges. We had to complete a Due Diligence process which took a lot of time and effort. Thanks to our incredible legal team at Legalese we were able to navigate this new unchartered territory in South Africa which is public funding", said the company.
When asked what makes them so competitive, Drifter believes that their branding is current and innovative.
"We're a creative and innovative company with a young and dynamic team, our branding is current and on point for the market we're going after and of course, the beers are delicious and exciting", said the company.
Drifter explains the crowdfunding money will help expand their dream to export globally.
"We are continuing to push onwards on our growth strategy plans, and that includes a fair amount of global export".
"Our first shipment to China went out last week. This equity crowdfunding will go towards buying an automated bottling line which will up our production to be able to meet up with global expansion", concludes Drifter.
- BUSINESS REPORT ONLINE