If you wanted proof of just how popular Northern Monk is, then this is it. The Leeds brewery’s recent crowd-funding initiative has been a massive hit, raising half a million pounds in just three hours.
Northern Monk launched the initiative on 26 February, with the intention of raising £500,000, but surpassed that total by the afternoon of the same day.
At the time of writing the campaign is ‘well on the way’ to raising £1m, and more than 1,000 people have signed up.
The half million pound target was aimed at tripling the brewer’s capacity, with any surplus potentially funding a second tap room – probably in Manchester or London. With the initiative providing almost double the expected amount, those plans have now been ‘fast-tracked’.
‘We were blown away by the level of support for what we’ve set out to do,’ said Russell Bisset, owner of the Northern Monk Brewing Co. ‘There are over 1,000 of us in the company now! We’re looking to raise up to £1m and give away 10% of our business for others that are keen to join us.’
The first round of investment closes on 30 March.