Speakeasy Group looks to raise AU$3m to expand

The owners of Australia’s The Speakeasy Group are looking to sell 10% of the company in order to raise up to AU$3 million (US$2.13) to open new bars and expand business collaborations.

Eau de Vie has venues in Melbourne and Sydney, Australia

Company directors Greg Sanderson and Sven Almenning own The Speakeasy Group, which boasts bars including Boilermaker House, Eau de Vie, Nick & Nora’s, and Mjølner, which are spread across Sydney and Melbourne.

Founded in 2010, the company has almost doubled in both size and turnover in the last 18 months, and will use the investment for national and international expansion.

In order to do this, The Speakeasy Group is looking for investors to put forward any monetary amount from AU$500 to AU$10,000 through crowdfunding platform Birchal. In return, shareholders will be given owner privileges and yearly dividends.

Explaining the fundraising objectives, The Speakeasy Group said in a statement: “With a maximum target of $3 million, should we reach our goal the funds will also go towards fulfilling owners Greg and Sven’s long-term goal of funding a venue that will be opened in collaboration with some of the group’s staff members including the incredible team at Boilermaker House.”

Expansion plans include opening Boilermaker House in Sydney and other Australian states, as well as opening another Nick & Nora’s venue in Melbourne.

Furthermore, the group hopes to open a Mjølner venue in London by mid-2020, and one in the US at some point in the future.

In October last year, The Speakeasy Group revealed a whisky menu app for its Boilermaker House whisky bar in Melbourne.