James Watt, co-founder of BrewDog, is launching Second Best, a new beer brand built on a second attempt at the Equity for Punks crowdfunding model that made BrewDog famous.
BrewDog was sold to Tilray Brands in March 2026 for £33m ($44m), ending the craft beer brand's public life and leaving around 220,000 Equity for Punks investors empty handed. Those investors had contributed £75m across seven crowdfunding rounds between 2009 and 2021. Watt has now committed to allocating approximately 19.3% of Second Best's equity to former Equity for Punks investors, allowing them to claim their original stakes for free.
A different beer market
The new brand arrives in a drastically different environment than the one BrewDog rode to prominence in the 2000s and 2010s. Nearly three independent breweries close every week in the UK according to the Society of Independent Brewers. Sales of beer are declining overall, and pub culture is eroding. Drinkers are shifting to categories like ready-to-drink alcohol and non-alcoholic alternatives.
Second Best does not position itself as a craft beer brand. Instead, Watt says it will "focus on making the best versions of our favourite beer styles," a more direct appeal to familiar tastes than the experimental craft ethos of BrewDog's heyday.
Equity for Punks returns
The emotional centrepiece of Second Best is the chance for ordinary investors to participate again. Watt said in a LinkedIn post: "Thousands of people trusted me to build a brilliant beer business and create value for them. It was an obligation I took very seriously. And I, for one, am not done with that obligation."
Former Equity for Punks investors can claim their original stakes in Second Best at no cost. Watt said "your equity in Second Best will always rank alongside my own," meaning his personal stake matches theirs in terms of priority.
Watt's next acts
Watt stepped down as CEO of BrewDog in May 2024, followed by co-founder Martin Dickie in August 2025. He is now pursuing ventures outside beer, including Social Tip, a marketing platform that rewards everyday social media users for authentic brand posts. Social Tip has reached 100,000 users and claims to be 20 times more effective than conventional influencer marketing, according to independent measurement by ThisThat.
Second Best is expected to launch with an "alcohol adjacent concept" while Watt secures licenses and regulatory approval for the beer business itself.