West Coast start up Reefton Distilling Co. is gearing up to produce premium quality spirits from the middle of the year after a successful capital raise through their crowdfunding equity offer on Snowball Effect.
Co-founders and Directors Patsy Bass and Sean Whitaker said that they were “absolutely thrilled”, by the optimism and support from their investors, many of whom are a part of the local West Coast Community. They went on to announce that as at 10pm (NZST) on Sunday 4th February, the Equity Offer had raised over $1,125,000. The minimum target required for a successful raise to enable the business to open and begin production, was $1,050,000.00. Having raised this amount, the company has elected to continue to keep the offer open for up to a further three weeks until 26th February 2018 with a view to raising the maximum amount of $1,500,000.00.
Funds from the capital raise will be used for the fit out of the distillery, equipment, staff, and working capital. Patsy Bass noted that “we expect that we will need to raise additional capital to scale up operations further after the first 12-18 months of production”.