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Hardywood tops off $450,000 capital raise

Mike Platania March 24, 2017 0

Photo by Michael Schwartz.

Photo by Michael Schwartz.

With work underway on its new $28 million facility in Goochland, a Richmond brewery has added a little extra cushion to its coffers.

Hardywood Park Craft Brewery recently completed a $450,000 capital raise, according to an SEC filing on March 15. It was structured as an equity raise and the minimum individual investment was $50,000, according to the filing.

Hardywood president and cofounder Eric McKay confirmed the raise’s results.

Eric McKay

Eric McKay

“A few of our original shareholders were interested in increasing their investment, and the timing worked for us as we’re in the midst of a major construction project in West Creek,” McKay said in an email. “We’re excited to see our new brewery take shape and are grateful to have such a supportive group of investors.”

Hardywood’s West Creek brewery is a 60,000-square-foot project under construction in Goochland’s West Creek Business Park. The first phase of the facility was initially planned to open this spring but has been pushed back until spring 2018.

McKay did not say if the incoming money will go directly to the Goochland facility. The company earlier this year also opened a taproom in Charlottesville, and it will continue operations at its home base on Ownby Lane in Richmond.

Hardywood launched in 2011 with about $1 million from investors.

One of Hardywood’s nearby brewery brethren also has been moving money around this month. Ardent Craft Ales became its own landlord last week, purchasing its Scott’s Addition facility for about $1.4 million.

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