Nexba

KYCO: Know Your Company

Reveal Profile

3 November 2025

1) Overview of the Company

NEXBA PTY LTD is an Australian beverage company founded in 2010 by Drew Bilbe and Troy Douglas, specializing in naturally sugar-free functional drinks and kombucha. Based in Sydney, the company operates as a multi-category brand utilizing its globally patented plant-based sweetener Goodsweet® as an alternative to sugar and artificial ingredients. NEXBA PTY LTD’s product portfolio includes naturally sugar-free cola, lemon and orange sparkling infusions, kombucha, better sodas, and ice teas, all positioned as gut health-supporting beverages with real ingredients.

The company has achieved significant market penetration across Australia through partnerships with major retailers including Coles Supermarkets, Woolworths, 7-Eleven, Chemist Warehouse, and Caltex Star Mart. Internationally, NEXBA PTY LTD has expanded to the United Kingdom where it operates as one of the most widely available kombucha brands in Europe, with distribution across 15 global markets reaching 250 million customers. The company maintains local production facilities in both Australia and the UK to minimize carbon footprint and support regional supply chains.

As a certified B Corporation, NEXBA PTY LTD demonstrates commitment to environmental sustainability through 100% FSC-certified packaging materials and recyclable PET bottles, having transitioned from glass to aluminium cans. The company reports eliminating over 7 billion grams of sugar from global diets and maintains annual revenue of approximately $45 million with year-on-year growth of 15%. NEXBA PTY LTD employs between 20-50 people across its operations and has raised approximately $9-10 million through various funding rounds including crowdfunding campaigns.

2) History

NEXBA PTY LTD was founded in 2010 by brothers-in-law Drew Bilbe and Troy Douglas, originating from a beach epiphany in Rio Nexpa, Mexico where Drew decided to declare war on sugar while drinking iced tea. The founding circumstances began when Drew, appalled by how soft drinks containing sugar or artificial sweeteners were contributing to rates of diabetes and obesity, particularly among children and low socio-economic communities, returned to Australia and approached his childhood friend and brother-in-law Troy Douglas to join an entrepreneurial venture.

In 2011, the co-founders launched NEXBA PTY LTD with $500,000 raised from family and friends to import a small beverage factory, initially selling iced tea from a van and to school canteen associations. The company achieved its first major retail breakthrough in 2012 by securing a partnership with 7-Eleven, followed by a transformational deal with Coles supermarkets in 2014. The founding team was guided by mentor Pete Baron, inventor of Sipahh flavoured straws who became a shareholder, and a semi-retired beverage formulation expert known as ‘Mr Smith’ who helped perfect their natural sweetener blend.

The company’s growth trajectory involved several key milestones including doubling revenue annually since 2011, winning the 2015 NSW Telstra Business Awards Micro Business category, and receiving Product of the Year recognition by consumers in 2017. NEXBA PTY LTD achieved significant manufacturing evolution by transitioning from its original small factory to outsourced production while maintaining Australian-based manufacturing, and later expanding internationally with local production facilities in the UK and Poland.

Strategic international expansion began with market entry into the United Kingdom where NEXBA PTY LTD established itself as one of the leading kombucha brands, capturing 31.4% of the total retail kombucha category. The company subsequently expanded across Europe, planning presence in 10 European countries, and entered the South Korean market with plans for New Zealand launch. In 2024, NEXBA PTY LTD announced the establishment of Goodness Group Global as its parent company, providing a platform for growth and expansion while allowing the core NEXBA PTY LTD brand to maintain focus as a functional better-for-you soft drink brand.

The company secured Series A funding of $6 million in May 2019, led by investors including Paul Zahra, Porter Davis, Adrian Hondros, Joe Farage, and John Bacon, with participation from LGBTQ fund Gaingels marking their first Australian investment. NEXBA PTY LTD achieved recognition on The Australian Financial Review’s Fast Global Top 50 with revenue growth of 129%, and secured high-profile brand ambassador Pat Cummins, Captain of the Australian Test Cricket team, as an investor in the parent company Goodness Group Global.

3) Key Executives

Based on the available source material, NEXBA PTY LTD has a lean leadership structure with clearly defined roles among its founding team and operational executives.

Drew Bilbe serves as Founder and CEO of NEXBA PTY LTD, holding a Bachelor’s degree in Civil & Environmental Engineering complemented by a diploma in Engineering Practice. Drew founded the company in 2010 following inspiration from a beach experience in Rio Nexpa, Mexico, where he conceived the idea of creating naturally sugar-free beverages. As CEO Australia, Drew leads operations including manufacturing, warehousing logistics, procurement, and development of new products, leveraging his engineering background to drive the technical aspects of the business.

Troy Douglas functions as Co-Founder and Joint CEO, with educational credentials including a double degree in law and communications from the University of Technology Sydney. Troy serves as Global CEO with responsibility for overseeing NEXBA PTY LTD’s international expansion strategy, particularly in the UK and European markets where the company has achieved significant market penetration. His background in law and communications positions him to handle strategic brand management and global business development initiatives.

Dave Wallwork holds the position of CEO International for NEXBA PTY LTD and Goodness Group Global, responsible for driving international expansion and market development. Wallwork oversees the company’s European operations and sustainable production initiatives, focusing on scaling the business through local manufacturing partnerships in key international markets.

Peter Baron serves as Chief Innovation Officer at NEXBA PTY LTD and functions as a mentor to the organization. Baron, known as the inventor of Sipahh flavoured straws, became a shareholder in NEXBA PTY LTD and has provided guidance to the founding team throughout the company’s development, particularly in beverage innovation and market strategy.

Additional operational leadership includes Taylor Kotlarczyk as Brand & Design Manager, Helen Cochrane as Head of Sales, and Dan Talbot as Operations Director, supporting the company’s marketing, sales, and operational functions across its growing portfolio of naturally sugar-free beverages.

4) Ownership

NEXBA PTY LTD operates under a privately held ownership structure with founding leadership maintaining significant control alongside a diverse group of private investors accumulated through multiple funding rounds since 2019. The company was incorporated on July 9, 2010, and operates through its registered legal entity NEXBA PTY LTD with company registration number 146712496 in Australia.

The founding ownership structure centers on co-founders Drew Bilbe and Troy Douglas, who established the company in 2010 as brothers-in-law with Drew married to Troy’s sister. Both founders maintain executive control as Founder & CEO and Founder & Joint CEO respectively, with their family relationship providing structural stability to the ownership arrangement. The initial capitalization involved $500,000 raised from family and friends in 2011 to import a small beverage factory and launch operations.

External investor participation expanded significantly through the Series A funding round completed in May 2019, which raised $6 million and introduced institutional backing. The investor group from this round included lead investors Paul Zahra, Porter Davis, Adrian Hondros, Joe Farage, and John Bacon, establishing the foundation for professional investment oversight. Notably, the round included participation from Gaingels, marking their first Australian investment as an LGBTQ fund focused on supporting diverse leadership.

The ownership structure evolved further through establishment of Goodness Group Global Pty Ltd in 2023 as the parent company, providing a multi-brand platform while maintaining NEXBA PTY LTD as the foundational asset. This restructuring accommodated additional high-profile investors including Australian Test Cricket Captain Pat Cummins, who became both a shareholder and brand ambassador through partnership development of the PACE sports drink brand. Finance expert and former Sunrise host David Koch also joined as a shareholder, bringing media industry expertise and public profile recognition to the investor base.

Recent funding activity includes Series B rounds through 2023-2024, with VentureCrowd participating as lead investor in a $2.3 million round completed in October 2023. Additional crowdfunding campaigns have been conducted through both Australian platform Birchal and UK platform Crowdcube, raising approximately $347,475 in European markets and demonstrating retail investor interest in international expansion. The company has achieved a current enterprise valuation of approximately $29 million based on recent funding activity.

Advisory and board-level ownership influence includes Philip Baldock, who serves as Chairman and Advisory Board Member for NEXBA PTY LTD, bringing extensive alcohol and beverage industry experience from his role as former President & CEO Asia Pacific for Beam Suntory. Peter Baron, inventor of Sipahh flavoured straws, maintains both advisory and shareholder positions, having served as mentor to the founding team and contributing beverage industry expertise.

5) Financial Position

NEXBA PTY LTD reports annual revenue of approximately $45 million with year-on-year growth of 15%, demonstrating sustained market momentum in the naturally sugar-free beverage sector. The company has achieved significant financial milestones since its founding, having eliminated over 7 billion grams of sugar from global diets while building a business reaching 250 million customers across 15 global markets.

Financial performance has shown strong trajectory with revenue growth of 129% earning recognition on The Australian Financial Review’s Fast Global Top 50. Recent fundraising materials indicate the company generated over $20 million in revenue in FY24 and is targeting $55 million in group net sales by FY27 under its Goodness Group Global platform strategy. The company maintains EBITDA targets of $3.5 million by FY25 as it transitions toward profitability while scaling international operations.

The company has successfully raised approximately $9-10 million through various funding rounds since inception, with capital raising milestones including $500,000 from family and friends in 2011, a $6 million Series A round in May 2019, and subsequent Series B funding activity through 2023-2024. Notable capital raising achievements include a record-breaking non-tech crowdfunding component of nearly $1.5 million through VentureCrowd and additional crowdfunding campaigns raising approximately $347,475 in European markets through platforms including Birchal and Crowdcube.

The financial structure includes convertible note offerings and equity crowdfunding, with recent Series B rounds led by VentureCrowd including a $2.3 million round completed in October 2023. Current enterprise valuation stands at approximately $29 million based on recent funding activity, reflecting investor confidence in the company’s international expansion strategy and multi-brand platform development under the Goodness Group Global umbrella.

Financial risk factors include currency exposure across international operations, particularly manufacturing costs in the UK and European markets versus revenue generation in Australian dollars. The company operates in a capital-intensive industry requiring continuous investment in manufacturing infrastructure, inventory management, and international expansion, creating ongoing funding requirements to support growth objectives and achieve profitability targets.

6) Market Position

NEXBA PTY LTD has established a strong market position as a leading naturally sugar-free functional beverage brand with significant presence across Australian and international markets. The company operates in the premium functional beverages segment, positioning itself as a health-conscious alternative to traditional soft drinks through its proprietary Goodsweet® natural sweetener technology.

In the Australian market, NEXBA PTY LTD has achieved comprehensive retail distribution through partnerships with major retailers including Coles Supermarkets, Woolworths, 7-Eleven, Chemist Warehouse, and Caltex Star Mart. The company has received significant consumer recognition, winning Product of the Year by consumers in 2017 through global research company Nielsen’s survey of 14,205 household shoppers across 45 categories, providing third-party validation of market acceptance.

Internationally, NEXBA PTY LTD has captured significant market share in the UK kombucha category, achieving 31.4% of the total retail kombucha market and establishing itself as one of the most widely available kombucha brands in Europe. The company’s UK presence includes distribution partnerships with major retailers such as Sainsbury’s, Tesco, Morrisons, Ocado, Amazon, and Waitrose, providing comprehensive market coverage across premium and mainstream retail channels.

The company’s competitive positioning centers on its globally patented Goodsweet® sweetener blend, which serves as an “Intel chip” across all products and provides licensing opportunities to third-party brands. This proprietary technology creates differentiation in the naturally sugar-free segment and has been leveraged through partnerships including collaboration with The Cheesecake Shop for new no-added sugar dessert offerings.

NEXBA PTY LTD operates within the broader functional beverages market, competing against both established multinational corporations such as Coca-Cola and PepsiCo, as well as emerging health-focused beverage brands. The company’s B Corporation certification enhances its market positioning among increasingly conscious consumers seeking brands with demonstrated environmental and social responsibility commitments.

Market expansion strategy includes presence across 15 global markets with plans for continued European expansion targeting 10 countries, entry into South Korean markets, and planned New Zealand launch. The establishment of Goodness Group Global as a parent company provides a platform for multi-brand development, including PACE sports drinks in partnership with Pat Cummins, REMIXT alcoholic beverages, and The Good Brekkie liquid breakfast products.

7) Legal Claims and Actions

Based on available source material, NEXBA PTY LTD demonstrates a relatively clean regulatory and legal profile with minimal documented enforcement actions or significant compliance issues across Australian jurisdictions. The company operates as an Australian private company with active registration status maintained since October 7, 2010, and has sustained continuous GST registration since January 1, 2011.

The most notable legal development involves a related entity named NEXTBA PTY LTD (ACN 650 761 274), which received a proposed deregistration notice published by ASIC on February 23, 2024. This entity appears to be separate from the primary operating company NEXBA PTY LTD (ACN 146 712 496), though the similar naming convention suggests potential corporate restructuring activity. The deregistration notice indicates that ASIC received an application to voluntarily deregister NEXTBA PTY LTD under section 601AA, with the standard two-month notice period before potential completion.

Review of ASIC’s Court Enforceable Undertakings Register covering the period from 1998 to 2025 reveals no entries for NEXBA PTY LTD or its principals, indicating the absence of formal enforcement agreements with the corporate regulator. Similarly, examination of available compliance databases and enforcement registries across relevant Australian regulatory bodies shows no documented violations, sanctions, or formal enforcement actions against the company.

The company has maintained consistent corporate compliance with ASIC registration requirements, demonstrating regular updates to its business location records with the most recent change recorded on May 10, 2023. NEXBA PTY LTD has operated under its current name since November 13, 2016, having previously traded as NEXBA BEVERAGES PTY LTD from incorporation until the name change. The company maintains active trading names including “Nexba Beverages” and “Nexba,” both registered since incorporation in October 2010.

From an operational compliance perspective, the company’s business activities in the food and beverage manufacturing sector subject it to various regulatory frameworks including food safety standards under FSANZ (Food Standards Australia New Zealand), consumer protection laws administered by the ACCC (Australian Competition and Consumer Commission), and therapeutic goods regulations where applicable to functional health claims. However, no documented violations or enforcement actions have been identified in publicly available records from these regulatory bodies.

8) Recent Media

Recent media coverage of NEXBA PTY LTD and its parent company, Goodness Group Global, has been overwhelmingly positive, focusing on strategic corporate restructuring, successful capital raising, international expansion, and high-profile partnerships. Systematic searches for the period covering 2023-2025 revealed no significant adverse media related to fraud, executive misconduct, regulatory enforcement, ESG controversies, or major client losses.

A central theme in 2023-2024 media was the company’s strategic evolution with the establishment of Goodness Group Global as a parent entity to build a multi-category portfolio of “better-for-you” brands. This restructuring coincided with the launch of new brands, including PACE, a hydration drink created in partnership with Australian cricket captain Pat Cummins; REMIXT, a wine-based party punch; and The Good Brekkie, a liquid breakfast offering. The company reported that this multi-brand platform is designed to leverage its proprietary Goodsweet® natural sweetener to enter new product categories and markets.

The company’s capital raising activities have attracted significant media interest. In July 2023, reports highlighted that Australian cricket captain Pat Cummins had become a shareholder in Goodness Group Global and a brand ambassador for both NEXBA PTY LTD and PACE. Shortly after, in July and August 2023, media outlets reported that former television host and finance expert David Koch had also invested in the company during its Series B fundraising round. These endorsements were covered as significant milestones affirming the company’s growth strategy and brand potential.

NEXBA PTY LTD’s international expansion, particularly in the United Kingdom and Europe, has been a consistent media topic. In June 2022, the company’s plans to raise up to $20 million to support its push into the UK supermarket chain Sainsbury’s and other European countries were reported, with annual sales at the time noted as approximately $45 million. By August 2024, the company was described as being available to 250 million customers across 15 global markets and being the fastest-selling kombucha brand in the UK. Further crowdfunding campaigns were initiated in August 2024 through platforms including Crowdcube and Birchal, seeking to raise between £775,000 and £1 million to accelerate this international growth.

Media coverage from 2019 addressed regulatory scrutiny of the alcohol content in fermented drinks like kombucha. A study found that some kombucha products in Australia exceeded the 0.5% alcohol-by-volume threshold requiring specific labeling under Food Standards Australia and New Zealand regulations. In response, NEXBA PTY LTD publicly stated its support for the existing FSANZ guidelines, confirming that its products are manufactured with a maximum alcohol range of 0.1% to 0.2% and that its production process prevents further fermentation on the shelf, ensuring compliance.

9) Strengths

Strong Leadership Team with Complementary Skills

NEXBA PTY LTD benefits from experienced co-founders who bring distinct yet complementary expertise to the organization. Drew Bilbe, with his Bachelor’s degree in Civil & Environmental Engineering and engineering practice diploma, leads operations including manufacturing, warehousing logistics, procurement, and new product development. Troy Douglas contributes legal and communications expertise through his double degree in law and communications from the University of Technology Sydney, overseeing global expansion strategy and international market development. This division of responsibilities allows each founder to focus on their areas of strength while collaborating on innovation initiatives.

Proprietary Sweetening Technology Platform

The company’s globally patented Goodsweet® natural sweetener represents a significant competitive advantage in the naturally sugar-free beverage market. This proprietary blend, developed over six years, emulates the taste profile of sugar using all-natural ingredients without artificial additives. The technology serves as an “Intel chip” across all NEXBA PTY LTD products and provides licensing opportunities to third-party brands, as demonstrated through partnerships with The Cheesecake Shop for new no-added sugar dessert offerings. The patent protection in Australia and pending applications in key growth markets create barriers to entry for competitors.

Established Retail Distribution Network

NEXBA PTY LTD has secured distribution partnerships with major Australian retailers including Coles Supermarkets, Woolworths, 7-Eleven, Chemist Warehouse, and Caltex Star Mart. Internationally, the company operates as one of the most widely available kombucha brands in Europe with distribution across 15 global markets reaching 250 million customers. The UK presence includes partnerships with major retailers such as Sainsbury’s, Tesco, Morrisons, Ocado, Amazon, and Waitrose, providing broad market access.

Award-Winning Product Innovation

The company has received significant industry recognition including the 2015 NSW Telstra Business Awards Micro Business category and Product of the Year recognition by consumers in 2017. NEXBA PTY LTD’s naturally sugar-free functional drinks have been voted best in category by Australian consumers through global research company Nielsen’s survey of 14,205 household shoppers across 45 categories. These awards provide third-party validation of product quality and consumer acceptance.

International Manufacturing Capabilities

NEXBA PTY LTD maintains local production facilities in both Australia and the UK to minimize carbon footprint and support regional supply chains. The operational shift to UK and European manufacturing has transformed EMEA gross margins compared to previous importation from Australia, improving cost structure for international expansion. This localized production strategy enables efficient market entry while maintaining product quality standards.

Certified B Corporation Status

The company achieved B Corporation certification in December 2023 with a score of 84.8, significantly above the median score of 50.9 for businesses and well above the 80 required for certification. This certification demonstrates commitment to high standards of social and environmental performance, transparency, and accountability across governance, workers, community, environment, and customer impact areas. The B Corp status enhances brand credibility among increasingly conscious consumers.

Strong Financial Performance and Growth Trajectory

NEXBA PTY LTD reports annual revenue of approximately $45 million with year-on-year growth of 15%, having eliminated over 7 billion grams of sugar from global diets. The company achieved revenue growth of 129% and secured placement on The Australian Financial Review’s Fast Global Top 50. Recent fundraising activities demonstrate continued investor confidence, with successful crowdfunding campaigns raising over $2 million through platforms including VentureCrowd, Birchal, and Crowdcube.

High-Profile Strategic Partnerships

The company has secured investment and brand ambassadorship from Australian Test Cricket Captain Pat Cummins, who became a shareholder through the development of the PACE sports drink brand. Additionally, finance expert and former Sunrise host David Koch joined as a shareholder, bringing media industry expertise and public profile recognition to enhance brand visibility. These partnerships provide credibility and access to broader consumer markets through sports and media channels.

10) Potential Risk Areas for Further Diligence

Complex Multi-Brand Corporate Structure

NEXBA PTY LTD operates through a complex organizational framework with the establishment of Goodness Group Global Pty Ltd as its parent entity in 2023, creating potential governance and operational coordination challenges. The multi-brand platform strategy includes NEXBA PTY LTD, PACE (developed with Pat Cummins), REMIXT alcoholic beverages, and The Good Brekkie liquid breakfast products, each requiring distinct market positioning and regulatory compliance. This structural complexity could create coordination difficulties across brand management, manufacturing, distribution, and quality control processes, particularly as the company scales internationally across multiple jurisdictions with varying regulatory requirements.

Regulatory and Compliance Exposure Across Multiple Jurisdictions

The company’s international expansion strategy exposes it to complex regulatory frameworks across multiple markets including Australia, the UK, Europe, and planned expansion into additional territories. NEXBA PTY LTD operates in the functional beverages sector, which subjects its products to food safety regulations, health claim substantiation requirements, and labeling compliance across different jurisdictions. The company’s kombucha products specifically face regulatory scrutiny regarding alcohol content, with previous industry-wide concerns about products exceeding the 0.5% alcohol-by-volume threshold requiring specific labeling under Food Standards Australia and New Zealand regulations. Manufacturing operations in multiple countries, including Australia, the UK, and planned European facilities, create additional compliance complexity regarding manufacturing standards, quality control, and product consistency across different regulatory environments.

Key Person Dependency and Succession Planning

NEXBA PTY LTD demonstrates significant dependency on its founding leadership team, with co-founders Drew Bilbe and Troy Douglas maintaining central roles as Founder & CEO and Co-Founder & Joint CEO respectively. The company’s intellectual property portfolio, particularly the proprietary Goodsweet® sweetener blend developed over six years, appears concentrated within the founding team’s expertise. The relatively small employee base of 20-50 people across global operations creates vulnerability to key person departures, particularly in technical roles related to product formulation, manufacturing oversight, and international business development. The family relationship between the co-founders (brothers-in-law) adds complexity to succession planning and potential leadership transition scenarios.

Manufacturing and Supply Chain Vulnerabilities

The company’s transition from centralized Australian manufacturing to distributed international production creates operational complexity and quality control challenges. Local manufacturing partnerships in the UK and planned European operations require careful vendor management and quality assurance protocols to maintain product consistency across markets. The proprietary Goodsweet® sweetener blend represents a critical supply chain dependency, requiring secure sourcing of specialized ingredients and protection of formulation secrets across multiple manufacturing locations. Any disruption to key ingredient suppliers or manufacturing partners could significantly impact production capacity and product availability across international markets.

Financial Performance and Capital Structure Risks

Despite reporting annual revenue of approximately $45 million, NEXBA PTY LTD operates in a capital-intensive industry requiring continuous investment in manufacturing infrastructure, inventory management, and international expansion. The company’s funding structure includes multiple crowdfunding rounds, Series A and Series B investments, and convertible note offerings, creating complex capital structure management requirements. The transition to profitability targets, including forecasted EBITDA of $3.5 million by FY25, depends on successful execution of international expansion and multi-brand platform strategies. Currency exposure across international operations creates additional financial risk, particularly given manufacturing costs in the UK and European markets versus revenue generation in Australian dollars.

Competitive Pressure from Established Market Players

NEXBA PTY LTD faces significant competitive pressure from multinational beverage corporations with substantially larger marketing budgets, distribution networks, and production capabilities. The functional beverages market includes established players such as Coca-Cola and PepsiCo, which possess resources to rapidly develop and market competing naturally sugar-free products. The company’s competitive advantage relies primarily on its proprietary Goodsweet® sweetener technology and first-mover advantage in certain market segments, which could be challenged by larger competitors with superior research and development capabilities. Brand awareness remains a significant challenge compared to established multinational competitors, requiring continued investment in marketing and brand building across multiple international markets.

Intellectual Property Protection and Technology Risks

The company’s competitive advantage centers on its globally patented Goodsweet® sweetener blend, creating significant dependency on intellectual property protection across multiple jurisdictions. Patent applications remain pending in key growth markets outside Australia, creating uncertainty about future intellectual property protection and potential competitive challenges. The proprietary nature of the sweetener formulation requires careful protection of trade secrets across multiple manufacturing partnerships and international operations. Any compromise of the Goodsweet® formulation or successful reverse engineering by competitors could significantly impact the company’s competitive positioning and market differentiation.

Market Concentration and Customer Dependency

NEXBA PTY LTD’s success depends heavily on relationships with major retail partners including Coles, Woolworths, Sainsbury’s, Tesco, and other significant retailers across Australia and international markets. Loss of key retail partnerships or changes in retailer purchasing policies could significantly impact revenue and market access. The company operates in the premium functional beverages segment, making it vulnerable to consumer spending patterns and economic downturns that could reduce demand for higher-priced beverage alternatives. International expansion requires establishing new retail relationships and navigating different distribution channel structures across various markets, creating execution risk for revenue growth projections.

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