Australian beer brand Better Beer is set to raise $20 million in funding to accelerate its growth.
Nick Cogger, co-founder and CEO of Better Beer, said the brand is on track to produce over 10 million litres and reach approximately $45 million in revenue this financial year.
“We are currently selling over 1 million litres per month and each month the baseline sales are increasing further. Recent sales saw volumes more than double in the latest December quarter compared with that achieved in September.
“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,” he said.
“Given the lack of challenger brands to the major players in the beer category over the past 30 years, we believe there is an opening for us to create more than 50 million litre brand in the coming years.”
“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 the brand in bars, pubs and clubs,” said Cogger.
The brand launched in New Zealand last October where it has already recorded “robust” sales. It also plans to introduce two new products to its portfolio.
