Australia’s fastest growing beer brand in more than a decade, Better Beer, has engaged the services of investment bank Jarden to raise $20 million to further accelerate the brand’s growth.
Just 18 months into its lifetime, Better Beer is on track to produce 10 million litres, reaching approximately $45 million in revenue, this financial year.
Better Beer co- founder and CEO Nick Cogger believes there is an opening to “create a 50+ million litre brand in the coming years”. Volume sales more than doubled in the December quarter when compared to the previous September quarter.
“People thought we were being overly ambitious entering a category where two companies control the majority of the market, however within an 18 month window we have been able to build an incredible foundation and platform that is continuing to scale and grow each day,” Cogger said.
Better Beer is soon to launch two new products, including a mid-strength lager.
“There is so much potential to grow and expand our foothold in Australia and we plan to invest heavily in more traditional, above-the-line marketing such as TV, radio and outdoor to get more people enjoying Better Beer in bars, pubs and clubs,” says Cogger.
Better Beer has also been welcomed by the New Zealand market- where it was released in partnership with Heineken and Cogger says that some of the funds will be poured into a marketing spend to build brand awareness.
The Inspired Unemployed co-founders Matt Ford and Jack Steele own 42 per cent of the brand. Mighty Craft is the largest shareholder and holds the exclusive national distribution rights for Better Beer Co but is not a part of the capital raising efforts.
