Beverage startup Nexba raises AU$6mn
Australian sugar free beverage startup Nexba has secured AU$6mn (US$4.15mn) dollars of funding through the crowdfunding platform VentureCrowd.
As Business Insider Australia reports, $1.5mn of that figure came from the crowdfunding, while the remainder came from other private investors, making it the largest non-tech Australian crowdfunding.
Nexba’s co-founder Drew Bilbe gave a statement, saying “we were the first to market here in Australia and we continue to innovate with our retail partners to maintain our status as Australia’s leading naturally sugar-free beverage brand.”
Detailing the key features of the opportunity on its VentureCrowd page, Nexba reported gross revenues up 148% year on year at $6.2mn. Their projected gross revenue for this year was given as $12.5mn, up 104.8%. The company says that the results are a consequence of consumer demand for “better-for-you” food and beverages.
Domestically, the company report strong distribution in major Australian retailers of the likes of Coles and Woolworths.
Future global expansion is currently focused around a deal with the UK’s Saisbury’s supermarkets. Focusing on naturally sugar free products, the company will consequently not fall foul of the UK’s sugar tax, boosting its ability to compete.
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