Didn’t hear about it last time round but Brewdog are doing another raise - Equity for Punks is Back
Looks like there are some interesting benefit tiers - want to raise £7,000,000 and already 44% ish of the way there with 30 days to go.
Anyone invested in previous rounds, investing in this round or thinking about investing?
I might just do the minimum £25 investment, Birthday beer and 5% discount, I should be able to make that back anyway.
The benefits don’t seem that great further up the tiers.
I’m thinking the same - by the time you are 4 years in, you’ll have made the £25 back in free birthday beers.
I like the company and their beers so think it is worth the £25 minimum!
Agreed, feel like they could’ve been more thoughtful with the benefits (although any benefits when investing is cool)
Don’t forget to use a referral code 
It’s worth keeping in mind that as an investment is it actually worth it? Is it valued correctly, how locked in is your money, etc. There’s a private company so you can’t just sell the shares, they have occasionally in the past run some share selling and buy days but that’s not guaranteed. The the benefits are keep in mind for the most part a gimmick.
£25 a share…
Oh of course, hence why I made this thread and want to read the prospectus a few more times before deciding.
Same with when I looked at investing in Monzo, Dozens and Freetrade - for some its a “bit of fun” to say you’re an investor in something - if you only get 1 share you hit the benefits and can arguably “make back” your investment in a few years.
Growth overall looks good (although beginning to plateau) - there is a surge in this type of market though.
Hmm… Dec 2017-Dec 2018 they sold new shares for £23.50.
April 2019’s liquidity event saw actual buyers and sellers come together as a market to trade at £15 a share. This is the closest thing to a real price as the company is not able to pull valuations out of their arse.
June 2019 company sells new shares for £25 (ie. pulled a valuation out of their arse).
Something is not right here.
If you are thinking about getting a free beer for the minimum possible investment (as discussed above) then maybe it’s a good investment, but if you are looking at a serious capital investment you have to question how far away £25 is from their future IPO price (if they ever get there & how long is a piece of string etc).
Even if I did decide that it was a good investment I would not touch the new shares with a barge pole when I could go on their forum and buy the shares in large quantities for a 40% discount. There is a massive disparity between what investors think it is worth and the valuations they are coming up with.
They are getting away with it because they are relentlessly pushing it at novice investors and the marketing gets more and more aggressive until they hit the goal.
At £25 per share for a single share you can’t go to far wrong given the benefits. The entry into the millionaire raffle is worth decent amount as well.
There’s nothing weird here, liquidation events rarely get near the formal stock price - plenty of early investors wanting to cash out at least some of their investments at a price that buyer and seller were happy with. But, if you want shares that would clearly have been the time to get them.
Maybe an unpopular opinion but does anyone else think they’re taking the piss a bit now?! How many rounds have they done? There’s no way a company of BrewDogs size still needs all of that cash. If they do then I would be worried…
My sister for part of her MSc revision at LSE actually looked at whether this was a good investment or not and we decided that it was not worth it.
If you don’t mind me asking - what were the reasons?
I was only ever going to buy 1 share as a bit of a fun type thing and the free bday beer 
The reasons if I remember rightly was their equity to liquidity ratio and the fact they had only just re-raised again recently and their costs were high in contrast to their income.
I did get a small number of shares to get a birthday beer and a 10% discount 
If anyone is interested please feel free to use my referral code:
If I liked their beers… I’d probably do it, but I don’t so I won’t.
There are better breweries up here in Scotland
Highly recommend Edinburgh Beer Factory’s Palozzi or Harvestoun Brewery Schiehallion or Bitter and Twisted
Unfortunately, neither of these are investable 
A friend invested in the first round, whenever that was, and even though he’s a fan of the product (and even went to stay at their Brewery Hotel which I think is in Ohio?) he seemed to regard the investment as a bit of a waste of time/money. I’m not really sure why. Maybe he expected an IPO by now.
The IPO is due next year last I heard (last year)
How likely that is I have no idea!
I bought two shares for £90 in E4P 4 in 2016, the minimum investment at the time
Since then they divided the shares by ten, to sell a large chunk of the company to a decidedly non punk American company, so I have twenty shares now
Seemed a bit of fun three years ago, but now wondering how I actually feel about the company (find the founders increasingly irritating) and no nearer taking my small amount of money back out
Is there a benefit of using someone’s referral code?
Edit: Used your code
If anyone else is interested, looks like you get a free beer if you get a few referrals
If you fancy sharing the love a bit, just got my code: