Kent winemaker Chapel Down has raised £3.95m after completing a crowdfunding scheme it launched less than a month ago.

More than 1,400 investors bought shares in the company, which plans to use the money to lease 400 acres of new vineyards in the county.

The Tenterden-based sparkling wine producer, which has another large vineyard in Blue Bell Hill, became the first listed company to raise money using crowdfunding.

Investors were able to buy as little as £10 of shares in the firm, although the number of investors indicates the average investment was about £2,680.

This qualifies them to benefit from 33% discount on Chapel Down wines, a free vineyard tour every year and 20% discount on a meal at its Swan restaurant in Tenterden.

The total of £3.95m raised was the maximum allowed under European rules on crowdfunding – and also the highest amount ever raised using the method.

More than 14m new shares were issued, each valued at 28p – their current value on the ISDX market.

Bosses say the money will be used to plant more vines, build a new winery, construct new distribution and storage facilities, build a brewery and a visitor attraction and extend the hospitality at its headquarters.

Chief executive Frazer Thompson said: “We are absolutely delighted with the success of our equity crowdfunding offer.

“Raising the money is obviously fantastic, and will allow us to grow the business faster, but the fact that over 1,470 investors have decided to buy into the Chapel Down story is just as important.

“We wanted to build a significant body of shareholders who are supporters of our brands, and who buy our products and encourage their friends to do the same.

“We are delighted to have used this innovative way to raise capital and to welcome our new shareholders to the company.”

The money will now be held by crowdfunding firm Seedrs while it carries out due diligence on Chapel Down, which is expected to take a few weeks.