Brewdog has extended the investment deadline for its latest Equity for Punks crowdfunding programme and upped its target to a maximum of £50million.

The independent craft brewery launched the newest round of crowdfunding in October last year and it set out to raise £10 million in an initial 90-day period, but it has now raised more than £11.3 million from in excess of 24,000 investors.

The company has confirmed that as a result of unprecedented demand it will now be keeping the investment opportunity open until October 15, 2018, or until £50 million is reached.

Shares cost £23.75 and are issued in blocks of two, with a minimum investment of two shares for £47.50.

The Equity for Punks programme has now recruited almost 70.000 investors since its inception in 2009 and it has raised in excess of £50million through five rounds of crowdfunding.

The initial target of £10million will be used to build a new brewhouse at Brewdog’s Ellon brewery to help fulfil volume demand across the UK and Europe. Further investment will be used to invest in the brewery’s first sour beer facility.

It also has plans to launch a new craft beer brewery in Asia and it will direct £5million to open a facility in Australia. A further £3million is earmarked for expanding and investing in UK Brewdog bars, with plans to open 15 new bars in 2018, including four brewpub locations.

Brewdog cofounder James Watt said: “The continued demand for Equity for Punks demonstrates the passion people share for our mission, our values and our beer. It is insane to see more than 20,000 people buy a piece of our business, and with interest still proving higher than we anticipated, we have decided to extend the opportunity to invest in our company until October. Our success over the past decade is down to our engaged, passionate community of evangelistic Equity Punks – they are the livelihood of our business, and the incredible groundswell of demand for this latest round of crowdfunding proves we are not even close to slowing down any time soon.”