Keg rental solution provider, Konvoy Group, has raised $30m through a combination of equity and convertible note, which will be used to execute growth strategies.
The company is looking at expansion both locally and internationally, with growth expected to come in key domestic markets, as New South Wales and Victoria emerge from lockdown. In addition the funds from the capital raise will also be used to accelerate Konvoy’s international expansion.
Konvoy is launching its keg tracking on monitoring system, Katch in the Northern Hemisphere next year; Katch will be introduced at the US Craft Brewers Conference in Minneapolis in May 2022, followed by a European launch at Drinktec’s Trade Fair in Munich in September 2022.
Konvoy’s Managing Director, Adam Trippe-Smith, said the successful raise provides growth capital at a critical stage for the business as it implements international plans for both Konvoy and Katch.
“Konvoy is a bellwether for the re-opening of the economy across New South Wales and Victoria,” he said.
“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.”