Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

MOVAC Invests in 1above

Thursday 29th August, 2013


MOVAC Invests in 1above


MOVAC, the venture capital investment firm, has taken a 13% stake in 1Above, a functional drink that helps people fight jet lag and combat many of the health risks and discomfort related to flying.

1Above raised more than $2.4 million in this latest investment round, which was led by MOVAC and included TradeMe founder Sam Morgan and existing shareholders. Investors were attracted by 1Above’s exponential quarter-on-quarter growth since being launched in December 2010 and the quality of the team.

The funds raised will be used to accelerate the company’s global expansion and build the executive team, says Founder and Chief Marketing Officer Roger Boyd. “Attracting the likes of MOVAC and Sam to our loyal shareholder base is a real endorsement of the company’s abilities to deliver and scale. We are still a small company in the scheme of things, but we have achieved great channel successes. For example in WHSmith, in Australian airports, we are the third or fourth brand in terms of sales out of more than 40 in the fridge. We also have a great repeat purchase rate, terrific unsolicited customer endorsement and a loyal base of flight crew and well-travelled ambassadors who are helping grow the company by sharing their own positive stories. It’s a very exciting time at the moment.”

Work to build the executive team has already begun with the appointment of Tony Kerridge as Chief Executive Officer. Tony was General Manager and a shareholder of Caffe L’affare, a business he helped build from inception. It was sold for a reported sum of $25 million to Cerebos, the Australasian sauce, spice and coffee manufacturer, owned by the Japanese beverage giant Suntory. Tony was also an early investor in Charlie’s, the juice company, which was sold to Asahi in 2011 for $129 million. He has been an investor in 1Above since launch and brings years of FMCG sales and marketing experience to the business, says Boyd. “He will be a great asset in this high growth period.”

New Zealand business investor and advisor Mark Wynne has also joined the board as Chairman. Mark was President of Kimberly Clark South Asia and has more than 25 years global leadership and brand building experience. He joins MOVAC partner Mark Vivian and investment banker and long-term 1Above investor Toby King on the board.

MOVAC was attracted to 1Above by the company’s targeted focus on a deep narrow
distribution channel and 1Above’s creation of a new food and beverage business category, says MOVAC’s Mark Vivian. “Roger has demonstrated the potential of 1Above in a relatively short space of time, and this has been further evidenced by the quality of the team that he has attracted. I’m very excited by the range of opportunities that we have in front of us.”

The investment makes 1Above the third portfolio company in MOVAC's third fund, and one of several investments MOVAC expects to name shortly as it continues to invest in Kiwi companies which have the ability to rapidly scale revenues.

Boyd, a former Fonterra Brands general manager, says the company is now well placed to reach its ambitious growth targets. 1Above is also advertising for new staff to beef up its international sales and marketing team.

-ends-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>



All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>


MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>


Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>


DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>



Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>