MODERN TIMES INITIATES A CROWDFUNDING CAMPAIGN
Modern Times, the San Diego (California) brewery, has initiated a crowdfunding campaign through the WeFunder platform with the objective of obtaining capital that allows them to continue expanding. Through this financing formula (crowdequity), investors will participate in the capital of a company where 30% is owned by the employees themselves since 2017.
According to the presentation available at WeFunder, the brewery founded by Jacob McKean six years ago - after raising $ 1.25 million to open the brewery and a tasting room - has been year after year exceeding the expectations of its business plan to become one of the most successful breweries in the United States. In the year 2018 its revenues reached $ 30.5 M and the projection for 2019 is to reach $ 37 M.
Currently Modern Times has 5 tap rooms, 3 breweries, 3 kitchens and 1 coffee roaster, and plans to open 3 new locations this year. On the other hand, their beers and coffees are available in more than 7,000 retail stores and bars, and among their wholesalers there are companies such as Whole Foods, Trader Joe's, Costco and Disneyland, among others.
The first phase of Modern Times' ambitious financing project, which will only accept up to a maximum of $ 1,070,000, will be launched on April 22, 2019 at 8pm EST.