Australian moveable garden bed company Vegepod has confirmed it is in superior talks with non-public fairness buyers for a funding injection to gas expansion into new markets such as the Netherlands and Japan.
Simon Holloway, who co-founded Vegepod, mentioned the company, which distributes its pods in 19 nations, is prepared for a step-up.
“We’re ideally searching for a single main investor, a serious kick, to proceed our product improvement and international expansion,” he mentioned.
The Australian Financial Review this week reported that Glow Capital was in talks to purchase a 70 per cent stake in Vegepod.
The funding agency was launched in 2021 by former Quadrant Private Equity managing associate Justin Ryan and Adore Beauty co-founder Kate Morris. If accomplished, the acquisition can be the agency’s first funding.
Holloway mentioned that whereas each co-founder Matt Harris and himself would stay co-owners, they might look to appoint administrators if a deal was closed.
Vegepod, which sprouted from a yard 13 years in the past, had its breakthrough when the founding father of RedBalloon, Naomi Simson purchased a stake in it on Network Ten’s Shark Tank in 2016.
“We began off scratching across the yard, had our huge second on the present and have saved increasing,” Holloway mentioned.
The first two years of COVID have been a boon for the enterprise, however Holloway mentioned inflation and provide chain points additionally bolstered demand for his or her compact, self-watering garden beds.