US-based beer producer Ironclad Brewery has formed a corporate venturing unit that will invest up to $50,000 in local startups, Brewbound has reported.
Ironclad, which was founded in 2014, will provide between $25,000 and $50,000 in funding to each portfolio company and expects to invest about $200,000 per year in eight startups.
The fund’s first deal is a $50,000 investment in Petrics, the developer of a smart pet bed and activity tracker that provides information on a pet’s health and behaviour to its owner. The funding was matched by another investor, according to a regulatory filing.
Ironclad CEO Ted Coughlin told Brewbound: “We think the best return is to make venture investments from the company. I truly believe five years from now, we are going to be spending more time on the venture side than we are the brewery side.”
– Photo courtesy of Ironclad Brewery.