A Tucson brewing company is tapping into a new way to fund their business. Ten Fifty-Five Brewing is the first company to file under a crowdfunding law in Arizona. The law allows companies to seek out investors online in exchange for a stake in their company.
The brew house has been in Tucson for three years now, cooking up craft beers from their south side location. With a little extra help, they're hoping to relocate and expand the business.
"Kind of a unique space that doesn't really exist in downtown Tucson right now,' said co-founder, Chris Squires.
Arizona residents can now invest and become partial owners.
"We are selling shares in our company. Instead of looking for money in return for reward, we're very much looking for business partners, people who believe in craft beer and Southern Arizona has a whole and think it's headed in the right direction."
Ten Fifty-Five Brewing has until the end of this year to meet their goal of $2 million for a 30% stake in their company.
"It buys all the brewing equipment to operate on a much larger scale .It also buys into the building, it buys into the space downtown, and it does all the build out, to get construction done as well."
At least 80% of the funds needs to be raised before 2017, otherwise, the money goes back to the investors. Interested investors click here.