The Inspired Unemployed, have partnered with Torquay Beverage Co to launch the ‘Better Beer Company’.
Better Beer Company will be owned 40 per cent by The Inspired Unemployed and 60 per cent by Torquay Beverage Company with the first launch, a zero-carb beer Better Beer to launch in October 2021 in more than 1500 stores straight from launch.
The Inspired Unemployed operate one of Australia’s most engaged social media platforms with over 2.5m followers across Instagram, TikTok and Facebook. They have a loyal following of 18-35 years olds and in the past have partnered with Jacob’s Creek and Tooheys Extra Dry.
Torquay Beverage Co are currently launching NOSH Cola in store and will roll out ese tequila seltzer ranch water in October together with Better Beer. The launch has seen the business raise $1.4m in capital with Mighty Craft agreeing to participate in a rights issue for Torquay Beverage Co.
Mighty Craft will fund the working capital given the scale of the launch, in a deal which increases Mighty Craft’s equity stake in Torquay from 50 per cent to 61 per cent (predominantly debt conversion).
Torquay Beverage Co founder and CEO Nick Cogger said, “I am very pleased to be strengthening our ties with Might Craft. Out partnership with Mighty Craft has been, from the very beginning, one of innovation, productivity and collaboration. This is genuinely a case of stronger together. The Inspired Unemployed guys are also really excited to partner with us and Mighty Craft and together we can’t wait to bring the easy drinking, Better Beer to consumers, one of only two local zero carb, full-strength beer products on the market.”
It is the first national launch for Mighty Craft in the beer category.
For Mighty Craft CEO, Mark Haysman, the partnership with the Inspired Unemployed and increased support for Torquay Beverage Co hits all the right marks.
He said, “Creating a new business with the Inspired Unemployed guys is both exciting and powerful given their direct reach…We are pleased to continue our support for Torquay Beverage Co. Participating in this capital raise means providing the necessary funds to realise shareholder value within Torquay Beverage Co in the short term while we build our spirits business, in particular whisky.”
