Two Bays Brewing
Crowd-Sourced Funding Case Study
October 2025, $2.5m raised
​Two Bays Brewing Co. successfully completed its crowd-sourced funding (CSF) offer on OnMarket, raising $2.5 million and welcoming 1,014 new shareholders. The offer reached its maximum target and closed early—ranking among Australia’s largest CSF outcomes in 2025.
About Two Bays
Two Bays Brewing Co. is Australia’s leading dedicated gluten‑free brewery, founded to make high‑quality beer accessible for people who avoid gluten. The company operates a purpose‑built facility on Victoria’s Mornington Peninsula, brewing exclusively with gluten‑free malts and running a destination taproom that anchors brand community and product discovery.
Founder Richard Jeffares was diagnosed with coeliac disease in 2015 and set out to rebuild the beer experience for gluten‑free drinkers—from flavour to inclusivity. The brewery opened its doors in December 2018, quickly establishing national presence.
Brand architecture. Two Bays now serves two complementary audiences: TWØBAYS — the craft range launched in 2018 (IPAs, pales, seasonals). GFB — an easy‑drinking range launched in September 2021 for mainstream occasions. TWØBAYS Brewing Co Awards & credibility. Two Bays achieved back‑to‑back World Beer Cup Golds (2024, 2025)—a rare feat that underscores product quality and category leadership. The Crafty Pint Where to find it. The beers are available through all major retailers, key wholesalers, and ~2,500 venues nationally, reflecting strong pull‑through and trade acceptance for gluten‑free beer.
"For the 1,302 shareholders themselves, we wanted them as advocates of the brand, and they're going to be advocates as they are now, business partners."
Derek Charge, Managing Director & CEO
Largest Australian Equity Crowdfunding Raise in the Alcohol Sector
Early traction. The campaign broke OnMarket day‑one records, with $1.285m in the first 24 hours from 395 investors (average $3,255 per investor), signalling depth of demand before public momentum compounded. Food & Drink Business Use of funds. Scale production capacity, expand national distribution, and launch a new city venue to showcase the full range—converting customers into long‑term advocates and owners. Food & Drink Business +1 Notable backers. The company has attracted industry heavyweights (e.g., Grill’d founder Simon Crowe, former Foster’s CEO Trevor O’Hoy), providing additional confidence for new investors. Food & Drink Business
People are seeking a community. People want to connect. That's the gap in the market at the moment. So if you've got a product and the ability to build a community, it's a very smart capital raising method."
Lara Wheby, Head of Marketing & CFO
Media Features During The Campaign
Why Did Two Bays Choose To Raise Funds via Equity Crowdfunding?
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Community fit. Two Bays already had a passionate national following among gluten‑free consumers and craft‑beer fans. CSF allowed those customers to become owners, deepening advocacy and lifetime value. (Reflected in founder comments during the campaign and media coverage.) Food & Drink Business
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Category momentum vs. beer headwinds. While APAC beer volumes declined ~3% year‑on‑year, the gluten‑free beer segment is forecast to grow at ~14.6% CAGR, positioning Two Bays to capture outsized upside as distribution expands. Food & Drink Business
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Clear deployment plan. Capital goes directly into capacity, distribution, and brand experience (venue), which are tangible levers to service unmet demand at scale. Food & Drink Business+1
Social Media Posts During The Campaign
