Fundraising has been launched in South Australia for a wine and beverage sector innovation investment fund.
The Revel Drinks Fund is seeking to raise $15 million to invest in “energising Australia’s wine and drinks sector” by driving innovation across every sector of the production cycle – from vineyard automation to end-product branding.
Investments will be focused on new products, next generation consumers, evolving consumer preferences and emerging drinking occasions.
The three co-founders of fund manager Revel Drinks each have domain expertise and extensive advisory experience.
Darren Oemcke is marketing director of Hydra Consulting which advises wine industry companies on innovation and exporting plus mentoring start-up businesses.
Adelaide-based Geoff Thomas is senior investment manager of the $160 million Paspalis Innovation Investment Fund, a Northern Territory initiative funded by Darwin-based Paspalis Corporation and the Northern Territory Government. Thomas has long experience of advising on venture capital, technology and industrial investment and was formerly managing director of South Australian firms Paragon Private Equity and Playford Capital.
Ron van Buuren is managing director of Hydra Consulting which specialises in providing technical advice to wine industry companies. He has more than 30 years’ experience in the wine, beer and spirits sector and has founded three supplier businesses in the wine sector.
Revel Drinks plans to invest in early-stage ventures through to growth companies dealing with wine and beverage industry challenges. These include shortages of skilled labour, changing retailer and consumer demands and reducing the industry’s environmental footprint.
The co-founders expect to back innovative new approaches such as the use of artificial intelligence (AI), robotics and drones to bridge capability gaps.
They plan to make seed round investments of $500,000 to $2 million and participate in Series A rounds as a co-investor with investments of up to $2 million.
The idea of raising a first Australian wine technology fund (not the first wine sector private capital fund) has its roots in Foment, a start-up and scale-up growth program backed by Hydra Consulting and the Wine Industry Suppliers Association (WISA).
Oemcke said: “We know that the wine and drinks sector is operating in a rapidly evolving world. Venture capital-backed innovation is critical to accelerate the sector’s ability to adapt and thrive in this shifting landscape.”
Thomas said the fund would be committed to the long-term success of its investees.
“We’re bringing capital, expertise, and partnerships to help founders build scalable and impactful brands,” he said.
Image: The Revel Drinks Fund plans to drive innovation across every sector of the production cycle – from vineyard automation to end-product branding.