Nexba has raised $6 million from crowd-funding platform VentureCrowd, breaking records along with it.
The sugar-free beverage brand reportedly broke the record for Australia’s largest non-tech crowdfunding raise to date according to Foodmag.com.au.
Nexba Co-founder Drew Bilbe said: “Our success has been achieved by staying true to our core purpose of combating the health risks caused by both sugar-laden and artificially-sweetened drinks, whilst never compromising on taste. 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”.
Foodmag.com.au said the financing will support the brand’s global expansion plans with a focus on the UK.
Nexba’s VentureCrowd campaign page read: “Nexba’s Australian business has achieved significant growth in FY18 with gross sales up 148% YOY. The company has also commenced its global expansion strategy with its products currently on shelves in Sainsbury’s UK. The company is now closing the final allocation of its Series A round to fund expansion plans and working capital.”
Budburst Capital Director John Bacon who holds shares in both VentureCrowd and Nexba said: ““Nexba has the winning formula, catering to the increasing consumer demand for better-for-you food and beverage products. I’m proud to support Nexba through my private equity company, Budburst Capital, because of its world-class innovations”.