BrewDog’s James Watt said today that his aim is to “become a unicorn” for his new startup, Social Tip, which has doubled its crowdfunding target to £2 million in just over a day.
“Our goal is to become a unicorn,” Watt told Tech.eu.
A unicorn is a privately held company valued at over $1 billion.
Social Tip has currently raised just over £2 million on crowdfunding platform Crowdcube at a pre-money valuation of £13 million.
The crowdfunding campaign began at 9am yesterday (Thursday).
Asked about the £13m valuation, Watt said:
“This valuation is validated by great third-party investors who have invested at the same valuation.
“The recognition is based on the technology we’ve built, the strength of our concept, the quality of our leadership team and the great partner brands we have signed.”
Founded by Watt, who co-founded the brewery and pub chain BrewDog in 2007 and served as its CEO until stepping down in May of this year, Social Tip is an influencer marketing venture that offers financial rewards to people who post about brands.
Watt said:
“Initially, our strategy was to secure funding from VCs and founders in my network, and then raise donations from the community.
“The first $1 million was invested by venture capitalists and founders.
“This step was crucial to ensure that our valuation was verified by a third party before we opened our investment up to the community. Because community is so important to us at Social Tip, crowdfunding was the obvious choice for us.”
Social Tip has set a £2.5 million cap on Crowdcube fundraising efforts.
Watt has recruited SocialChain founder and TV Dragon Stephen Bartlett as an investor and advisor.
Social Tip has published a strategy document saying it plans to have around 100,000 customers and 1,250 B2B partners by next year, and to gain a foothold in the UK and US markets.
The company also aims to expand into Europe by 2026.
Early investors include UK technology fund Haatch, which invested £310,000, the British Investment Bank, MiniClip CEO Rob Small, early BrewDog investor Keith Greggor, and Ryan Peterson, who also serves as an early investor.
Launch brand partners include BrewDog, Huel, PureGym, Slug & Lettuce and Virgin Pure.
The founding team includes Thomas Matecki, former chief technology officer at BNPL fintech company Zilch, and Georgia Lee, former managing director at food delivery service Supper.
BrewDog, which has faced numerous controversies over its treatment of employees, is worth about $2 billion, according to its 2020 valuation.
