Back in 2007, BrewDog consisted of two men and a dog with a serious home-brewing hobby operating out of a shed in rural Scotland. Less than ten years later they have grown to become one of Europe’s largest independent breweries with more than 600 employees, 40+ craft beer bars, and over $50 million in annual sales.

BrewDog couldn’t have grown that quickly without brewing some seriously delicious beers, but they also couldn’t have done it without their crowd of “Punk” investors, i.e. the 46,000+ shareholders who each bought a small piece of the company through one of BrewDog’s four Equity for Punks crowdfunding campaigns.

Now that they have conquered Europe, BrewDog has their sights set on America. The company plans to open a 100,000 square foot brewery outside of Columbus, Ohio that will let them distribute fresh BrewDog ales all across the U.S. of A.

And to let us Yanks get in on the fun, BrewDog just opened up Equity for Punks USA, their fifth equity crowdfunding campaign. To hear more about their plans for breaking into the competitive American craft beer market and to learn how I can join the army of Punk investors, I invited BrewDog’s Head of Marketing Sarah Warman onto the Krowdfund Pitch Podcast.

So have a listen to Sarah’s pitch for BrewDog below, head on over to BrewDog’s website to learn more about investing in Equity for Punks USA, or keep scrolling to read a full transcript of the interview.

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Sarah’s Pitch

My name’s Sarah and I work for Scotland’s largest independent brewery, BrewDog. We launched in 2007 as two guys and a dog brewing beer by hand and selling it out of the back of a beat-up old van on the rugged coast of Aberdeen here in Scotland. Now we’ve taken the beer world by storm and are establishing a brewery across the pond in Ohio.

We hold the world record for the most money raised via equity crowdfunding thanks to our proven business model, Equity for Punks, and across four rounds, we’ve generated more than 26 million pounds in investment from over 46,000 people across the globe. Now we’re taking advantage of new crowdfunding laws in America to launch Equity for Punks USA, raising up to $50 million between now and February 2017.

From day one, our mission has been always to make other people as passionate about amazing craft beer as we are. We have evolved from a small two man band to an international independent brewing business, exporting to more than 55 countries, launching 44 craft beer bars worldwide and brewing over 300 different beers in the past nine years. We’ve been the fastest-growing food and drinks company in the UK for the past 5 consecutive years and we’re the number 1 UK craft beer in the UK supermarkets as well as Scandinavia. Now’s the time for us to launch our US brewing operation.

The Brewer’s Association in America has forecast craft beer to account for 20% of the wider beer market in the States by 2020. By taking our tried and tested business model and our proven brewing experience in Europe, we are ready to make the most of the American beer scene and truly immerse our brand within it.

Our marketing strategy has always been to shorten the distance between the people who drink our beer and the people who make it. Equity for Punks is the ultimate incarnation of this philosophy.

BrewDog’s Regulation A+ Equity Crowdfunding Campaign

Before we jump into the Q&A session with Sarah, I want to quickly mention that BrewDog is crowdfunding their US launch through a new law known as Regulation A+ crowdfunding. Unlike Kickstarter, which offers crowd-funding backers non-financial rewards, when you back a Regulation A+ crowdfund offering, you become an actual investor in the underlying business, sharing the financial upside of the company if it becomes successful. This style of private equity investing used to be reserved for the wealthy, but new crowdfunding regulations allow everyday investors like myself to invest. If you want to learn more about this new world of crowdfund investing, head to Krowdfund.com/invest. From there, you can find my free guide on how to get started with crowdfund investing, you can listen to previous episodes of the podcast that featured entrepreneurs pitching an investment in their own business, or you can read about my own portfolio of crowdfunded investments, including why I chose to invest and how the investments have been performing lately.

For now though, let’s jump into the interview with BrewDog’s Head of Marketing, Sarah Warman.

Q&A Session with BrewDog’s Sarah Warman

Thomas: Before we go into more detail about BrewDog and their history and their coming over to the United States, can you tell us a little bit more about your own professional background and what you’re doing before you joined BrewDog?

Sarah: Absolutely. As I said, my name is Sarah. I studied marketing with advertising management at uni. When I graduated, I started working for a PR company in London, and my first client was BrewDog, so I started working on the account about 6 years ago now, and I was running PR campaigns as well as social media. Obviously, the company was much smaller at that time. We only had 1 or 2 bars, so I’ve seen every single BrewDog bar launch since. In 2013, I moved in-house and became Head of Marketing. Now I head Task Force, which is a unit dedicated to international large-scale projects such as Equity for Punks. I’ve run Equity for Punks campaigns in the past, and I’m currently focusing on Equity for Punks USA.

Thomas: Nice, and how many people are on the Task Force with you?

Sarah: There’s just two of us on Task Force, so it’s a really small, nimble team. I like to work in small teams. The marketing team is up to about 15 people, and that covers things from e-commerce to merchandise to design through to social media, all of the marketing tactics that we use, but Task Force is a very small, agile team which is just myself and Mimi, who joined us from one of our bars. She originally worked as a bartender before she moved across to the marketing team, and now she helps me out with these projects and our PR as well.

Thomas: In less than 10 years or so, BrewDog has gone from, as you said, two guys and a dog in a shed in Scotland to about 600 employees and $50 million in sales. Obviously no brewery is going to do that without really good beer and I actually had the opportunity to drink a few pints of it last year in Scotland. A lot of BrewDog’s success can be attributed to your unorthodox marketing strategies. Since most of my listeners are based in the US, could you tell us some about unique marketing campaigns you’ve run in the UK to grow BrewDog’s business to what it is today

Sarah: Absolutely, yeah. We don’t do any above-the-line marketing, so we don’t do any advertising. We don’t employ giant billboards that are just one-way tools to tell people about your beer. We don’t believe that they’re the best way to engage communities. Instead, we do things that engage people on a more emotional level.

For example, we held the world’s smallest protest a few years ago whereby we campaigned to change the law on weights and measures in the UK. Our beer is our number one focus, and obviously we believe that, and beer should not just be served in pints and half pints. There’s some beer that you might want to serve in an in-between measure, so beers that are more like a standard American IPA, which might be about 7.5%, you’d want to serve that in 2/3 of a pint as opposed to a pint or a half pint. We held the world’s smallest protest where we hired a dwarf and we dressed him up as a punk. He campaigned outside the houses of Parliament with placards saying things like “Small for All.” We actually managed to get that … That obviously got widespread media coverage and it got discussed in court, in government, sorry. As a result, the law did get changed and now we can serve schooners in all of our bars as well as any other venue across the UK, which was amazing.

We also launched The End of History, which was a 55% beer packaged in taxidermy [stotes 00:06:20] and squirrels. That was a bit of a line in the sand in terms of the world’s most expensive and strongest beer. It was named after a philosopher called Fukuyama and his work, The End of History. It was a bit of a statement about art and beer, and the fact that beer is a blend of science and art at the end of the day. It’s not easy to make a 55% beer. We produced, I think there were 12 of them, and they sold for about 800 pounds, British pounds, and they sold out within an hour. People were very keen on those, but it’s also still to this day, it’s pretty much the number one thing that generated the most traffic for our website ever, and obviously got international press coverage as well because it was a shocking image to see a bottle of beer in a taxidermy animal.

We’ve done some crazy stuff as well. We’re also really a lot about community, so one of my favorite things that we do annually is Mashtag, whereby we hand the keys to the brewery over to the people on social media and over the course of a week, you can vote for the next beer we’re going to brew. On the first day, you vote for the style of beer. On the second day, you choose the malt and therefore the ABV. On the third day, you choose the hops and therefore the bitterness. On the fourth day, you choose whether we add a special twist, something like cherries or aging on oak chips or barrel aging or a special yeast strain. On the final day, we invite people to submit their label designs. The entire thing is decided by the community, and it’s an amazing way to get people to actually talk about beer, talk about what they think the beer should taste like.

Also a great educational piece for us, especially in the UK. It has a less mature beer market than the US where people understand beer and it’s very widely available, especially craft beer. In the UK, there’s still quite a lot to be done in terms of getting people to understand exactly how the brewing process works and how different decisions will affect the final brew. It gives us that opportunity to have those conversations in a way that is very accessible and every year, we end up with an amazing beer which we didn’t even design. That’s a lot of fun as well.

We’ve used tanks to launch Equity for Punks rounds. We’ve held Twitter campaigns when we’ve been denied awards that we rightly won. We’ve done all sorts of different things and we’re always thinking up new ways to engage people in different methods that other brands might not necessarily think of.

Thomas: You’re going with a more grassroots and guerrilla marketing streagy more so than just making big online ads and billboards and things like that.

Sarah: Absolutely. Our budget is pretty much zero for everything. We don’t go out there with huge bank balance, ready to throw cash at anyone who will give us a creative idea. We’re much more about doing things, rolling up our sleeves and doing them ourselves, and doing things that are really just going to get people talking as opposed to doing things that actually are going to produce quite static content, which tends to be the domain of multinational beer conglomerates. They tend to just create a very glossy campaign that is just a bunch of bottles of beer in a bucket of ice and that’s what they assume is going to make people want to buy your beer, whereas we’re actually much more about actually talking to people about beer and getting them involved in a way that is unique and unexpected, and almost surprising them with the way that they might want to experience beer.

Thomas: Similar to that unorthodox marketing strategy you all have, BrewDog has also gone outside of what they said is the staid and unimaginative traditional method of raising funds for businesses by raising money from their own fans. All in, BrewDog has raised more than 25 million British pounds over four rounds of financing from more than 40,000 people, I think you said. I think I know why you all chose to sell shares through crowdfunding, but can you tell my listeners what BrewDog’s rationale was for raising money from the crowd rather than raising it from what BrewDog refers to as faceless moneymen?

Sarah: Absolutely. As I mentioned at the start, our marketing strategy has always been to shorten the distance between the people who drink our beer and the people who make it. The best way to do that is to get people to put their money where their mouth is and actually become investors in our business.

It’s obviously a proven model, having 46,000 people worldwide, and that’s climbing every day with the new investors we have in our US business, and raising 25 million pounds, which is more money raised through equity crowdfunding than any other business on record. It’s the people who care about the beer. They’re not just in it for profit. They actually want to see us do well because they believe in what we stand for. They contribute to what we want to achieve, whereas if we were to go to a bank and get a loan, those guys are probably just going to care whether we make a return at the end of the day.

Our Equity Punks probably do care about that because they don’t want to just be throwing their money down a bottomless pit, but they’re in it because they want to see us succeed. They want to know what we’re doing day to day. They want to buy our new beers.

Our Equity Punks at the moment, they get early access to all of our new releases and they also get access to an Equity Punks forum which is an online platform that we’ve created as almost like a social network for our Equity Punks. They’re really active on there. They’re engaging every single day. They talk about the beers that they’re drinking, the breweries that they’re visitng, the different beer-y cities around the world that they’ve been to and asking each other for advice an tips of where to visit.

Not only that, but they can also ask our co-founders questions. We crowdsource ideas from them, and they’re the most vocal people as well. They really care. That’s because they’ve put their own money into it. It’s not people who have huge amounts of money to just throw at whatever they want. These are people who are just, they’re average guys on the street like you and me. If they’ve put 95 pounds behind something, that’s not just pocket money for them. It’s still a substantial amount, but they’ve done it because they believe in what we’re doing.

It’s really that sort of, the shortening of the distance between us and them. The more that they get involved, the more that they become ambassadors for us around the world as well. They’re the spokespeople for us on the ground. We’ve extended our community by 46,000 people. Not only do we have our staff who are all obviously sort of singing our praises wherever they go, but we’ve also got these people who care about what we do. They care about what we do. They’re telling their friends about it as well.

Thomas: Like you said, they care about the beer, although they probably care about the financial return as well. Each round of Equity for Punks has gotten, it’s raised more and more money, and as that’s gone along and the business has grown and you all have grown revenues year over year, the valuation has also grown in each of those rounds. Can you tell us an example of some of the returns that the earliest investors in BrewDogs have enjoyed?

Sarah: Yeah, absolutely. With our UK enterprise, we hold a trading day every year where as long as there’s not an Equity for Punks round live, you can sell your shares to other potential investors. We held the first one in October 2014. There wasn’t one in 2015 because of Equity for Punks 4 was live. In 2014, if you’d invested in Equity for Punks 1, you could’ve made a 443% return on your investment. If you’d invested in Equity for Punks 2, you could’ve made a 426% return on your investment, and if you’d invested in Equity for Punks 3 which had ended only a few months earlier, you could’ve still made a 31% return on your investment. People have seen a return.

Obviously I can’t say that everyone would make a return, because that would be … There’s laws restricting me from saying that, but with the UK stuff where we have actually offered the trading platform, people have seen a return when we’ve held the trading day before. The next trading day for our UK enterprise will happen in October this year. It’s something we hope to offer in the States as well, but because the law is so new in terms of Regulation A+, it’s not necessarily something that we can commit to just now. It’s something that we’d love to look at in the future.

Thomas: This Regulation A+ is your fifth round of Equity for Punks, and it’ll be used to help fund the US operations and launch. It will be open for an investment from US citizens. Can you tell us about your plans for this new US facility and how you plan to grow BrewDog in America?

Sarah: Yeah, for sure. As this is the first US-based Equity for Punks, this is in the US business and we are currently in the process of building our Ohio brewery, which is in Canal Winchester just outside of Columbus. We chose Columbus for a number of reasons. James and Martin who are our co-founders, they visited and they found the community was just exactly in line with all the things that we stand for. They welcomed us with open arms. We just really felt like we belonged there, which sounds cheesy, but you don’t want to open a business somewhere where you don’t really feel like you fit in. It’s been amazing in terms of the reception that we’ve had so far.

The site that we’ve got is a 42-acre site that we’re building a 100,000 square foot building on. We’re going have a 170-barrel brewhouse with 22 fermentation vessels. We’ve got a 40 head canning line. We’ve got a hopinator, which is a way to dry hot beer that is quite innovative and scientific, and I’m not 100% sure how it works but it’s definitely going to make the beer even more hoppy, which is obviously a good thing.

We got an incentive from the local council, which was quite incredible. Obviously that helped us make that decision, but at the same time, it was much more about the people and the location. We’re also … I think we’re within 500 miles of 50% of the US population, so it’s really easy for us to get the beer out to people. One of the reasons that we really wanted to open a brewery in America is because we have seen huge demand for our beer stateside, but sending beer from Scotland to America is just impossible because by the time it gets there, by the time it’s gone through this three-tier system, it’s so expensive no one’s going to buy it. Not to mention the fact that the quality is completely diminished because it’s spent so long traveling and we have zero control over it. If we can make it locally, we can maintain much more control over it. We can make sure that it’s reaching people in the quality that it should. It’s going to taste amazing, and we can get round the three-tier system locally as opposed to trying to get through that from overseas.

We have a test that we do for every single decision we make, and the test is is it good for the beer. If the answer’s yes, we do it. If the answer’s no, we don’t touch it. It was quite an easy decision when we realized that actually, is building a brewery in America better for the beer, and it was. It was quite an easy decision.

Beer and people are the two number one focuses for us. Having everything focused on those two things means that we know what we’re doing and we know what the end outcome is to be. That’s brilliant quality beer made by people who believe in our culture and believe in our mission.

It’s also really cool that we’re going to have a bit of a two-way exchange between Scotland and Ohio where we can have the people who are involved in setting up our European business, have them advising on what best direction to take the US business. Likewise, we can bring over some of that more advanced beer industry and beer scene knowledge across from the States and bring that back over to Scotland where the landscape is really rapidly over here. At the same time, we still have to make sure that we’re looking ahead as opposed to just looking straight down at what’s in front of us. That’s just going to help both businesses as well.

Thomas: BrewDog has grown so fast overseas partially in part to having all these taprooms located throughout Europe, throughout Scotland, everywhere. Do you plan on opening a bunch of taprooms across America as well?

Sarah: Yes, we do. Like I said, we’ve got 44 bars worldwide. We’ve got about 28, 29 in the UK, plus we’ve got bars as far afield as Sao Paolo. We’ve got a few in Sweden, Finland, Norway. We’ve got one in Hong Kong, one in Tokyo. We’ve opened them all around the world and they’re all doing super well. We’re still looking to expand that footprint worldwide as well.

In America, we’re looking at where people are investing at the moment because that’s a really interesting way to see where we’ve got communities that are already building and therefore where we’ll definitely have a strong proposition to launch a bar. We did post a blog last week about the top 5 states that we’ve seen investment from so far, and I know that Texas is up there along with Ohio, which is counting for about 25% of all investment worldwide at the moment, which is insane. Obviously being our local community, it makes sense. California and New York, Florida, these are all the places that we’re definitely having a look at first because we’ve seen that the community is already established and is already really interested in what we’re doing in those places. Finding those states and looking at how we can approach those in terms of launching brew pubs is definitely high on our agenda.

Thomas: On your crowdfund offering site, which is being conducted through bankroll.ventures, I saw a chart that mentioned how you’re using that investment level to determine where there’s going to be demand and where you might open bars. I noticed my state is a lighter shade of blue (I’m in North Carolina) meaning we have only between 11 to 49 Equity for Punks applications. I’ll do my best to spread the word down here so maybe you all will open a bar here sometime in the future.

Sarah: Yeah, for sure. Yeah. Wherever we’re seeing hot spots of activity, that’s where we’re going to sort of mark in our cross-hairs to start with. The more people you tell, the more likelihood that we’ll launch a craft beer haven near you.

Thomas: That crowdfunding offering for potential investors will be open between now and February 2017, I believe. Is that right?

Sarah: Yeah, that’s correct. It’s a 6-month launch.

Thomas: BrewDog is hoping to sell around a million shares of equity in just the USA business, and it’s for $47.50 per share. Based on the offering circular, if BrewDog sells the full $50 million worth of stock, Equity for Punks USA investors will own about 14% of the business, which I think would put the valuation of the US business at over $300 million. Despite how much success you all have overseas, and maybe some of that success will carry over here because people will know the brand based on BrewDog’s TV show on Esquire and previously Spike, but that valuation for some people, they might consider that a little high. Especially when considering a USA brewery, Ballast Point, which is based in San Diego, had been around for about 20 years and had been hitting about $100 million in annual sales and they were acquired for about $1 billion, which is around three times what this valuation is.

What would you tell to a potential investor who’s hesitant to invest just purely based on the valuation?

Sarah: Firstly, I would say read the documentation that we’ve put out there because obviously that’s where the stuff that we’re definitely allowed to say is located. It being a crowdfunding raise and it being equity, there’s only so much I can say. Obviously, looking at the existing European business that we’ve grown, we’ve only been around nine years but the business is now solidly profitable. We’re the fastest-growing food and drinks brand in the UK. We’ve got all that knowledge and the board of directors is coming across with us. James and Martin who are the co-founders are on the board for our US business as well as our financial director, Neil Simpson. He’s involved in both businesses as well. We’ve got that experience and we’ve got that knowledge base. It’s that that’s got BrewDog where it is today from nothing.

We’ve also got the potential market that I discussed earlier. The fact that the Brewer’s Association is forecasting craft beer to account for 20% of the wider beer market in the US by 2020 means that there is a huge opportunity for us. There is no other mid-size brewery in the area of Ohio that we’re launching in. We’re tapping into a market where there isn’t a direct competitor for where we’re going to sit in the market. Obviously there is a huge thirst for craft beer in America, so our potential over there is absolutely astounding. That’s why we’re launching the business there and if people are investing, then obviously they believe in valuation that we’ve applied here.

Thomas: How wide does BrewDog plan to distribute their beer? Are they going to try to go coast to coast as soon as they start ramping up to full production capacity? Or are they going to roll it out slower, mostly in the Northeast and Midwest and kind of moving from there?

Sarah: Yeah. Obviously we’ll start closer to home because it’s much easier and there’ll obviously be a bit more awareness, but absolutely we’re looking at going coast to coast eventually as quickly as possible. I can’t state specifically when that will happen, but it’s something that we’re aiming for pretty sharpish.

Thomas: In addition to ownership interest in the business, you’re offering potential these Reg A+ investors some non-financial rewards as well, similar to how if someone invested in a Kickstarter campaign, they would get non-financial rewards. Can you tell my listeners about some of those non-financial perks that they would receive if they invest in Equity for Punks USA?

Sarah: Of course. These are sort of things that people in our UK Equity for Punks have really resonated with. Like I said before, you get access to the Equity Punks forum. You get early access to new beer launches. You get a say in how our company is run, so you’re actually asked what decision do you want us to make in this situation.

We also have our annual AGM, which is a legal requirement in the UK if you’ve got shareholders that you have to hold an annual general meeting or what we call the annual general mayhem. We’re going to transplant that across to the States. Instead of just holding a boring business talk in a very stuff conference center, we’ve actually turned it into a beer, music, and food party where we invite some of our favorite breweries along. We host some really cool bands, and we’re going to be doing that in Ohio with our first one in just a few weeks’ time actually, on the 24th of September. That’ll be our first US AGM so all of our initial shareholders will be invited to that and the ticket link should be going up very soon actually.

You also get things like discounts, tours around our breweries, both in Scotland and Ohio. You get an ID card which gets you access to the AGMs as well as discounts in bars which you get all around the world. You also get exclusive beers. There’s a few beers in the benefits of, and the benefits page is in the document which is on our website, you can see all the different exclusive beers that you can get your hands on, things like barrel aged beers, special edition runs of The End of History which I mentioned earlier which is that taxidermy beer. Signed books, the book Business for Punks which is James Watt who’s our co-founder, his business book, a signed version of that. Brooklyn Brew Kit. We’ve to a great relationship with Brooklyn Brewshop, so they’ve done a Dead Pony Club Brooklyn Brew Kit for us which is one of our best selling beers, which is a west coast pale ale. You can make your own version of one of our beers. There’s work shirts, there’s merchandise. You get invites to beer dinners depending on how much you invest. The more you invest, the more benefits you’ll unlock.

Also, I think there’s access to things like Lone Wolf, which is our new distillery that we’re launching in Scotland. That’s going to be making gins, vodkas, and whiskeys, so there’s the opportunity to get your hands on some of those spirits as well before the wider market.

Thomas: Nice! So even if you’re holding out on investing because of valuation or anything like that, there’s a lot of non-financial perks to incentivize people. Certainly, that party in September sounds like a large incentive to invest earlier rather than later.

Sarah: Exactly, yeah. It’ll be the first one that we’ve ever hosted on our US facility in Ohio. It’ll be the very first opportunity to come and see the site before we officially start brewing on it, which is super exciting. Like you say, the sooner you invest, the more likely you are to actually get an invite to that event.

I’ll have to say as well with things like Kickstarter and Indiegogo, that’s where you’re putting down your money but you don’t have a stake in the business. You just get the perks. With this, you get the perks but you also own a part of our company, which is only just starting out and you’ve got the opportunity to get there before anyone else. As we saw before, if there is the opportunity for that business to grow and for the business to make you a return on your equity shareholding, then obviously that can’t be sniffed out.

Thomas: James and Martin, the co-founders of BrewDog, they had a show in the US. It was on Spike and then Esquire network. They went around the US and other countries, making one-off beer batches with different craft breweries. Once you open in the US, are there any plans to bring back that show for another season for US audiences?

Sarah: The show’s obviously done great things for us in terms of growing awareness about the brand before we’ve even started, which is amazing and very, very few businesses from outside the States would be able to launch. Knowing that they’ve had a stateside TV show is obviously going to be a huge deal for us because people already know who James and Martin are, who BrewDog is. It’s a familiar name, so that’s obviously standing us in good stead. I don’t see any reason why we wouldn’t do more seasons. Obviously I can’t say whether there’s absolutely something there or not, but it’s definitely something that I know the guys would be really keen on doing again.

Thomas: From your perspective, since you’ve been involved in Equity for Punks both in the UK and now in the US, and mostly from a marketing perspective, what are some of the differences that you’ve seen? There is obviously more brand awareness in the UK since your beers are more widely distributed there, but what are some of the challenges and things you’ve seen as you’ve come over to the US versus running an equity crowdfunding offering in the UK?

I think in terms of the beer, it’s a different scene and if anything, it’s easier because (American) people already understand craft beer. They know the difference between macro and micro. There’s less of an education piece to happen there, although that is a lot of fun in the UK, being actually able to sort of see people learning and understanding about beer in a way they didn’t really know about before.

In terms of the crowdfunding side of things, equity crowdfunding is much more established over here. It’s something that people are quite familiar with and it’s less scary. With Reg A+ only coming in to play in the past 12-18 months in the States, obviously it is a newer thing and therefore there is a bit more that we need to do to relax people about it because it’s equity.

I think with using the Bankroll system, it does make it nice and simple. It doesn’t feel like a scary transaction. It feels quite comfortable and it should as well. I think we’re in the best possible position to be able to sell shares online in a way that people understand and are comfortable with, but at the same time, I do think that there’s a little bit to be done in terms of making people more relaxed about buying equity in a business. Things like Kickstarter and Indiegogo, people are familiar with those, but they might not necessarily be quite so comfortable with the idea of equity even though it does sound like a good idea. I think that’s definitely something that we need to bear in mind. It’s something that … the more businesses who use equity crowdfunding in America, the easier it will become.

Thomas: Yeah. It’s very fresh here. Reg A+ has been around maybe a year and the Title III crowdfunding which is for smaller raises has been around just a couple of months. I’m doing my best to try and help educate people, but I think having a big raise of $50 million from a well-known brand like BrewDog will definitely go a long way in helping to educate people about this new style of investing.

Sarah: Yes, and we’re super excited. Thanks so much for having us on. We’re really excited and if anyone wants to find out more, you can hit up BrewDog.com/USA/EquityForPunks, or just head across to EquityForPunksUSA.com to invest right away on BankRoll’s site.

Thomas: Great. Well, Sarah, it’s been great talking to you today and I look forward to following BrewDog’s progress in the months and years to come.

Sarah: Amazing. Thank you so much.