Alcohol, Baltic Export, Estonia, Financial Services, Good for Business, Markets and Companies

International Internet Magazine. Baltic States news & analytics Sunday, 23.02.2020, 16:56

Estonia: Tanker meets crowdfunding campaign's minimum target on 1st day

BC, Tallinn, 22.01.2020.Print version
Estonian craft beer maker Tanker Brewery, which on Tuesday launched a crowdfunding campaign on the Funderbeam platform, had surpassed the campaign's 100,000-euro minimum target by 85,000 euros by the afternoon informed LETA/BNS.

Tanker wishes to raise up to 500,000 euros to finance enlargement. If that target is reached, the company would buy fermenting tanks for 100,000 euros and a centrifuge-separator for 100,000 euros, using the rest as operating capital and for the financing of marketing.

As one reason for embarking on the new campaign, Tanker named the legislative amendment effective from January this year which entitles small beer producers with an output of up to 1.5 mln liters in the preceding year to a 50% reduction in the alcohol excise duty, compared with the previous cap of 600,000 liters per year.

Tanker said that they are very close to an annual output volume of 600,000 liters now and see new growth opportunities as arising from the legislative amendment. As a new objective, the company listed growth on the Finnish market where it wishes to surpass its Estonian sales figures this year. 

Tanker finished the first 10 months of 2019 with sales of 523,000 euros and estimates its sales in the outgoing year to have hit almost 700,000 euros, which would represent an increase of 44 percent over 2018.

In its previous crowdfunding campaign on Funderbeam in 2018, Tanker raised 700,000 euros from investors for developing a  new brewing facility. The project that was initially estimated to cost 1.2 mln euros eventually required over 1.4 mln euros.

Search site