Otago chocolate factory surpasses crowdfunding target

Jim O'Malley is the head of the Own the Factory campaign. Photo / File

Otago Chocolate Company's Own The Factory crowdfunding campaign has passed its $1.8 million target, reaching the maximum amount allowed of $2m.

The crowdfunding campaign to buy and expand the operations of the Otago Chocolate Company (Ocho) had reached its initial target of $1.8m just after midday, less than two days after it launched, and was closed at 2:55pm after reacing the $2m mark.

A total of 3,570 people bought shares in the company.

The head of the campaign, Jim O'Malley, said it was exciting it had passed the target so quickly.

"We are really happy.

"We were fairly confident that they we would get strong public support, but it's really nice to see it actually happen."

It meant the company's plan was no longer "theoretical".

The $2m target was set because it was the largest amount legally allowed to be crowdfunded in one year, O'Malley said.

"That gives us a good start and is a substantial enough amount that we can consider it a real factory.''

He attributed its success to the work that went in to the proposal and Dunedin people's desire for chocolate production to continue in the city.

He confirmed the company had started early talks with Foodstuffs about supplying the company's products.

"We have actually really enjoyed our early contact with them.

"So we feel good about going forward with them."

Some of the money would be used to buy the company, but the majority would be spent on the expansion and upgrading of the manufacturing equipment.

The new factory would be located in the Steamer Basin.

Once it was up and running it would be about 10 times the size the business was now, he said.

As a gift, all shareholders received a life-time 20 per cent discount on Ocho chocolate.

The crowdfunding page was unavailable for about 30 minutes just after 7pm last night due to the number of people trying to access it.