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September 7, 2017

Maine Craft Distilling raises $500K for expansion

A growing Maine distillery has raised $522,750 in equity to handle increased production and expansion in Portland as well as out of state.

Maine Craft Distilling LLC, which has a distillery in Portland as well as a Freeport location, raised the money mostly through existing investors, the Bangor Daily News reported. The funding was made public Friday in a U.S. Securities and Exchange Commission filing.

The distillery is expanding its production and tasting area on Washington Avenue in Portland and plans to open sites in Florida, Washington, D.C., and Chicago.

CEO Nathaniel Davidson told the BDN that the company has "increased production sevenfold over the past year."

The distillery also raised $250,000 in 2014.

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