In the latest attempt to raise $50 million to build out its first U.S. brewery in Ohio, Scottish craft beer maker BrewDog announced Monday that it would open a brewpub in any American city where at least 500 people invest in the company’s Equity for Punks USA crowdfunding campaign.
“Our BrewDog bars are beer meccas, hop temples and cathedrals of malt,” BrewDog CEO James Watt said in a press release. “We strive to spread the word about awesome craft beer in our bars, embracing the local beer scene and providing a platform for the world’s best beers to be enjoyed in an inimitable setting.”
In August, BrewDog announced the $50 million campaign to help fund its 110,000 sq. ft. facility in Columbus, Ohio, now slated to open in 2017. A separate brewpub in the Franklinton area of Columbus is slated to open in 2018.
After raising $1 million during the first three days, BrewDog has struggled to attract investors and has secured just $2.5 million of its $50 million goal. The campaign is slated to end in February.
BrewDog already operates bars in 45 cities, including Tokyo, Sao Paulo, London, Barcelona, Hong Kong and Rome.
“With on-site brewing in each U.S. BrewPub, we can take our bar concept to another level as we brew the beer on site as well as serve brews from like-minded breweries – the beer we offer will be as fresh as possible every single time,” Watt said in the release. “We’re already experimenting with some awesome recipes before we’ve even set our sights on specific cities, and this is your chance to help shape those decisions for yourself.”
Looking at areas where BrewDog has received buy-in from U.S investors, it appears that no city is close to hitting the 500-investor mark. Houston and San Diego tied for the most investors, at 25 apiece.
In a press release, BrewDog touted the plan to launch “world-famous bars in each city” that hits the investment threshold as an engine for creating local jobs and promoting craft beer in the U.S.
With a minimum investment of $95, investors in Equity For Punks USA receive equity in the company, an ownership stake in the Columbus brewery and a piece of the U.S. distribution of the company’s beer. There are also discounts on merchandise and bars.
If a city reaches the 500-investor threshold, investors in those markets will receive perks ranging from $10 in BrewDog beer bucks at the pub to their name emblazoned on the “Wall of Punks” at a local bar.
Monday’s announcement is a new twist on what BrewDog had already stated in August, when the company said it would use about half of the $50 million investment to open bars throughout the U.S.
Since 2010, BrewDog co-founders Watt and Martin Dickie have raised more than $35 million from 50,000 investors through its international Equity for Punks crowdfunding efforts, and grown distribution to 60 countries in the process.