Sojourner’s Brewing Project will compete in the fast-growing craft beer industry, initially in the greater Denver market. Sojourner’s Brewing Project will open under a beer wholesaler’s license, and, for the first couple years, will focus on building community and recognition around their taproom, with limited self-distribution to area bars in the form of leased kegs and liquor stores in the form of 22oz bombers and 12oz cans. Sojourner’s Brewing Project was inspired by a passion for homebrewing and a love of teaching. The word “Sojourner’s” is meant to invoke images of the intrepid explorer; “Brewing Project” pays homage to some of the small nanobreweries that have been the inspiration behind our high-release brewing model. Sojourner’s Brewing Project is a Limited Liability Company with two Members: Andrew Moore and Ben Gettinger. Andrew is a medal-winning amateur brewer who currently works for 105 Degree West Brewing in Castle Rock as a server and assistant brewer. In the past, he worked in packaging and cellaring for Boulder Beer Company, brewed for Crystal Springs Brewing, taught courses at Castle Rock Homebrew Supply, and assisted in the preliminary development of 105 Degree West Brewing Company. Ben holds a bachelor’s degree in economics from Harvard and will finish a JD/MBA at Indiana University in May 2016. He left an options-trading job in Chicago in 2010 and returned to his small hometown in Indiana to take over publishing his family’s newspaper from his ailing mother. Upon matriculating at IU, he assisted in the sale of the business and has interned for three summers at in-house consulting roles for Fortune-200 companies.

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Benjamin P Gettinger, Cofounder

Financial Summary

Previous Fundraise Summary

Security Type Convertible Note
Investor Eligibility All Investors

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Convertible note investing explained

How it works: Investors loan funds to the business which convert to equity at a discount to the price of the next round of equity financing.

Use this calculator to get a better understanding of different potential outcomes when investing through a convertible note.

This is a simplified calculation; exact equity provided through a convertible note will depend on the conversion mechanics used in the note offering as well as the terms provided in the future equity offering.

How much equity will I potentially own when investing through a convertible note?

How much do you plan to invest in the offering?
How much capital is the business trying to raise?
What is the expected valuation at conversion?
What future valuation discount is being offered?

We have assumed investors will accrue interest on their convertible notes at an 4.5% rate over 24 months for this analysis.

You would receive of the ownership in your company if converted to equity in this scenario.

If the amount was not converted, the full investment amount plus interest ( ) would become due and payable after 24 months.

Convertible Note Basics

A convertible note is an investment structure that allows a company to take on funding in exchange for equity at a later date. At the time of the investment, the funds are considered debt, but at some date in the future, those funds (+ any accrued interest) convert to equity. A discount is typically included in a convertible note that provides investors equity at a cheaper price than what equity is being offered at, at the time of conversion. This discount compensates the investors for investing at an earlier date. If the notes have not been converted to equity by the maturity date (often 12 to 24 months), the debt plus interest is due and payable to investors.

A convertible note can be a good tool for a company to raise funds to help bridge to a larger equity offering to occur at a later date. For companies that are early with respect to customer and revenue traction it can be difficult to set the valuation of the business. A convertible note does not require a valuation to be set, offering a simpler transaction structure to close a smaller amount of funding. The company should then be able to more quickly close and deploy the capital to make progress with the business.

Learn about investing in convertible notes at our Help Desk or get in touch with us.

Financials

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Team

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Benjamin P Gettinger

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Andrew Moore

About Sojourner's Brewing Project

Entity Sojourner's Brewing Project, LLC
Entity Type LLC

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