SA’s Beerhouse is edging closer to meeting its R3-million target to fund the opening of a third outlet, having raised over R1-million so far through equity crowdfunding platform Uprise.Africa.
The campaign was launched last month and with 26 days left in its funding campaign, Beerhouse has raised R1,115,000 from 86 investors.
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The target raise of R3-million is in return for a 37.45% stake in the bar’s new outlet planned for Tygerberg, Cape Town.
Beerhouse is looking to raise R3m over Uprise.Africa from investors in return for 37.45% stake in its new Cape Town outlet
Beerhouse has two branches at present — in Fourways, Johannesburg and Long Street, Cape Town. The company employs over 80 people in the existing branches and said it’s looking at creating about 30 more jobs in the new outlet.
Beerhouse founder Randolf Jorberg (pictured above) said in a statement last week that the company is looking to replicate its current business model with the new Tygervalley premises.
“The Beerhouse management team are dedicated to creating a new space that is true to our brand where memories will be made for decades to come,” said Jorberg, who is originally from Germany.
If the Tygervalley Beerhouse campaign is successful, its investors will be able to trade shares following the recently announced partnership between Uprise.Africa and ZAR X – a fintech-based licensed stock exchange (see this story).
Beerhouse said it will use the R3-million for the design, construction and furnishes as well as launch the Beerhouse Tygervalley branch.
The project will involve transforming the current building, which previously housed the Starlight Diner since 2001, into the recognisable yellow Beerhouse design.
To participate investors must invest a minimum of R1000. Investment is capped at R250 000 per investor.
Meanwhile Uprise.Africa announced today that it will open a R40-million crowdfunding campaign to fund a documentary series on the life of Reeva Steenkamp, who was murdered in 2013 by athlete Oscar Pistorius (see this story).
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Featured image: Beerhouse founder Randolf Jorberg (Facebook)
