Booktopia looks to raise $10 million from everyday Aussies
Online book retailer Booktopia is looking to take on external investment for the first time in its nearly 15-year history.
The online book retailer, which was famously bootstrapped from a shoestring budget of $10 a day in 2004 to an estimated annual turnover of $120 million in 2018, is now looking to raise $10 million through investment platform Equitise.
The retailer said it intends to use the capital to expand warehouse automation, hold more stock and continue to fund the liquidity of the business.
This is the largest equity crowdfunded capital raise facilitated through Equitise, and the first time Booktopia has opened itself up to external investors since its inception in 2004.
“We have always said that our customers have been our investors because they bought books from us and we used those funds to re-invest in the business to grow further,” Booktopia chief executive Tony Nash said.
“It is exciting we can offer our customers the opportunity to actually own a piece of our future.”
Booktopia is offering 8.1 per cent of the business to everyday Australians at $1 a share.
Equitise founder Chris Gilbert said that the investment platform was excited to be working with Booktopia and has a solid road map for growth post-funding.
Earlier this year, Booktopia ramped up its Booktopia Publisher Services business, acting as a wholesale distributor for local and international publishers, and has begun selling directly to bookstores and businesses.