Australian portable garden bed company Vegepod has confirmed that it is in advanced talks with private equity investors for an injection of funds to fuel expansion into new markets such as the Netherlands and Japan.
Simon Holloway, co-founder of Vegepod, said the company, which distributes its capsules in 19 countries, is ready to step up.
“Ideally, we’re looking for a single major investor, a major push, to continue our product development and global expansion,” he said.
He Australian Financial Review this week reported that Glow Capital was in talks to acquire a 70 percent 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 company’s first investment.
Holloway said that while both he and co-founder Matt Harris would remain co-owners, they would seek to name directors if a deal were to close.
Vegepod, which grew out of a backyard 13 years ago, had its breakthrough when RedBalloon founder Naomi Simson bought a stake in Network Ten’s. shark tank in 2016.
“We started out scratching the backyard, we had our big time on the show, and we kept expanding,” Holloway said.
The first two years of COVID were a boon for business, but Holloway said inflation and supply chain issues also fueled demand for his compact, self-watering garden beds.