Keg renters Konvoy have announced the successful closing of its Series D $30 million capital raise through a combination of equity and convertible note. Konvoy said the new capital will be used to accelerate the execution of its growth strategies.
In a statement the company said: “Funding will facilitate the growth of the business domestically, with further investment in kegs locally to underpin the expected growth in the rental business as key markets in New South Wales and Victoria emerge from lockdown.
“The funds will also accelerate Konvoy’s international expansion, with the anticipated launch of Katch, Konvoy’s keg tracking and monitoring IoT solution, in the Northern Hemisphere. Katch will be introduced in Minneapolis at the US Craft Brewers Conference in May 2022, followed by a European launch at Drinktec’s Trade Fair in Munich, Germany in September 2022.”
Konvoy’s managing director Adam Trippe-Smith (pictured) said the successful raise provides growth capital at a critical stage for the business as its key domestic markets open-up post-COVID, and as they embark on international plans for both Konvoy and Katch.
“Konvoy is a bellwether for the re-opening of the economy across New South Wales and Victoria. As pubs ramp up activity and brewers increase production, we have just had our second largest rental month since launch. The signs are really promising for a bumper Summer as we help hospitality get back on its feet.
“The whole team is also looking forward to beginning our global expansion journey. Katch’s tracking technology is in the sights of some major players, and we are currently in discussions with global brewers to undertake trials with our generation 2 tracking device, which is set to launch in Q1 2022.”
This is an edited version of a media release distributed by Konvoy.