Better Beer was selling more than 1 million litres of beer a month, and the brand continued to grow. It launched its first products on the beer market in October 2021.

The company now needed to pursue a more traditional beer drinker, after capturing a large share of the younger demographic through social media in the first 18 months.

“We need to have that extra budget to punch into that category,” he said.

“We need to be in their face a lot more. To crank up the next leg of growth takes a bit more of a traditional approach.”

Volumes more than doubled in the December quarter compared with the September quarter. Mr Cogger said Better Beer had the capacity and ambition to win market share from the traditional mainstream beer brands owned by Japanese conglomerates Kirin and Asahi, but needed more marketing clout and deeper pockets to do that.

Japan’s Asahi owns Carlton & United Breweries after a $16 billion acquisition in 2020 which gave it ownership of Victoria Bitter, Carlton Draught and Crown Lager. Kirin owns the Lion beer business and its Australian beer brands Tooheys, XXXX Gold and West End.

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Better Beer intends to launch a mid-strength beer soon and has been prominent in Dan Murphy’s stores owned by Endeavour Group.

Mr Cogger said a launch into New Zealand in October had been successful, and expansion plans were under way, with marketing spend to be beefed up. Better Beer was also looking into a potential expansion into the United Kingdom.

Under the current shareholding arrangements, The Inspired Unemployed comedians each hold a 21 per cent stake in Better Beer and Mr Cogger owns just under 20 per cent. Mighty Craft, which owns stakes in a string of craft beer and gin brands, holds 37 per cent of Better Beer. There is one other minority investor.

Mighty Craft chief executive Mark Haysman said Better Beer was a core part of his company’s growth strategy, but it was Better Beer doing the capital raising, with outside shareholders being brought in.

“The capital raising will allow Better Beer to take on the big national beer brands and continue to establish itself as a company in its own right,” he said.