Investor appetite for agriculture startup Our Cow has seen the butcher subscription startup raise nearly $1.5 million from more than 750 investors in the first 24 hours of its Birchal crowdfunding campaign.
Farmers Bianca Tarrant and Dave McGiveron launched Our Cow in Northern NSW in 2019 after nearly losing their farm in droughts and then the Black Summer bushfires.
They initially sold their beef directly to consumers via Facebook, going onto launch their meat subscription service in April 2021.
Just two years on, it now turns over more than $22 million annually from more than 7,500 subscribers nationally, with a 79% customer retention rate.
Last April the business raised $2.38 million on a $3m target via crowd-sourced funding (CSF) campaign with VentureCrowd. It was the fourth largest CSF raise of 2022.
Now they’re back seeking an additional $2.62 million at $50 a share on a pre-money valuation of $62.67 million via Birchal. With hours of the campaign opening to EOI-registered investors on Tuesday, they’d raised $700,000, surpassing the minimum target, going onto double that figure by Wednesday lunchtime.
With 15 days left to attract the final $1.1 million in capital, the campaign looks set to close early.
Bianca Tarrant, said the company was thrilled with the support, particularly from customers and fellow farmers.
“Our customers and fellow farmers have always been particularly loyal and enthusiastic about our product and service and it was truly wonderful to see that translate to support for the company,” she said.
“We want to thank everyone who participated in the round which will go a long way to helping us with our goal to become the biggest and best food delivery company in Australia.”
The company employs more than 50 people, with a processing plant in Casino, 80km west of Byron Bay, and works with a network of 150 farms.
Over the Christmas break, Our Cow snapped up the Voly brand and database for an undisclosed sum from the failed grocery delivery service’s administrators.
Our Cow revived the brand last week emailing Voly customers, saying they plan to take the Sydney-based brand to all capital cities and also create “the ultimate online farmers market”.
Details on the Birchal campaign are here.