Self-service micro market chain Morsl has secured $5 million in a series-A capital round, increasing the company’s valuation to $14.4 million as it looks to accelerate its expansion. The company will use the funds to open 20 new sites, penetrate industries “beyond workplaces”, and hire key management positions to scale its business. Established in 2018, Morsl curates some 1000 fresh food, snacks, and drinks – including ready-to-eat meals, salads, and sandwiches – offered via a fu
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a a fully automated, self-checkout vending machine designed to look like a cafe.
“Our mission to provide easy access to healthier eating choices for Australian employees continues to gain important momentum as we reach this incredible milestone,” said Karla Borland, CEO at Morsl.
“When the Covid-19 pandemic, we had to change business focus from the corporate to the industrial sector, which remains our priority today.”
Borland added that the new capital would allow the company to market its services and show how it can provide employers with a workable wellness solution for their employees.
“Our significant pipeline shows a high demand from organisations looking to improve their employee productivity, satisfaction, engagement and retention in a tight labour market,” said Borland.
Since its launch, the company has grown to 13 sites across NSW and Victoria, in some of the country’s largest warehouses and logistic companies, including Amazon, Officeworks, and a recently signed partnership with Charter Hall.
In addition, its services have expanded beyond micro markets. The company now offer coffee, hot beverages, pantry services, vending, catering, and employee engagement events.
Morsl recently signed a lease for an office and warehouse space in Marrickville, Sydney, to accommodate its planned business expansion.
Participants in the capital raising include The Chapman Group – led by Chairman George Chapman AO and director Dr Ken Chapman – 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 company invested $4.3 million.
Further reading: Unmanned stores: vending machines on steroids, or new retail format?