Independent UK craft brewer Northern Monk has raised close to £2m ($2.6m) in its latest crowdfunding campaign, exceeding its £1m target.
Commenting on the funding, co-founder and managing director Russell Bisset said the cash raise marked “the start of a next chapter” for Northern Monk.
“Nearly 2,000 people joined the rising, and we’re really excited about our future with our new and expanded community by our side, as we look at tak[ing] on the goliaths of our industry.”
The Leeds-based brewer intends to use the full sum to fund a number of developments across the business.
These include installing additional tanks at its brewery on Sydenham Road, which will increase capacity by 44% to 73,000 hectolitres.
The group operates two breweries. One on Sydenham Road, and the other at its smaller Old Flax Store site, which also operates as a taproom located on Marshall Street.
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By GlobalDataCash will also go toward renovating keg fillers at the Sydenham brewery, increasing filling capacity by 250%, and upgrading a centrifuge system, which is projected to boost yields by 7%.
In March, the Faith hazy pale ale brewer announced plans to boost capacity at the Sydenham site with a £500,000 capital investment, to 49,000 hectolitres. The cash injection came from a mixture of cash reserves and asset financing.
Northern Monk also plans to use a portion of the latest fundraise for “complete hygienic isolation and segregation of brewhouse, fermentation cellar, bright cellar and packaging”, and to help it work toward generating its own nitrogen and CO2.
The group’s flagship London site, which has been in the works “for years”, is also due to be funded by the latest £2m raise – “the first in a new wave of new taprooms across the UK we are aiming to open in the coming years”, the company said.
Additionally, the group looks to develop its Old Flax Store brewery and taproom site into a brand home, as it sees the space as having “potential to become the UK’s no.1 craft beer tourist destination”.
The Holy Hop Water producer will also invest in developing new branded tap handles and other branded items for its on-trade partners, as well as increasing its presence at trade shows and festivals.
Northern Monk sells through on and off-premise locations. Its off-trade locations include the likes of Sainsbury’s, Tesco, Amazon and Waitrose.
