Renaissance Brewing made history on 23 August by successfully closing New Zealand’s first ever equity crowdfunding offer. The Marlborough-based craft brewery was seeking up to $700,000, reaching that limit in 13 days.
Renaissance now has 287 new investors that have taken a stake in a wealth-creating Kiwi asset, with the opportunity to share in its success. And the crowd is keen to help – Renaissnace’s revenue for September 2014 is around double the revenue of September 2013, and this trend looks set to continue for October sales. This boost in revenue is largely attributable to the groundswell of support generated by the new investors, and it’s typical for successfully equity crowdfunded companies around the globe.
Renaissance chief executive Brian Thiel said they were thrilled with the Snowball Effect process:
“We’ve been blown away by the uplift we've received from the market awareness of the offer and from investors, it’s far exceeded our hopes”.
Snowball Effect is focused on establishing itself as New Zealand’s leading equity crowdfunding platform. We hope that Renaissance and those behind it will be leading examples of what equity crowdfunding can do for high growth businesses and investors in New Zealand.