Ocho campaign quickly passes $1 million

Video: Liz Rowe (OCHO) and Jim O'Malley (Own The Factory) explain the offer.

Pledgers have quickly pushed Otago Chocolate Company's Own The Factory campaign past the $1 million mark.

A PledgeMe crowdfunding campaign started at 7am with the aim of attracting $2 million to buy out and expand the operations of the Otago Chocolate Company (Ocho).

Dr Jim O'Malley. Photo: Linda Robertson
Dr Jim O'Malley. Photo: Linda Robertson

It is the continuation of  the "Own the Factory" campaign, which raised $6 million to buy a part of the Dunedin Cadbury factory but  later withdrew. Each share will be worth $100.

Campaign leader Jim O’Malley  said it was "pretty exciting" for so much to pass $1 million on the first day.

"We won't be needing the whole 30 days.

"Although I thought we'd be ending today, but it looks like it will finish up tomorrow." 

He yesterday said they wanted to attract as many $100 investors as possible so no individual shareholder would own more than 11% of the company.

The company’s constitution also prevented it being moved outside  Dunedin, Dr O’Malley said.

While the aim was to raise $2 million,  the campaign would succeed once it reached  $1.8 million, he said. Anything less and the buyout would not proceed.

Some of the money would be used to buy the company but the majority would be spent on the expansion and upgrading the  manufacturing equipment.

Ocho would  still run its Vogel St cafe but an establishment board set up to lead the company for the first 12 months is investigating moving  production to the Steamer Basin.

All shareholders would have voting rights and would receive discounted Ocho chocolate for life.

tim.miller@odt.co.nz

Additional reporting Jono Edwards

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