The company hit its target in less than three hours, receiving investment from 600 backers. Northern Monk hoped to overfund to £1m.
The money raised will be used to support the purchasing of eight new 10,000-litre fermentation vessels, as well as a ‘state-of-the-art’ packaging line to improve quality, efficiency and speed.
Triple its production
It would allow the company to triple its brewing capacity, with plans to also triple its production capacity to keep up with the demand it is receiving.
Overtaking the £500,000 target meant the company was now looking to fast-track the opening of ‘tap rooms’ – a bar for selling its beers – in London and Manchester.
Managing director Russell Bisset said: “In 2013 we set out to make some of the best beer in the world with just £5,000. In 2014, we launched our own brewery.
“In the four years since, we've been rated one of the world’s top 100 breweries, we’ve sold beer to 22 countries across the world and we’re hoping to turn over £4m by the end of this financial year. It has been a wild four years. This is your chance to join us for the rest of it.”
As of posting, Northern Monk had raised £823,960, 64% over its initial target, with 26 days left until the campaign ends. More than 1,000 people have invested in the business, with the largest investment worth £50,000.
300% growth in sales
Northern Monk has experienced 300% growth in sales over the past three years and is set to brew more than 3m pints of beer in 2018.
In the last financial year the company chalked up pre-tax profits of £255,809.
Meanwhile, edible seaweed start-up Seamore has launched a crowdfunding campaign to raise between €250,000 (£219,106) and €500,000 (£442,638), in a bid to achieve a worldwide roll-out of its products.