Roogenic raises $1.3 million in crowdfunding campaign
Key Insights:
- $800,000 of shares were sold in just two hours
- A second round opened later, which raised $500,000
- The business began as a family-run market stall seven years ago
West Australian bushfood company Roogenic has sold $1.3 million across two rounds of crowdfunding over this month – setting a new Australian equity crowdfunding campaign record.
$800,000 of shares were sold in just two hours – one hour and 54 minutes to be precise – beating the previous record of seven hours, which was set by Zero Co.
This record didn’t last long.
Roogenic then quickly opened a second round which raised a further $500,000 in less than 90 minutes.
Humble beginnings
Roogenic began as a family-run market stall seven years ago that served iced teas brewed with native Australian plants at the famous Fremantle Markets.
The business didn’t remain this small for long.
Customers were ecstatic with their improved gut health, better, sleep, increased energy and reduced energy after consuming the teas. These rave reviews fuelled their popularity.
Now the company is a leader in the Australian health and wellness industry and continues to produce tea blends that utilise both the traditional medicinal use of bushfoods with scientific research for those seeking natural health solutions.
Roogenic partners with Indigenous communities and small families who share the company’s vision of expanding the Australian bushfood industry.
Following the success of the campaign, Roogenis is new gearing up for the international market, with ambitious plans to export their products to the United States and Asia – the latter, ironically, being the home of tea.
Over the next few months, new tea blends will be released while new product ranges are in development with ready-to-drink items and superfood powers a focus.
“What an amazing response,” said Dannielle Cameron, Indigenous Relations Officer, when discussing the successful crowdfunding campaign.
“It’s exciting to see so many people supporting Australian bushfoods.”
“I can’t wait to see how we can expand the work we do in the community, and for so many more people to experience and learn more about the benefits of Australian bushfoods.”
– Dannielle Cameron, Indigenous Relations Officer
When asked about the crowdfunding, Ms Cameron added she was excited by the support they had received from their customer base and the wider Australian community.
“We truly believe in the medicinal properties of native plants in Australia and can’t wait to start creating new products and reaching new markets with the funds raised.”
Original article date: 27 April 2022
