St Andrews Brewing Company has toasted a successful crowdfunding campaign which was hugely oversubscribed.
The brewery sought to raise £400,000 to support its plans to develop a new pub at the back of the Caird Hall in Dundee and expand its brewing capacity in St Andrews.
The month-long campaign on the platform Crowdcube raised a total of £646,100 from 754 investors.
It means co-founders Tim Butler and Philip Mackey have sold 7.9% of equity in the six-year-old company, to which they assigned a £7.5 million valuation.
Mr Butler said: “We haven’t done crowdfunding before and it’s really exciting.
“It’s great to be able to relax knowing we’ve got the funds needed for our plans going forward.”
Work on developing the south-facing space in the basement of the Caird Hall is expected to cost more than £1m and employ 50 staff.