Success Factors in Reward based and Equity based Crowdfunding in Finland

Master’s Thesis 
53 
Pyynikin Käsityöläispanimo 
Pyynikin Käsityöläispanimo is a brewery based in Tampere, Finland. The company 
was founded late 2012 and obtained production permits in 2013. They doubled their 
production capacity in 2015 via equipment improvements and look to increase capaci-
ty again in 2016. The brewery aims to produce high quality artisan beers and siders. 
The brewery has held a total of three equity crowdfunding campaigns. The first was 
held in late 2012 when the company was founded. This campaign lasted a couple of 
weeks and was independently facilitated. It raised a total of 40 thousand euros. The 
second campaign was held in 2013 and lasted about a year. This campaign was hosted 
via Invesdor and raised a total of 222 thousand euros. The third campaign was 
launched via the company’s website in February 2015 and lasted for approximately 
1,5 months. A total of 336 thousand euros was raised through the third crowdfunding 
campaign. The first campaign was held in order to obtain capital for starting produc-
tion and the second and third in order to increase production capacity through equip-
ment renewals. 
Interview Results 
After interviewing five entrepreneurs about their crowdfunding projects, the responses 
were analyzed to provide a clearer view of which afore mentioned success factors are 
perceived to be most important. Table 4 shows an overview of the project details, in-
cluding crowdfunding model, platform, funding amounts, duration and network size. 
The author will introduce the reasoning behind the entrepreneurs’ crowdfunding pro-
ject and do a more comprehensive discussion into each success factor in the following 
sections. 

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Master’s Thesis 
54 
Project 
Ambronite