South Africa’s Drifter Brewing Company has extended their funding round after seeing an increasing demand for their product abroad.
Drifter Brewing Company recently attended a food and beverage trade show in South Korea in April 2018.
During that time they met with various distributors and import contacts to explore the possibility of exporting Drifter beer to the South Korean market.
The Brewery received an extremely positive response from these distributors who loved their signature Buchu Gin and Tonic and their innovative craft beers.
The company said key interest from the South Korean market has led to an increased demand for kegs and canned product.
“This will require significant capital from Drifter if they wish to begin the process of canning their beers to meet the demand in South Korea,” the company said.
Instead of putting this opportunity on hold, Drifter said it has decided to seize the opportunity of their still open equity crowdfunding round to make more equity available to local investors and over fund to R4,02 million.
“This additional capital will allow the company to grab the opportunity in South Korea and accelerate their growth and expansion even faster.”
Drifter recently made history as the first company to raise R3.2 million through equity crowdfunding in South Africa through Uprise.Africa, the equity crowdfunding platform for South Africa.
For more read: SA’s Brewery Reaches R3 Million Equity Crowdfunding Target
Drifter currently distributes to over 360 stores in South Africa and exports to Zimbabwe and Namibia. They have also obtained partnerships in the US to begin exporting to Texas, Florida and Washington DC and have formed relationships for future exports into Europe and Asia.