(CBS DETROIT) - Eastern Market Brewing Co. is raising $1 million to expand its business through an investment campaign, allowing anyone who invests to own a piece of the brand.
According to a press release, the funding will support the company's self-distribution, expand its recently opened self-service taproom, and move forward with a project to expand its primary location in Detroit.
The company says buying equity will allow investors to own a piece of its brands, including Eastern Market Brewing Company's sister brewery the Ferndale Project, and its production facility in Royal Oak and self-service taproom,. It also includes Dooped Donuts and ASHE Coffee.
Click here to invest in the brewery.
As of Wednesday afternoon, there are 172 investors with more than $551,000 invested. Anyone interested must invest at least $500.
"Having recently celebrated five years, we've been doing a lot of thinking about what the next five years will look like," Dayne Bartscht, managing partner of Eastern Market Brewing Co., said in the press release. "The table is set for a successful 2023. Our spaces are locked in, we have the brewing capacity to grow, and most importantly, a dream team ready to roll."
Eastern Market Brewing Co. produces its own beer and sells and delivers it to local retailers. The company says it is the only brewery in Michigan that is self-distributing at scale. The Lincoln Taproom officially opened in October and is the.
"So far, we've been focused on building and growing. Some of this was at our own design, like our Ferndale Project location, but much was forced on us to adapt and survive the pandemic. We've come to a point in the life of our businesses that we want to capitalize on our foundation," Bartscht said. "This investment will allow us to continue our growth, but on our terms. We're in a strong position to quickly become the largest independent craft brewery in Michigan."
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