Craft brewer Behemoth is raising capital to fund growth. Photo / Rotorua Daily Post
Unlisted craft brewing company Behemoth is seeking to raise $2 million through the investment platform, Snowball Effect, to fund future growth.
Behemoth said it had generated total revenues of $4.06m in the six months to September 30, up 100 per cent on the same period last year, and EBITDA of $484,000.
The company said it was focused on growth and said it had a clear three-year strategic plan to drive revenue growth by leveraging its new production facilities and increasing its domestic footprint through its hospitality business.
Through the execution of this strategy, Behemoth is forecasting to grow revenues to $17.8m in 2023 at an EBITDA of $4.2m.
Behemoth, which gained notoriety 2018 when it started marketing a “Dump the Trump” India pale ale (IPA), said it had grown into a nationally recognised brand.
Founded in 2013 by Andrew Childs, Behemoth raised $2m early last year from new investors to establish its brewery and restaurant, “Churly’s”.
“The completion of our new facilities marked a significant milestone in Behemoth’s journey, distinguishing ourselves from the many smaller players in the New Zealand craft beer industry, and establishing ourselves as one of the leading craft beer brands in New Zealand,” the company said in a statement.
As a result of its “Dump the Trump” campaign, supporters of the US president flooded the brewery’s Facebook page with negative reviews and pro-Trump comments.