Brewdog's fifth Punk Campaign to raise £50m has been a turbulent ride. Now as the funding dries up, the Dog is not looking so confident.
When Brewdog launched EFP 5 they had a stated target of £50m, with an initial aim of £10m in 100 days.
When the time for the completion of the £10m was drawing near - the company were still at around £8m mark - things looked a little sad. However through some sort of magic within 9 days they had convinced people to produce the required £2m to get them over the line. This was some achievement, as the average investment per day at this time was around £50k-£60k.
Since this large injection, which just happened to be around the date the £10m target was set to be completed - 15 January 2018, the company has received only £3m in 50 days. Doing some maths this takes the investment back to around the average of £50k to £60k per day. You might be forgiven for questioning the coincidence.
Realising that this daily input was not going to get even close to their £50m target, Brewdog have now reduced this 'target' to £15m - with no explanation. Its their crowdfunding so they can do pretty well whatever they like. But you have question the honesty behind it all.
Brewdog is a very successful company run by almost brilliant entrepreneurs. This sort of mucking about and deception isn't necessary. It reflects very poorly on the egos of the two founders who it appears just cannot stand being wrong, even when they are. It also makes the whole EFP project a bit of joke. Like their US EFP project turned out to be.
Lets hope it's not.