Nick Sheridan’s 99th Monkey teams up with Bunsters Hot Sauces to create spicy new peanut butter

Australia’s peanut butter maestro from Melbourne is joining forces with the nation’s hot sauce queen in a move that shows the power of crowd-funding.

The peanut butter maestro behind Australia’s cult spread flying off supermarket shelves is joining forces with the nation’s hot sauce queen in a move that shows the power of crowd-funding.

Nick Sheridan, Melbourne-based millionaire and founder of cult brand 99th Monkey, has teamed up with Renae Bunster, of Bunsters Hot Sauces, to create a spicy new peanut butter.

The announcement of Bunsters x 99th Monkey Sh*t The Bed Peanut Butter coincides with Mr Sheridan’s share offer going public, allowing anyone who wants to invest in the firm to buy shares from midday on Tuesday.

The private round of 99th Monkey’s equity crowding raise has so far seen $475,800 worth of shares issued to 150 investors.

Nick Sheridan with his Bunsters x 99th Monkey Sh*t The Bed Peanut Butter.

The spicy new product has long been a dream for Mr Sheridan, 40, whose nut butter business is on track to make $1.5 million this year and has an overall value of more than $4 million.

The investor funds from his Birchal equity crowd-funding raise will support the introduction of a slate of new products that target high-growth categories such as snacking, ready-to-drink beverages and protein powders.

Mr Sheridan described his Sh*t The Bed collaboration as “having a really great kick to it”.

“We think even people who don’t like spice will make an exception for this, but we haven’t dumbed it down at all,” he said.

“We’ve let that chilli factor really shine through. We’ve got the beautiful sweet peanuts, the best-tasting peanuts in the world, combined with the Sh*t The Bed Hot Sauce and the taste is amazing.”

Former journalist Nick Sheridan has turned his obsession with nuts into a lucrative business. Picture: Supplied via NCA NewsWire

Mr Sheridan initially connected with Ms Bunster who hails from Western Australia, through Carman’s founder Carolyn Creswell. He also contacted her to get some advice on his crowd-funding campaign.

“A large part of our thinking around crowd-funding was to give our fans a chance to get involved with the business,” he said.

“Obviously we’re growing very quickly and we’ve got some great plans for the future and we thought what a great way to facilitate that was to get the fans involved and own a part of the business.”

Renae Bunster with her new ready-to-drink cocktail range.

Mr Sheridan said one of the benefits of crowd-funding was how it has led to connections and input from key backers such as Salvatore Malatesta, the CEO of prominent Melbourne coffee roaster St. Ali, who has become a mentor.

“I look forward to learning a lot from Sal as we grow. There’s been a number of other people with great marketing and food experience who are all really keen to be involved in the business, giving their advice and helping us with connections as we chart the course — it’s really exciting,” he said.

“We knew we needed some investment to take it up to the next level with the plans that we’ve got because we really want to expand into different categories.

“It’s a hard world to navigate, trying to raise capital. Crowd-funding makes it possible for anyone with a great idea and an engaged fan base to take that next step.”

Ms Bunster, who raised $2 million in equity crowd-funding for her own firm, described the funding alternative as a “win-win” for smaller companies.

Set to release her new range of ready-to-drink cocktails in the new year, she said there were multiple benefits to crowd-funding.

“The one thing I got from equity crowd-funding that you don’t get with any other form of finance is thousands of rabid fans who are literally invested in the success of your business,” she said.

“My investors have helped me to create my new products and they even help me find retailers. Some buy so much sauce they get wholesale rates and then they on-sell it to their mates, just like Avon Ladies. But they’re Sh*t the Bed men.”

Bunsters x 99th Monkey Sh*t The Bed Peanut Butter will be available for a limited time only, from the 99th Monkey website.

Originally published as Nick Sheridan’s 99th Monkey teams up with Bunsters Hot Sauces to create spicy new peanut butter