WooHa Brewery beats crowdfund campaign target
Heather McDonald: ‘blown away’
A brewery in north east Scotland has raised more than £600,000 in just 19 days from a crowdfunding campaign.
WooHa Brewing Company, based in Kinloss in Moray, is closing the offer on Friday after passing its target.
To date the campaign has raised £612,780 from 199 individuals. The fund-raising, which is WooHa’s second successful crowdfunding campaign, will be used to support international expansion.
WooHa will fund a number of new sales staff in international markets and also launch products, including a 500ml can for its growing Chinese audience.
Investments have started from just £10 and qualifying investors can benefit from tax relief through the government’s EIS scheme. As part of the fundraising process the WooHa team met with dozens of potential investors at roadshow events in London, Manchester, Edinburgh and Inverness.
The brewery moved into a new 6.2-acre site in Kinloss in 2017 and recently appointed a head of sales, Scott McCallion, who brings with him international experience from BrewDog, Red Bull and Carlsberg.
The brewery’s current capacity is 5,000 hectolitres per year and the aim is to grow in-house production to 88,000 hectolitres by June 2023, based upon increased demand from the beefed-up sales team.
Heather McDonald, WooHa founder and chief executive, said: “We are blown away by the high level of interest from investors in this campaign and look forward to welcoming nearly 200 new investors to our clan.
“We are all very excited about the opportunities this crucial funding will unlock.”