Kiwi e-commerce startup raises $1.4 million for Australian expansion

Dean Blake

26th Oct 2020

Kiwi e-commerce enabler Storbie has raised $1.4 million (NZ$1.5 million) in capital to help fast-track its expansion onto Australian soil.

The business estimates it has built about 25 per cent of the online pharmacy sites on its platform in New Zealand, and just 10 months after landing in Australia already has more than 100 community pharmacies on board here. The company says it has seen a 113-per-cent increase in new website builds this year.

“It’s becoming increasingly obvious that local businesses are looking at ecommerce in a new light post-lockdown” said Storbie CEO Shane Bartle.

“Right from day one, Storbie has been built around the idea of supporting independent retailers. I see this investment as a mandate to continue expanding on our mission to give power back to the little guy.”

The business recently posted a 112-per-cent year-on-year growth during a time when e-commerce is penetrating portions of the consumer market that failed to embrace the technology until the lockdown came along.

And, data from the business shows that in August there was a 382-per-cent increase in new online store setups compared with the same month last year.