Plant-based infant formula company Sprout Organic has launched a fundraising campaign through Birchal, opening to investors and shareholders following its global expansion into Saudi Arabia and Malaysia in February.
The Queensland-based infant formula was ranged in over 500 retail outlets within its first three months of trading from July 2021, and in 2022 its store footprint doubled to more than 1000.
Sprout Organic has a multi-channel distribution strategy and now supplies 2,000 retail stores including Terry White and Chemmart.
It ranges nationally with Chemist Warehouse, and in 2022 signed onto a national distribution deal with Australia’s largest health care group Go Vita.
According to its Birchal campaign, Sprout has sold more than 100,000 formula tins in 24 months.
FY23 and beyond for the company seeks to increase domestic retailers and expand into international retailers; launch into Indonesia, UK and UAE; and continue its scale of loyalty and subscription service on its website, which account for more than 50 per cent of company revenue.
The company recently won IFE’s World Food Innovation award for Best Children’s Product, and is the only certified organic and vegan formula on major retail shelves. It is also a member of the Infant Nutrition Council Australia & New Zealand and a signatory to the Marketing in Australia of Infant Formulas: Manufacturers and Importers Agreement 1992 (MAIF Agreement).
Expressions of interest for Sprout Organic's campaign are now open via Birchal.
