Konvoy has raised $8 million in its latest capital raise which it said it will spend on keg technology investment and working capital.
Ellerston Capital, which manages $5 billion in funds, and Sydney-based private equity firm Five V Capital participated in the round.
It means that in addition to its first capital raise in November 2019, startup Konvoy has now raised $13 million since launching in October 2019.
Konvoy founder Adam Trippe-Smith said that the funds would be used to purchase more kegs, invest further in technology and the balance into cash reserves.
“Cash in reserve is vital in these crazy times,” he told Brews News.
Konvoy has certainly not been immune to the COVID-19 lockdowns, but Trippe-Smith explained that operations were back on track.
“We had no kegs rented in April and May,” explained Trippe-Smith. “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.”
Trippe-Smith explained the capital raise was a part of the company’s strategies to protect the business during difficult times.
“Our main strategy has been to always stay ahead with cash reserves for times like these and be patient. We can’t control COVID-19 so have just focused on what we can control; customer service.
“I like to think the investor support has endorsed our team and our focus on customer service as well as the broader outlook for the ANZ beverage industry post COVID-19.”
Find out more about Adam Trippe-Smith and the founding of Konvoy on the Beer is a Conversation podcast.