1Above, the travel wellbeing company, has launched a funding campaign through equity crowdfunding platform, Equitise.
This equity funding will be used to grow their customer base, increase brand support, and work on innovation projects and further scientific validation.
Having already raised $1.5m NZD toward the required $3m NZD, the campaign, which is open to the public from 22 August to 9 September, allows everyday New Zealanders and Australians the opportunity to invest alongside investment heavy-hitters Movac and K1W1.
Movac is best known for being an early investor in Trade Me, PowerbyProxi, and Aroa Biosurgery amongst others, whilst K1W1 was started by Warehouse Group founder, Sir Stephen Tindall. Both organisations are known for their shrewd investments in early stage companies and believe that the value proposition of 1Above is strong.
1Above CEO Stephen Smith is confident that this raise will help grow 1Above’s already booming customer base.
“We’ve had a 124 percent compound annual growth rate in revenue since launch. We’re going to ramp things up even further after this capital raise, taking this Kiwi founded company even more global. We’re delighted to offer allow wholesale and retail investors to share in our journey” says Smith.
The management team of 1Above has over 70 years FMCG experience, with backgrounds at Lion, Fonterra, Deloitte and Wendy’s.
1Above is a flight recovery drink designed to help travellers fight travel fatigue. It is sold online as well as in 250 outlets in New Zealand and throughout the world, including the United States, Australia and Canada. The business earned NZ$2.4m in revenue last year with forecast revenue for FY19 of NZ$12.87m.