I’ll drink to that: Gluten-free brewer Two Bays raises $1.9m from equity crowdfunding

Gluten-free beer brand Two Bays Brewing is raising a glass to new investors after pulling in $1.9 million through its ongoing OnMarket crowdfunding campaign, which coincides with a recent investment from Olympic gold medallist Brooke Hanson.

Founded in 2018 by Richard Jeffares, Two Bays offers a range of gluten-free beers, including pale ale, lager, session ale, Pacific ale, stout, Japanese rice lager and India pale ale (IPA).

Since its inception, the brand has generated more than $20 million in lifetime sales, with Two Bays seeing 18.6 per cent year-on-year revenue growth in FY25.

“Two Bays’ success is built on a community that refuses to be left out. Our investors are people who love our beer and believe in what we stand for,” Jeffares said, who is also CEO of the company. 

“They want us to thrive because they can’t imagine a world where their favourite beer is not available.”

Other backers of the Two Bays include Grill’d co-founder Simon Crowe and Trevor O’Hoy, the former CEO of one of Australia’s largest beer companies, Foster’s Group – known as Carlton & United Breweries since 2011.  

The first 24 hours of Two Bays’ private round saw the company raise $1.3 million from 400 investors, the average investment being $3,250 per person. The public round is now live, with the total increasing to $1.9 million from a collective 679 investors at the time of writing. 

One recent backer includes Brooke Hanson, who took home the gold medal in the women’s 4x100 medley relay at the Athens 2004 Summer Olympics. Recently diagnosed with coeliac disease, Hanson said her decision to invest in TWOBAYS was personal.

“I know what it feels like to be excluded from something as simple as sharing a beer with your friends,” she said.

“Discovering Two Bays gave me back that social connection. I’m proud to invest in a brand that’s making sure no one misses out on those moments.”

Two Bays is also one of the only breweries in Australia to ever win back-to-back World Beer Cup Gold Medals, recognised as the best gluten-free beer in the world in 2024 and 2025. 

The company is based in Dromana on Victoria's Mornington Peninsula.

OnMarket Campaign Manager Mark Hubbard noted that from day one, the company’s raise has stood out.

“During the expression of interest phase, TWØBAYS recorded the highest level of interest we’ve ever seen on our platform, reaching a midpoint of $8.1 million from more than 3,000 potential investors,” Hubbard said.

“TWOBAYS has built an extraordinary database as Australia’s largest brewery to consumer online retailer.

“When you combine that kind of brand loyalty with a mission people genuinely believe in, you create a raise that exceeds all expectations.”