How should I value a drinks business ahead of a first funding round, particularly for SEIS investment?

Valuing an early-stage drinks business is described by members as "a black art" with many possible approaches. There is no single formula, and valuations vary widely in rigour—members have seen some that read like "outstanding work of fiction." Here's what the community recommends:

**Approach:** - Valuation is ultimately determined by what an investor will pay, not by formulae alone. Use comparable brand valuations as a benchmark, but don't over-index on them. - **Pitch high initially**: Members advise erring on the side of over-valuation in your first round, because equity dilution at this stage is greatest. You'll likely negotiate down anyway ("you'll end up taking a hair cut on your valuation anyway, so over egg it"), so starting high protects your stake. - Several members reported having direct experience with raising at ~£300k SEIS rounds and offered calls to discuss specific numbers and methodologies in detail.

**Caveats:** - Macroeconomic climate affects investor appetite and valuation expectations. Conservative valuations are increasingly common. - Get advice from experienced founders in the space before finalizing your figure—this is sufficiently subjective that peer input is valuable.