eBev will appoint brokers shortly for a pre-IPO capital raise & plan to list in 2022.
Will be interesting to go through their financials. They have 1,000 venues using the fast payment & most likely skimming 2%.
$150M GMV x 2% = $30M revenue at 100% take up rate. Not sure how much GMV to allow for current 1,000 venues.
eBev closes $2m raise as IPO plans take shape
Order up! Sydney-based beverage order management start-up eBev is understood to have raised $2 million in a round led by the country’s most active early stage investor, Artesian VC.
Venture Advisory acted as the financial advisor on the round and has also been appointed as an advisor for eBev’s upcoming pre-IPO round and the consequent listing of the business.
The company is the country’s largest independent online ordering platform and financing service for the beverage trade. It counts the likes of Australian Venue Co, Rockpool Dining Group, Three Blue Ducks and Signature Hospitality as clients.
It plans to undertake the pre-IPO capital raise later this year, ahead of a listing in 2022. Brokers are expected to be appointed later this year.
The business-to-business marketplace has 65,000 products from 12,000 producers and brands on its platform.
eBev completes $2m capital raise to grow credit service & accelerate growth
Independent online beverage ordering platform and financing service for the beverage trade, eBev has completed an equity raise of $2 million to expand the capability of the company’s recently launched trade credit service, and accelerate its growth trajectory.
The eBev platform offers 65,000 products from 700 suppliers and counts $150m worth of annual orders. The business launched its credit service, eBev Trade, late last year, guaranteeing payment to suppliers within three days.
Since its launch more than 1,000 venues have signed to the credit service which enables venues to order from multiple suppliers in a single order on a single account.
Ian Harris, CEO of eBev, said “ The huge hit by COVID to the On-Premise beverage market on both the Venue and supplier side cannot be understated. eBev Trade will assist businesses to get back on their feet quicker with improved cash flow and limited risk in selling to venues who are themselves struggling to get back to normal trading.
“Our platform offers tangible benefits to both sides of the beverage trade, with the further investment we now have the runway for our platform to really benefit the Beverage Trade community.”
Artesian VC ran the capital raise and Venture Advisory have been appointed advisors as eBev plans to launch its IPO and list on the ASX.
“This capital raise positions eBev well to support our plans for aggressive growth in engaging both suppliers and licensed premises. We welcome the addition of the new shareholders and the deepening of relationship with our existing shareholders including the Artesian VC fund,” said Ian Harris.
The latest round follows its first seed raise led by Sydney Angels in 2016 which supported eBev’s expansion to Melbourne and other states, category expansion and the establishment of the credit service.
Adrian Bunter, Non-Executive Director and Sydney Angels lead investor states, “Since the first investment in eBev, we have seen it develop to become Australia’s leading online beverage marketplace covering almost all suppliers in the entire market and used by Australia’s leading venue groups.
“eBev Trade is solving a real problem in the market and has been getting fantastic feedback. It will be instrumental to suppliers and venues, helping them recover from the impacts of COVID shutdowns, and helping them grow their business.”
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