Heaps Normal eyes capital raise to fund US and UK expansion
Non-alcoholic brewer Heaps Normal is meeting with global investors as it looks to fund an offshore manufacturing push and its expansion into the US and UK markets.
The Canberra-based company, which counts British singer Robbie Williams and Adore Beauty founder Kate Morris among its backers, has been holding investor meetings as it considers a capital raise over the next six to 12 months.
Transaction snapshot
Deal value: $5 million to $10 million (indicative)
Deal multiples: N/A
Deal type: Growth equity raise
Investors: TBC
CEO Andy Miller has been meeting with larger US and Australian investors to fund the company's plans to double down on US and UK expansion. The business wants to add manufacturing capability in those markets and increase its on-ground presence.
Heaps Normal launched on Whole Foods shelves a year ago and entered the UK market in mid-2025. However, the company currently relies on beer exported from Australia, creating a need for offshore manufacturing to support growth.
The company hasn't locked down final terms for the potential capital raise, including the exact amount or valuation. If it proceeds, these details will be negotiated over the next six to 12 months.
Management completed the company's first two raises themselves, adding $8.5 million at a $58 million valuation in 2021. The new raise is expected to fall in the $5 million to $10 million range.
The brewer also wants to expand its domestic footprint. It launched the first phase of its new Marrickville venue in Sydney in November 2025. The company has plans to turn the space into a health and music club featuring a spa, sauna and rave room.
Heaps Normal's shareholder register currently includes a mix of early-stage venture capital, ex-founders, angel investors and family offices. Beyond the investors listed above, backers include Williams and Morris.
The company was founded in 2018 by professional surfer Jordy Smith, Andy Miller and brewer Ben Holdstock. It launched its first products in mid-2020, getting in early on the global shift towards lower alcohol consumption, particularly among younger drinkers.
Heaps Normal offers a range of non-alcoholic beers, including lager, XPA and hazy pale ale. The products are available in major retailers such as Dan Murphy's and Liquorland, as well as pubs and restaurants, at roughly $65 for a case of 24 cans.
Like many startups, Heaps Normal shifted focus after the pandemic, moving from high cash burn and growth at all costs towards targeting profitability. Several Australian beer brewers have gone bust since the pandemic, including Mighty Craft, Sydney Beer Co and Tribe Brewing.
