Page 26 - Brewdog Teaching Notes

Seed Capital

Start-up using Watt and Dickie’s savings and a £20,000 loan

VC

Further bank loan refused leading to Equity for Punks funding

VC - Mezzanine

Venture capital funding secured with TSG. The level £213m was
over three times that raised by al EFP rounds to 2017

IPO

IPO planned but COVID-19 impacts on company expectations
and performance.

Seed Capital

Watt and Dickie invested their own savings and
obtained a bank loan in an effort to increase sales Watt and

Dickie pushed their products through social media targeting

the beer influencers. It worked (especially in Sweden) but it

led a new problem: Suddenly they were in the exporting
business and they were still short on cash. To grow the

business, they needed financial help.

Crowdfunding

Where other beers have customers, BrewDog has fans.
In 2010, the company leveraged the intensity of its

supporters into a new creative financing model, raising