What are Brewdog up to? A new £90m round has just been announced with much of this supposedly coming from Punk Round No.5. No.4 flopped.
We will start with our usual caveat when discussing BD. It is a great company that has grown very quickly.
So that aside, the US Punk Campaign only managed to raise $7m of its $50m target and was closed this year. Then BD sold around 23% of itself to a West Coast PE firm; we at the time said this was a direct result of the failure of Punk 4. Now their plan is to raise a total of $180m, with half of this coming from ECF. Are they short of cash? Has the Ohio operation overstretched them?
We will just have to wait and see. It has certainly been in the news, which is what wags this dog's tail.