Melbourne-based DIY drink making kit company – Bubble Tea Club launched its Birchal equity crowdfunding raise, setting the Australian record for the highest number of expressions of interest and almost 3000 people pledging to invest.
The number of investors is set to climb further as expressions of interest officially closed Tuesday night.
Co-founders Pam Yip and Jenny Le smashed the two previous record holders – the female-only ride-sharing service Shebah (which garnered 2,466 EOIs) and ocean waste collection start-up SEABIN (which had 2,235 EOIs).
Investors had to register their EOI before 10pm on Tuesday night and jump in when the raise goes live on the Birchal equity crowdfunding platform midday today, since shares are likely to be exhausted immediately.
The Bubble Tea Club is a business where customers can make their own bubble tea at home – starting at $1.75 per serve, which is cheaper than the average $7-9 for a shop bought drink.
Pam Yi said her team has been working hard in the last few months, and that this moment was very exciting.
“This is a real pinch me moment,” she said. “We are so excited to begin our raise, and we’ll try not to blink as it may be over very quickly because the pledges that are registered are far more than the $2m in shares we have up for grabs.”
“To think, this all started in lockdown last year after losing our jobs, and now Bubble Tea Club is responsible for creating jobs.”
Jenny Le said she was blown away by the support from her community.
“We’ve always placed a strong emphasis on social engagement, and pardon the pun but it’s truly paid off for us,” she said.
Birchal is forecasting Bubble Tea Club to sell $4.7m in shares, a stark contrast to the average EOI investment of $3582.
Both founders are based in Melbourne and lost their jobs during COVID. Le was working as an optometrist, and Yip was freelancing in marketing.
Within twelve months, the pair have converted their start up into a $2M dollar company. Today, it has over 30,000 customers signed up as members, making premium bubble teas at home since April last year.
The founders are joined by Justin Huang (Le’s partner), sixteen-year old Tim Huang (Jenny’s brother-in-law) and Yi Ong (Huang’s coworker) as fellow cofounders.
“Not only were we the first company in Australia to produce bubble tea making kits for the home or workplace, we were also one of the only companies in the world, and we still are the leading company to do so globally,” Yip said.
Birchal’s Co-founder, Matt Vitale said that the Bubble Tea Club has punched above its weight.
“I’m blown away by the backing of this quirky product,” he said. “It just goes to show, it all comes down to having a highly passionate and engaged customer base.”
Bubble Tea Club hope to use the funds raised to expand their business internationally, as well as grow the market in Australia.