Page 7 - Food & Drink Magazine April 2019

NEWS
LGBT investment vehicle makes first Aussie foray
GAINGELS, the world-first investment vehicle for LGBT founders and execs, has invested in Australian naturally sugar free beverage company Nexba. The Gaingels investment forms part of a $6 million Series A capital raise for Nexba, whose co-founder Troy Douglas is a proud gay entrepreneur and business leader. This is the first Australian investment for the Gaingels group, which currently operates in US, CanadianandBritishmarkets.
With LGBT founders shown to face discrimination and be less likely
to receive funding, Gaingels was formed to actively advocate for leadership diversity. According to
a survey by Credit Suisse, 37 per cent of founders were not “out” to investors and 12 per cent thought being “out” would hurt them.
Nexba says it has had a record year of growth, with a 148 per cent increase in year-on-year gross sales. The company recently launched into the UK market with a major deal with supermarket Sainsbury’s. Recent product launches include tonic waters and
functional offerings such as kombucha and probiotic waters. Nexba’s Series A funding will be used to accelerate Australian growth and support global expansion plans.
“I’m honoured that Nexba is Gaingels’ first Aussie investment. As an openly gay founder in a family-first business, I’m aware of how fortunate I’ve been to have the support of my business partner and brother-in-law Drew Bilbe,” Douglas,thecompany’sglobalCEO,said. ✷
$55m organic dairy facility breaks ground
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BEGA CHEESE
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MAGGIE BEER TO SELL FOOD BUSINESS
Maggie Beer is selling the 52 per cent majority stake she holds in the gourmet food company Maggie Beer Products for $10m to Longtable Group, which in 2016 bought a 48 per cent stake in the South Australian company.
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Coca-Cola Amatil has switched to 100 per cent sustainably accredited sugar across its Australian non-alcoholic range. All sugar is now being sourced from growers who are independently accredited as following sustainable production frameworks, the company said.
✷ SEE PAGE 8 FOR FULL STORY
WORK has begun on the construction of a dairy manufacturing facility in Victoria that will include Australia’s first dedicated organic nutritional spray dryer. Corio Bay Dairy Group (CBDG) is building the new $55 million plant to produce organic infant formulas and other nutritional powder products. CBDG is a joint venture between Aussie farmer-owned Organic
Dairy Farmers of Australia (ODFA), Wattle Health Australia (WHA), and Blend & Pack.
The plant will be located adjacent to the Organic Dairy in North Geelong and use organic milk from the dairy farmers who own ODFA, and a 50 per cent stake in CBDG.
Both operations will work together, and when
the facility is fully operational in 12 months, the spray dryer will have capacity to process in excess of 200,000 litres of fresh organic milk daily.
CBDG says the plant will bring great economic benefits to Geelong, directly employing around 45 staff, in addition to
generating work for a range of contractors. Newly appointed
CEO Dr Tony Mckenna said the initiative was a great opportunity to be part of the growing organic movement and to bring quality, organic nutritional products from farm to consumer.
“The success of CBDG will help drive the farm gate milk price for ODFA farmers and I’m
pleased to be part of a successful and positive dairy farming story,” Mckenna said. ✷
www.foodanddrinkbusiness.com.au | April 2019 | Food&Drink business | 7