Australian portable garden bed company Vegepod has confirmed it is in advanced talks with private equity investors for a funding injection to fuel expansion into new markets such as the Netherlands and Japan.
Simon Holloway, who co-founded Vegepod, said the company, which distributes its pods in 19 countries, is ready for a step-up.
“We’re ideally looking for a single major investor, a major kick, to continue our product development and global expansion,” he said.
The Australian Financial Review this week reported that Glow Capital was in talks to acquire a 70 per cent stake in Vegepod.
The investment firm was launched in 2021 by former Quadrant Private Equity managing partner Justin Ryan and Adore Beauty co-founder Kate Morris. If completed, the acquisition would be the firm’s first investment.
Holloway said that while both co-founder Matt Harris and himself would remain co-owners, they would look to appoint directors if a deal was closed.
Vegepod, which sprouted from a backyard 13 years ago, had its breakthrough when the founder of RedBalloon, Naomi Simson bought a stake in it on Network Ten’s Shark Tank in 2016.
“We started off scratching around the backyard, had our big moment on the show and have kept expanding,” Holloway said.
The first two years of COVID were a boon for the business, but Holloway said inflation and supply chain issues also bolstered demand for their compact, self-watering garden beds.