Less than 18 months after launching its sparkling water, Auckland-based beverage start-up Vista has closed a large investment deal with property developer and investor Kurt Gibbons. The deal will see Gibbons commit a lump sum cash injection and an interest-free line of credit in return for a 25 percent stake in the business.
Gibbons was sold on the product as soon as he tasted it and immediately reached out to the founders to arrange a phone call. “The boys really hit the nail on the head with Vista. It’s an incredibly simple product, with minimal ingredients and no hidden surprises. The founders have an impressive work ethic and our personal values are closely aligned, so getting involved in the business was a no brainer.
“The brand’s potential is huge, with the sparkling water market expanding rapidly as consumers become increasingly health conscious and choose to ditch sugary drinks,” said Gibbons.
The investor founded Gibbons Co., a luxury property development company, in 2008. He is widely known as a major player in the Auckland and Wellington property markets for his involvement in boutique high-end development and commercial leasing.
Scott Day, one of Vista’s co-founders expressed that the deal would ensure that Vista not only had the capital for growth it needed but the right expertise and experience too. “After nearly three years of working behind the scenes on product development and getting Vista off the ground, we’re hugely excited to be bringing Kurt on board. Locally, his investment will enable us to focus on new product development and continual market growth, including expansion into school canteens. Encouraging Kiwi kids to reduce their sugar consumption is a massive priority for us, but until now we simply haven’t had the capital to compete with the beverage giants by supplying schools with fridges.”
“Kurt’s investment will also help to drive the brand’s growth in offshore markets. We are confident that Vista can achieve massive results on a global scale and we are currently gearing up to launch in Australia later this year.”
Vista’s 27-year-old founders, Scott Day, Adam Sorensen and Russell Hopper, became friends while attending school together on Auckland’s North Shore.