The Bullgdog spirit is getting in the way of Brewdogs fundraising

We made the point when the Brewdog pitch opened - it is way overvalued for equity investment.

Now someway into its pitch period, the uptake is very very slow considering the final target is £17m.

We are not alone - punters on the platform and as we reported commentators, have all made the same point - this is not a sensible investment at this level.

Over valuations are the latest trend on Crowdcube and will not help them in their task of making the platform profitable. Sure there will always be the punters who just want some free beer but you need a lot of them to get to £17m.

It must be worrying for both existing Brewdog shareholders and Crowdcube shareholders that common sense is not being applied here. Using the wrong metrics to calculate your valuation is pretty well guaranteed to come out with the wrong answer boys, even if you deny it until you are blue in the face. But then that is the bulldog spirit.