Crowdfunding is all the rage with craft brewers around the country. Blenheim-based Renaissance Breweries raised $700,000 last year and in January the Yeastie Boys raised $500,000 in less than 30 minutes, and it hasn't taken long for an ambitious winery to get in on the act. This month the lads from Invivo wines set a new record for equity crowdfunding in New Zealand, raising more than $1.7 million in just six days using the Snowball Effect platform. That's $200,000 more than the previous record holder, drone company Aeronavics.
In their bid to raise $2 million (20 per cent of the company) to help them kick their expansion efforts overseas into high gear, Invivo sold shares for $1 each with a minimum investment of $1000. In less than a week, Invivo had more than 350 new shareholders and, if you're in before April 13 (or before they hit the $2 million mark) then a little piece of Kiwi wine history could be yours.
Equity crowdfunding involves giving large numbers of people the chance to invest in a business or project, usually through an investment website.
Founded by marketing whizz Tim Lightbourne and winemaker Rob Cameron in 2008, Invivo produces wines from contract fruit sourced from around the country, and its sauvignon blanc famously sits in a glass on the set of British talk show host Graham Norton every week.
Luck of the Irish strikes McCashin's BreweryIreland has been making cider for more than 2000 years, but that didn't stop it awarding a snappy little berry cider from New Zealand the Supreme Cider Award at the Dublin Craft Beer Cup last month.