BREWDOG has passed the £10 million target set in the fifth round of its Equity for Punks crowdfunding initiative, which implies a valuation of £1.8 billion for the company.

With two days until the plan closes, Brewdog had secured £10,139,017 from 21,759 investors, but the amount raised to this point is far short of its “stretch goal” of £50m.

The initial target being hit will be welcomed by bosses after the last two initiatives, Equity for Punks IV and Equity for Punks USA both missed ambitious targets.

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With 2.8 per cent equity in the business being made available at £23.75 per share, it means Brewdog values its business at £1.8bn.

It also means Brewdog has now raised more than £50m from crowdfunding since its first Equity for Punks share plan was launched in 2009. Almost 68,000 people have invested in the business.

In announcing Equity for Punks V, the Ellon-based craft brewer said it would use the funds to expand the brewery at its headquarters, and would progress with plans to build breweries in Asia and Australia.

In April 2017, Brewdog sold a 23 per cent equity stake to San Francisco-based TSG Consumer Partners for £213m.

Last year Brewdog posted a £3.7m pre-tax profit on record sales of £72m.