BrewDog extends crowdfunding deadline after raising £11.3m

Craft brewer BrewDog has extended its latest crowdfunding drive after exceeding an initial £10m target.

The Aberdeenshire-based firm said it had raised more than £11.3m from more than 24,000 investors over 90 days.

It is now extending its Equity for Punks crowdfunding programme to mid-October, or until "the maximum potential raise of £50m" is reached.

Funds raised to date will be used in part to build a new brewhouse at its Ellon brewery.

The firm also plans to use cash raised by the new October deadline to support "accelerated growth" across its business.

Its investment plans include spending £10m on the launch of a new brewery in Asia, and £5m on opening a facility in Australia.

A further £3m has been earmarked for expanding and investing in UK BrewDog bars, with plans to open 15 new venues in 2018.

In April, BrewDog became worth more than £1bn after selling a stake to a US private equity firm.