Inspired Unemployed-backed Better Beer brews a $20m capital raising

The zero-sugar, zero-carbs beer brand launched by the comedic duo behind Inspired Unemployed is looking to raise $20 million in hopes of becoming a mainstay in local pubs, as Australians display a keenness to pour money into their favourite bevvies.

Better Beer kicked off in November 2021 by tradies-turned-comedians – Jack Steele and Matt Ford – and Torquay Beverages’ Nick Cogger, who is Better Beer’s chief executive, with a shared vision of creating a healthier beer. Since launching 15 months ago, it is now selling over 1 million litres a month, has launched in New Zealand, and is on track to hit $45 million in revenue this financial year.

Cogger said the brand has over the past 6 to 9 months started picking up beer drinkers outside Inspired Unemployed’s social media audience.

“We think that [Inspired Unemployed fans] have been doing a great job of converting their aunts and uncles and dads and mums, and we think that we’re just starting to cross over into more of that mainstream offering,” said Cogger.

“So for us to take that next step to become one of Australia’s top brands, we need to spend essentially a lot more money converting more of the population to Better Beer.”

The beer category has been undergoing significant shifts recently, something that has Coopers Brewery chief worried, as millennial and Gen Z drinkers increasingly reach for no-alcohol or low-alcohol options. New brands like Heaps Normal are driving and benefiting from the trend, while traditional players like CUB and Heineken are increasing their range of non-alcohol products.

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Funds from Better Beer’s capital raising will go towards a marketing drive across television, radio, and outdoor billboard advertising to raise the brand’s awareness, as well as getting Better Beer on tap across more local pubs and watering holes.

“Fifteen, twenty years ago, beer ads in Australia were world-class … We feel like there’s an opportunity to resurrect the great Australian beer ad,” Cogger said.