Riding the wave of online shopping growth, Wellington e-commerce success story Storbie has its sights set on international expansion as it closes its latest investment round.
The oversubscribed $2.3m round was led by Kiwi VC firm Alt Ventures, who were joined by Icehouse Ventures and prominent business leaders in the pharmacy and veterinary sectors.
Storbie now has the backing of former CEO of Green Cross Health, Grant Bai, founder of GO Healthy, Lisa South, and John Elstob, Managing Director of SVS Veterinary Supplies.
Alt Ventures’ Managing Partner, Chris Jagger, commented that “the international opportunity in the community pharmacy sector alone was an exciting proposition and the fact they’ve replicated this model in veterinary just goes to show their potential. We’re looking forward to what’s next for Storbie.”
Both Lisa and Grant will take a seat on the Storbie board and CEO Shane Bartle couldn’t be more pleased. “Their commitment and involvement will be invaluable to Storbie strategically and it demonstrates that people who know a lot about the industries we are focused on belief in our mission.”
Storbie’s New Zealand built technology platform empowers and advances community commerce in sectors that have struggled to keep pace with the digital wave. The sectors they work in, such as pharmacy and veterinary, are under pressure.
Big chains are attempting to dominate the conversation and commoditise healthcare, and on top of that, covid is creating workforce pressure and supply challenges.
Bartle adds: “Before Storbie, it was virtually impossible for pharmacies, veterinary clinics and the like to get set up online.
“They share the challenges of running a business with a complex supply chain coupled with scarce resources and this made competing for virtual shelf space with retail giants expensive and difficult.
“With Storbie, small and medium-sized businesses can become visible in web searches and remind their customers that there’s a local option.”
Storbie’s success is based on a scalable platform that is connected back through the supply chain.
Information on Storbie websites, such as product images, descriptions, as well as health articles and promotions are kept up to date automatically.
During 2021, Storbie solidified its niche in the community pharmacy and veterinary sectors with promising growth in both verticals in Australasia.
The Storbie platform leverages the support of the supply chain and uses smart technology to bring a full online experience together.
This is what makes it possible for these businesses to maintain a digital relationship with their local communities, without the types of overheads that are typically reserved for organisations with incredibly deep pockets.
Storbie currently operates in Australia and New Zealand and it won’t be long before Storbie’s iconic blue shopping cart makes its way into the Northern Hemisphere.
“The pandemic has accelerated the digitisation of small and medium-sized businesses and we’re being shoulder tapped by organisations around the world that have discovered how our technology enables this,” says Bartle.
The new funding enables Storbie to make new hires across the business to fast-track product development, invest in their customer success programme and prepare the business to operate in new territories.
The future is bright for this homegrown e-commerce start-up and there is an opportunity to be part of their story. Check out Storbie’s open positions based at their HQ in Wellington and apply here.
