With just one day before Bubble Tea Club opened its Birchal equity crowdfunding raise, the Australian record for the most amount of expressions of interest had been broken with almost 3000 people pledging to invest and this was set to climb further before EOIs officially closed.
Co-founders Pam Yip and Jenny Le are ecstatic they have smashed the two previous record holders, female-only ridesharing service Shebah (2,466 EOIs) and ocean waste collection start-up SEABIN (2,235 EOIs).
Bubble Tea Birchal equity crowdfunding prospects
“Everyone knows it’s the best feeling to host a party and every single person RSVPs before you have to chase them up!” said Pam Yip. “With 2,976 pledges as of 11.43am, and just over 10 hours left to get your EOI in, this number will rise even further.”
“Our whole team has been working so hard, this is a real pinch me moment. 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.”
Pam Yip continues. “To think, this all started in lockdown last year after losing our jobs, and now Bubble Tea Club is responsible for creating jobs for 30 people.
“We are blown away by the support of our community,” said Jenny Le. “We’ve always placed a strong emphasis on social engagement, and pardon the pun but it’s truly paid off for us.”
With the average EOI investment being $3582, Birchal is predicting Bubble Tea Club could comfortably sell $4.7m in shares – yet only $2m in equity is being released in this raise. This means shares could be exhausted in record time.
Some facts about Bubble Tea Club
Thanks to their genius idea of selling DIY at-home Bubble Tea making kits, over 30,000 customers have been making their bubble tea at home.
With Bubble Tea Club, you can make your own bubble tea starting $1.75 per serve, which is much cheaper than the usual $7-9 for a shop bought version.
“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,” said Pam Yip.
Matt Vitale, Birchal Co-founder said, “Bubble Tea Club has well and truly punched above its weight. I’m blown away by the backing of this quirky product. It just goes to show, it all comes down to having a highly passionate and engaged customer base.”
Bubble Tea Club plans to use funds raised to grow the Australian market, expand globally, finalising R&D, and international expansion into US and Canada, and eventually the UK.