New keg player Konvoy has completed its second capital raise since launching in October 2019.
Konvoy completed its first capital raise in November 2019. Ellerston Capital, a vehicle of the Packer family that manages $5 billion in funds, and Sydney-based private equity firm Five V Capital participated in the round.
With this new raise, Konvoy increases its total funds raised since launch to $13million. The funds will be used to purchase more kegs and invest further in technology.
The company said that despite the impact of COVID-19 during the capital raise process, there was strong interest in the business.
“We had no kegs rented in April and May,” founder Adam Trippe-Smith told Brews News. “But thankfully things bounced back in June as restrictions opened. July was our best month ever.
“We added 26 new customers and had a record month for keg rentals.”
“Konvoy is now well capitalised to continue its growth trajectory,” the company said in a statement.
The venture is underpinned by new technology that removes the need for producers to scan kegs manually.
“Each Konvoy Keg will be fitted with its own geo-location device that will be automatically detected as it moves through the supply chain,” Trippe-Smith said last year.
“For beverage producers, that means no more scanning with all the inaccuracy and irritation that goes with it. And our fixed pricing model means our customers can plan ahead with certainty.
“Having been involved in breweries ourselves, we understand the reality of running a keg fleet from the other side.
“Buying your own kegs ties up a serious amount of capital, and it takes months for them to be shipped from Europe – it remains a huge barrier to growth for the industry.”