Gluten-free brewery, TWØBAYS Brewing Co, has closed its equity crowdfunding raise early after reaching the maximum target of $2.5 million, with 1000 investors coming on board.
The raise was conducted through OnMarket, and is the second largest crowdfunding campaign across all platforms over the past year, surpassed only by Prohibition Liquor’s $2.6 million result in March.
The company broke OnMarket’s record for a first day, achieving $1.285 million in the first 24 hours from 395 investors, with an average investment of $3255 per person – nearly double the platform’s typical average.
TWØBAYS founder and CEO, Richard Jeffares, said the record-breaking response was both humbling and inspiring, reflecting the deep loyalty and passion of TWØBAYS’ customer base.
“From the day we launched our EOI campaign, OnMarket has consistently said that we are setting new records for them, and that is solely due to the support from our beer loving customers, many of whom are now shareholders,” said Jeffares.
“We are delighted to welcome 1000 new shareholders to our team and we hope that they are proud to own a part of our business and become strong brand advocates for us around the country.”
Based on the Mornington Peninsula in Victoria, TWØBAYS is Australia's only dedicated gluten-free brewery and taproom, developing over 50 gluten-free beers since starting out in 2018. The company brews with alternative grains like millet, buckwheat and rice in a dedicated facility, and has landed national distribution deals for its two consumer brands, TWØBAYS and GFB.
In 2024, TWØBAYS gluten-free craft beer was nominated in Food & Drink Business’ Hive Awards Best Ingredient category, and the company also landed its second gold medal in the Gluten Free Beer category at the World Beer Cup in the US this year, making it the only Australian brewery to win back to back golds at the global competition.
Jeffares stated the funds raised will be used to expand production, increase national distribution and open a new city venue to showcase the full TWØBAYS range.
“Beer has been in long-term decline, but we’ve shown that inclusivity and quality can create new growth. Gluten free Australians have rallied behind us because so many businesses still make them feel excluded,” said Jeffares.
“When you build a brand that genuinely supports and respects people who choose to live gluten free, they respond with incredible loyalty. They don’t just become your biggest brand champions, as we’ve seen in this raise, they also want to become part-owners so they can help you keep growing from strength to strength.”
