The Inspired Unemployed comedy duo, who hold 42 per cent of Better Beer, will have their stake cut as outside investors come in for the first time.
the fast-growing zero-carb beer brand which is 42 per cent owned by a pair of comedians, is embarking on a capital raising of up to $20 million to help underpin ambitious plans to increase volumes by a factor of five.Founder and chief executive Nick Cogger said on Monday the group needed “extra juice” to fund the next leg of growth and the five existing shareholders including The Inspired Unemployed comedians Matt Ford and Jack Steele would be taking on external investors for the first time.
Mr Cogger said Better Beer was on course to generate revenues of about $45 million in 2022-23 and aims to raise up to $20 million to drive its growth plans. The beer brand was developed by Mr Cogger, who runs Torquay Beverages Co, and Mr Ford and Mr Steele, who have millions of social media followers.is also a large shareholder, but will not be part of this capital raising.
The company now needed to pursue a more traditional beer drinker, after capturing a large share of the younger demographic through social media in the first 18 months.“We need to be in their face a lot more. To crank up the next leg of growth takes a bit more of a traditional approach.” Under the current shareholding arrangements, The Inspired Unemployed comedians each hold a 21 per cent stake in Better Beer and Mr Cogger owns just under 20 per cent. Mighty Craft, which owns stakes in a string of craft beer and gin brands, holds 37 per cent of Better Beer. There is one other minority investor.
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