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.”