The portable garden bed company is looking to finalize the deal as it aims to expand

Australian portable garden bed company Vegepod has confirmed it is in advanced discussions with private equity investors for a cash injection to fuel expansion into new markets such as the Netherlands and Japan.

Vegepod co-founder Simon Holloway said the company, which sells its pods in 19 countries, is ready for a step up.

Vegepod co-founder Simon Holloway said the company will open three new markets in the coming months.

Vegepod co-founder Simon Holloway said the company will open three new markets in the coming months.Credit:vegetable pod

“We are ideally looking for a single large investor, a major catalyst to continue our product development and global expansion,” he said.

the Australian Financial Report This week reported that Glow Capital was in talks to acquire a 70 percent stake in Vegepod.

The investment firm was founded in 2021 by former Quadrant Private Equity managing partner Justin Ryan and Adore Beauty co-founder Kate Morris. Once completed, the acquisition would be the company’s first investment.

Holloway said that both co-founder Matt Harris and he would remain co-owners, but would seek to appoint directors when a deal closes.

Vegepod, which sprouted from a backyard 13 years ago, got its big break when RedBalloon founder Naomi Simson acquired a stake in Network Ten’s shark tank in 2016.

“We started scratching around in the backyard, had our big moment on the show, and continued to expand,” Holloway said.

The first two years of COVID have been a boon for the company, but Holloway said inflation and supply chain issues have also boosted demand for its compact, self-watering garden beds.

https://www.smh.com.au/business/entrepreneurship/portable-garden-bed-company-looks-to-close-deal-as-it-eyes-expansion-20230124-p5cf69.html?ref=rss&utm_medium=rss&utm_source=rss_business The portable garden bed company is looking to finalize the deal as it aims to expand

Brian Lowry

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