New funding raises Morsl’s valuation to $14.4 million as the company looks to accelerate its expansion plans.
Australia’s first self-service micro market, Morsl, has successfully raised $5 million in a series A capital raise. This new funding raises Morsl’s valuation to $14.4 million post-money as the company looks to accelerate its expansion plans.
Morsl intends to use the funds to execute its current pipeline of over 20 new sites across Australia, accelerate its growth nationally beyond workplaces, and hire key management positions to further scale the business.
The raise includes a cornerstone investment of $4.3 million from The Chapman Group, a Cairns-based family investment office with active businesses in tourism, real estate and agriculture and a diverse investment portfolio including listed and private equity and venture capital. The group is led by Chairman George Chapman AO and Director Dr Ken Chapman.
Launched in 2018, Morsl offers a curated range of over 1,000 fresh food, and better-for-you snacks and drinks – including ready to eat meals, sandwiches and salads – via an innovative fully automated, self-checkout marketplace which is designed to look like a trendy cafe.
Morsl chief executive officer, Karla Borland says “Our mission to provide easy access to healthier eating choices for Australian employees continues to gain important momentum as we reach this incredible milestone today.”
“When the COVID-19 pandemic, we had to change business focus from the corporate to the industrial sector, which remains our priority today. Health and wellbeing are significant issues with blue collar workers often facing long, physical work shifts, and limited access to healthy food options in and around their workplace,” Ms Borland said.
“Our significant pipeline shows there is high demand from organisations looking to improve their employee productivity, satisfaction, engagement and retention in a tight labour market. This new capital will allow us to further raise awareness amongst Australian employers to show how Morsl can provide them with a workable wellness solution for their people.”
Since launch, Morsl has continued to expand its locations with 13 established sites across New South Wales and Victoria in some of Australia’s largest warehouses and logistic companies, including Amazon and Officeworks.
The company has recently signed a lease for an office/warehouse space in Marrickville, Sydney to accommodate the planned business growth.
Morsl recently signed a national partnership with Charter Hall to take an industry-leading approach for healthy work environments across its industrial portfolio.
Morsl currently supports over 5,000 employees access healthy and fresh food options via automated, unmanned 24/7 micro markets powered by best-in-class technology entirely managed by Morsl.
Morsl’s offering now also expands beyond micro markets, including coffee and hot beverage options, pantry services, vending, catering procurement and employee engagement events.