Aussie cold brew tea brand East Forged bags $1.5 million from leading Vietnam agribusiness
East Forged is set to take its unique cold brew nitro tea to the world, after securing $1.5 million in funding.
Brisbane-based East Forged is set to take its unique cold brew nitro tea to global markets and continue carving out a position in the burgeoning craft tea sector, after securing $1.5 million in funding from the venture capital arm of a leading agricultural business in Vietnam.
East Forged produces ready-to-drink teas made using an innovative cold-brewing process that incorporates nitrogen infusion at the canning stage.
This process adds a creaminess to the drinks, according to co-founder Tania Stacey, who says the sensation has earned the drinks the moniker of the “Guinness of the tea world”.
It has also landed East Forged drinks on the shelves of a growing roster of retail stockists, including Harris Farm supermarkets, WHSmith outlets, and select IGAs.
The business was founded by Stacey, a World Tea Brewing Champion, and Kym Cooper, a leading hospitality tea consultant, in 2020 and is now available from 200 stockists.
That number is now set to grow, thanks to the funding injection from Global Mind Agriculture Australia (GMAA), which is the venture capital arm of Vietnamese agribusiness TTC AgriS.
East Forged plans to use the $1.5 million in funding to expand its production capabilities and expand into key Asian markets, including South Korea and Japan.
At the same time, Stacey and Cooper want to expand the brand’s reach into premium retail outlets, boutique cafes, and online platforms that are geared towards health-focused products.
The funding from GMAA represents the largest external capital investment in the business to date, the founders confirmed to SmartCompany.
East Forged previously received $125,000 in grant funding from the federal government’s Boosting Female Founders (BFF) program before the program was discontinued, while two of its early SAFE note holders, Jamie Bayssari and Oz Ozluk from the company’s main distribution partner Caplan Distribution, have converted to minor shareholders.
“We are thrilled to have GMAA as a key investor and partner in our journey,” says Stacey.
“This investment will enable us to scale our operations and reach new markets, while staying true to our core mission of offering consumers a healthy, premium tea experience.
“The craft tea movement is gaining momentum globally, and we’re thrilled to be at the forefront of that change.”
In a statement, GMAA chief executive Duyen Doan described the “strategic partnership” with East Forged as the beginning of GMAA’s market expansion.
“This collaboration brings a new line of ready-to-drink tea products, proudly made in Australia, to the ASEAN region,” Doan said.
Elevating tea, the East Forged way
East Forged teas are made with green, black and white tea leaves sourced from ethical growers in Australia and China, with each batch brewed for up to 12 hours at the business’ facility in Sydney.
The cold-brewing technique is designed to ensure the natural flavour of the tea comes through, explains Cooper, while also eliminating the need to add the artificial sugars, colours and flavours that can often be found in other commercial tea products.
“We set out to elevate tea from a functional beverage to something much more refined, similar to what the craft beer industry has achieved,” she tells SmartCompany.
This approach will also extend to new product lines, adds Stacey, who shares that East Forged is currently trialling tea lattes featuring native ingredients.
“This new funding will accelerate our path to market for these products,” she says.
Stacey says she and Cooper are also “excited to grow our in-house team” following the recent funding.
Presently, the core team at East Forged includes only Stacey and Cooper, however they work with a craft brewer, who helps pack the orders, as well as partnering with packaging specialists, an illustrator, digital marketers, tax and legal experts, distributors and an external sales team.
While East Forged is only at the start of its growth journey, Stacey and Cooper say the BFF grant they received was “instrumental” in getting their products to market.
“It not only provided crucial funding but also allowed us to connect with investors and mentors who share our vision for the future of tea,” says Cooper.
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