Date: December 27, 2024

Dear Soulmate Family,

As we reflect on the first 17 months since opening our doors on July 28, 2023, we are filled with gratitude for the incredible journey we’ve had and the support we’ve received from all of you—our investors, family, friends, and loyal customers. Your belief in Soulmate Brewing has been a driving force behind our success, and as we head into the new year, we want to share some exciting milestones, updates, and plans for what’s next.

A Year of Success and Recognition

Since opening, Soulmate Brewing has made a mark on the craft beer community, receiving outstanding feedback and accolades. We are proud to have earned a 5-star rating on Google from 267 reviews and a 5-star rating on TripAdvisor. Our beers have garnered national recognition, with 17 medals at the Denver International Beer Competition in 2023 and 2024, including 12 medals this year alone. Our current medal count is as follows: 5 gold, 5 silver, and 7 bronze—an impressive testament to the quality of our craft.

Expansion and Growth

Soulmate Brewing’s presence is growing in Vermont. Our beers can now be found in 250 locations around Vermont, including popular retailers like Trader Joe’s, Hannaford, and Market 32, as well as coolers and shelves in towns across the state. We are also proud to be available at many premier ski lodges, reaching a wide and diverse customer base.

Additionally, we’ve been invited to expand our distribution into other states, and we’re actively seeking distribution partners to help us bring Soulmate beers to new markets.

Our taproom now boasts 18 draft lines, offering a wide range of beers with unique flavor profiles from around the world, including our popular custom hard seltzer. The demand for this product has been overwhelming, and our distributor is eager to bring it to market. To do so, we need to install a pasteurizer, which will enable us to offer this seltzer in stores, just as it’s been so well received in the brewery.

Exciting Collaborations and Future Projects

We are thrilled to be collaborating with breweries across the U.S. and Canada on some exciting new beers. Our partnerships with talented brewers in Canada have been particularly rewarding, and we look forward to announcing more details in the near future.

Mug Club and Community Initiatives

Our Mug Club, launched earlier this year, has been a great success. Members receive a custom mug crafted by our daughter Bria, with a larger pour and discounts on food, merchandise, and 4-packs. It’s been wonderful to see the enthusiasm and support from our members, and we’re excited to grow this community.

Our Pour It Forward program continues to be a meaningful way to give back to our military members and first responders. Guests can add a beer to their tab to buy a drink for a service member, and we offer a discount to all military, police, and veterans as a thank you for their service.

Brand and Marketing

With Hideki leading the charge making award winning beer, I tell a story with our art and our beer labels which have become a standout feature of our brand, garnering attention for their artistry and alignment with the quality of our beers. At Soulmate, we aim to offer more than just exceptional beer—we want to provide an experience that reflects our personalities and sense of humor. At the brewery, we have the advantage of guest interaction but in distribution, our beer labels are our voice.  Soulmate Brewing is about the relationships we have with family, friends, colleagues, and fellow craft beer lovers, and it’s this sense of community that we cherish most as we continue to develop our brand and marketing strategy.

Food and Future Plans

While we’ve focused primarily on being a brewery with the goal of building a national and international brand, we recognize that our food offering is an integral part of the Soulmate experience. With the Soulmate brand establishing the Vermont craft beer market, we’re exploring potential partnerships to bring on a food partner so that we can dedicate 100% of our resources to growing our beer and beverage brand.

Unique Soulmate Experiences

Our Soulmate $2 Bill Club continues to be a fun and unique part of our taproom experience. Guests exchange $2 dollars for $2 bills and write notes on them—from love stories to bachelor and bachelorette party memories—once ready we attach them to our ceiling, adding to the collection of Soulmate Stories. It’s another way we’ve created an inviting, personal atmosphere where guests feel connected to the Soulmate experience.

Challenges and Industry Landscape

As with any new business, the road has not been without its challenges. The craft beer industry, while still growing, has seen some pressure from the rising popularity of RTD (ready-to-drink) beverages. However, the craft beer market remains strong, and we believe that great beer will always be appreciated by true beer lovers. Consumers continue to seek out quality and flavor, and we are committed to offering the best beer possible. We remain confident in our ability to grow, leveraging our loyal fans, retail partners, and social media to build our brand.

While the market has been tough at times, the reception we’ve received since opening is a strong indicator that we’re on the right path. We remain focused on our vision and are optimistic about what the future holds.

Investor Update and Next Steps

Our first WeFunder campaign was a huge success, and we are grateful for your support. However, we don’t currently have the budget to run another marketing campaign for our current round of funding. As current investors, we ask for your help in sharing our offering with your network—family, friends, colleagues, and fellow craft beer lovers. We’ve proven that with limited resources, we can achieve great things, but we need your support to take the next steps.

The cost of installing a pasteurizer is just under $30,000, which will allow us to bring our hard seltzer to market. Additionally, completing our second lounge will double our sales capacity and provide lucrative opportunities for private events. It truly is a team effort and your support is greatly appreciated.

Looking Ahead

We are incredibly grateful for the support you’ve shown so far. As we continue to grow, we look forward to seeing where the next year will take us. We know there are many more challenges ahead, but with your continued support, we’re excited about the future of Soulmate Brewing.

Thank you again for being part of our journey. We couldn’t have come this far without you, and we can’t wait to see what the future holds for Soulmate.

We wish all of you a happy and healthy holiday season and to an amazing 2025!

Your Soulmate Team

Jonathan, Carol, Hideki and Harumi