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Dunedin's chocolate company gets green light after $1.9m pledge

Newshub logoNewshub 14/11/2017 Newshub staff

There's sweet news for a Dunedin craft chocolate company with a crowd-funding campaign hitting its first target.

More than 3000 people have pledged to buy shares in OCHO collectively investing over $1.9m within 48 hours.

That allows the venture to proceed, although the campaign will continue until the full $2m is raised - the maximum that can be raised via crowd-funding in a year.

OCHO plans to go to institutional investors for additional funding.  Funds raised will go towards setting up a new chocolate factory on Dunedin's waterfront, buying in equipment from Italy, and expanding production.

The business will manufacture premium craft chocolate for the local market, along with exporting product into Asia with an initial focus on China and Japan.

The company plans to set up a new chocolate factory on Dunedin's waterfront early next year.

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