September 2026
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SPRIO was created from a belief that people should not have to choose between flavour, quality and better beverage choices. From our Italian inspiration to our Victorian volcanic mineral water and growing Australian footprint, we have built SPRIO carefully, one tasting and one customer relationship at a time. We now invite investors to explore the next stage of that journey.
Dear Investor,
Thank you for taking the time to consider SPRIO Spritz Beverages Australasia Pty Ltd and the opportunity we are building.
SPRIO began with a simple observation. Consumers were increasingly looking for beverages that felt more considered: naturally formulated, lower in sugar, enjoyable with food and suitable for the social occasions traditionally dominated by soft drinks and alcoholic beverages. We believed there was room to create something genuinely different.
The SPRIO concept originated in Castel San Pietro, Italy, in 2014 through Anthony Nania, whose background in wine, food and beverage helped shape our original product philosophy. Product research for the Australian market commenced in 2022, and we launched the SPRIO Spritz range in October 2023. SPRIO 1860 volcanic mineral spring water followed in September 2024.
Since then, we have moved from concept and product development into genuine commercial activity. Our products are now ranged across more than 100 stores and venues in Victoria, and our FY2026 adjusted net sales reached $243,880. Our brand and packaging were also recognised with a Silver Trophy from the World Brand Design Society in London in 2024.
We have built this foundation deliberately. Sampling and tasting have been central to our approach, allowing the product to earn placements through the drinking experience rather than relying purely on discounting. We are now preparing to take that model beyond our initial Victorian base.
We are seeking $2,000,000 in seed capital through a priced-equity raise, with the final valuation and equity allocation to be negotiated and confirmed. The capital is intended to expand production, strengthen our sales capability, support trade activation and direct-to-consumer growth, reduce existing debt and progress our first export markets.
Our ambition is to establish SPRIO as a distinctive Australian premium beverage brand with meaningful positions across retail, hospitality, distribution, direct-to-consumer and export channels.
On behalf of our team, I invite you to explore this Information Memorandum and the opportunity ahead of us.
Fabbio Navarroli
Co-Founder & Managing Director
We have established SPRIO as an Australian premium beverage brand spanning flavoured spritz beverages and Victorian volcanic mineral spring water. With more than 100 stores and venues already ranged, established FY2026 sales and a defined five-channel expansion strategy, we are raising capital to move from initial market validation into structured national growth.
We are building SPRIO around two complementary beverage ranges: SPRIO Spritz and SPRIO 1860 volcanic mineral spring water. Together, they allow us to participate across hydration, food pairing, premium soft-drink, mixer and on-the-go consumption occasions.
Our SPRIO Spritz range comprises Blood Orange, Sicilian Lemon and Chinotto in 275ml glass bottles. Our SPRIO 1860 range includes still and sparkling volcanic mineral spring water in 275ml, 500ml and 750ml glass formats.
Our current positioning centres on natural ingredients, zero-to-low sugar formulations, premium presentation and Victorian volcanic mineral water provenance. Our flavoured beverages are produced in Melbourne, with more than 90% Australian ingredients across the range and selected Italian citrus ingredients depending on flavour.
We have already established a commercial base. Our products are ranged across more than 100 Victorian stores and venues, with FY2026 adjusted net sales of $243,880, gross profit of $66,263 and a 27.2% gross margin. Our client-supplied five-year model targets net revenue of $10,000,000 and EBITDA of $2,570,000 by FY2031, with EBITDA-positive operations modelled from FY2029.
Our growth strategy is deliberately multi-channel. We intend to expand through independent and group retail, on-premise hospitality, foodservice distributors, direct-to-consumer subscriptions and corporate accounts, together with phased export development. FY2027 priorities include deeper Victorian distribution, initial expansion into Sydney and South East Queensland, and Phase 1 export development in Singapore, Thailand and Japan.
We are seeking $2,000,000 through a priced-equity seed round, targeting a first close in Q4 2026. There is no fixed equity percentage attached to the raise at this stage. Valuation, equity allocation and final terms will be negotiated and confirmed with participating investors. Capital will be directed to inventory and production, sales capability, debt reduction, trade sampling, brand and direct-to-consumer marketing, export market entry and contingency.
We believe the opportunity is to take an already launched, revenue-generating beverage portfolio and build the sales density, distribution infrastructure and customer relationships required for materially greater scale.
Our journey has progressed from an idea developed in Italy to an Australian beverage portfolio already selling through more than 100 stores and venues. Each stage has added another layer to the business: product research, local production, commercial launch, mineral-water expansion, design recognition and growing distribution. We are now preparing for the next phase of scale.
Our story began in Castel San Pietro, Italy, in 2014, where Anthony M. Nania originated the SPRIO brand and the thinking that would ultimately underpin our Australian product portfolio. His background in wine, food writing, judging and product development shaped an early focus on flavour, food pairing and premium presentation.
Formal research for the Australian market commenced in 2022. This period allowed us to develop and refine the product proposition, assess ingredients and production requirements and translate the original SPRIO concept into a range designed for Australian consumers and hospitality settings.
SPRIO Spritz Beverages Australasia Pty Ltd was established in 2023, and our first commercial range launched in October that year. SPRIO Spritz initially entered the market through three core flavours: Blood Orange, Sicilian Lemon and Chinotto.
In September 2024, we expanded the portfolio with SPRIO 1860 still and sparkling volcanic mineral spring water. This was an important development because it gave us a second product platform and allowed SPRIO to participate in hydration, hospitality water service and corporate accounts alongside the flavoured beverage category.
Our visual identity and packaging were recognised internationally in 2024 when SPRIO received a Silver Trophy from the World Brand Design Society in London.
Commercially, we have concentrated first on Victoria. The range is now stocked across more than 100 stores and venues, creating an operating base from which we can measure customer response, refine our selling process and develop repeatable approaches to sampling, ranging and distribution.
Revenue has developed alongside that footprint. Client-supplied figures record approximately $27,000 in FY2024 revenue, approximately $141,000 in FY2025 and adjusted FY2026 net sales of $243,880.
We have also established relationships with foodservice and delivery partners identified in the client materials, including Sealane Food Service, The Milk Guys and iPantry. These relationships provide a platform for the next stage of our distributor strategy.
Our progression to date has therefore been sequential: brand creation, Australian product development, market launch, portfolio expansion, initial distribution and revenue generation. The next stage is focused on increasing density within Victoria while expanding systematically into New South Wales, Queensland and selected export markets.
SPRIO has been designed for consumers and commercial customers seeking a premium alternative to conventional soft drinks and standard bottled water. Our customer base extends from health-conscious individual consumers to independent grocers, hospitality venues, offices, gyms, distributors and future export partners, giving us multiple routes to market without depending on a single buying occasion.
Our customers span both consumer and business markets, reflecting the way our portfolio can move between everyday hydration, food occasions, hospitality, premium retail and direct purchase.
At consumer level, we primarily target health-conscious Gen Z and Millennial customers who are actively reconsidering traditional high-sugar soft drinks and artificially positioned diet products. They are typically more engaged with ingredients, provenance, product presentation and sugar content, while still expecting taste and convenience.
Premium grocery shoppers are another important group. Our existing Victorian footprint has provided early exposure to independent grocery environments where customers are already accustomed to choosing differentiated food and beverage products. Our planned retail strategy builds from this base, initially focusing on independent stores before progressing towards broader group-level ranging as our rate of sale develops.
Hospitality is equally important to us because SPRIO was designed with food occasions in mind. Restaurants, cafés, pubs, bars and hotels can use our portfolio in several ways: SPRIO Spritz as a standalone non-alcoholic option or mixer, SPRIO 1860 sparkling water alongside dining, and still mineral water as a premium hydration choice.
We also see potential in offices, co-working environments, boutique gyms and studios. These customers can purchase SPRIO 1860 as a corporate or amenity beverage while giving us recurring business-to-business volume outside traditional grocery and hospitality channels.
Our direct-to-consumer audience allows us to build a relationship with consumers independently of physical distribution. Subscriptions, mixed cases and repeat online purchasing are expected to form one part of this strategy, supported by the digital acquisition activity already underway.
Distributors and import partners represent a different customer relationship. Here, purchasing decisions centre on portfolio fit, channel economics, retailer or hospitality demand and the ability to represent SPRIO effectively in-market. Our Phase 1 export strategy is therefore based on working with local importers or distributors rather than attempting to manage foreign retail relationships directly.
Although these audiences buy differently, they are connected by a common proposition: beverages designed around flavour, natural positioning, premium presentation and versatile occasions. Our five-channel model lets us serve those customers in the environments where they already purchase and consume beverages.
We have assembled a team that combines beverage development, hospitality, finance, FMCG sales, national accounts, export and health and wellness experience. Our founders remain closely involved in product and commercial execution, supported by specialists capable of opening retail, hospitality and international channels as our business grows beyond its current Victorian footprint.
We are led by a founder-led executive group supported by commercial specialists whose experience aligns directly with the channels in our growth plan.
Fabbio leads our commercial operations, including production, supply and trade relationships. His background spans hospitality, wine and wholesale, with client materials identifying previous ventures including Mr. Bogarts Bar, Tuscan Restaurant & Rooftop Bar, Vinorium Wine + Food and The Drop Cellars. He is closely involved in converting SPRIO from an emerging Victorian brand into a broader commercial operation.
Anthony originated the SPRIO brand in Castel San Pietro, Italy, in 2014 and led product research from 2022. His background includes international wine expertise, education, judging and food and wine writing. He has also led the development of our mineral-water research and SPRIO 1860 product positioning.
Justin is Principal of Quantum Business Management and a former Partner at CSCG Accounting. He holds a Bachelor of Business in Accounting and Law and leads our governance, reporting and financial control. Justin is also the principal investor contact for this capital raise.
Ben brings beverage FMCG experience covering P&L management, demand forecasting, product launches and route-to-market execution, including experience with organisations identified in the client materials as Coca-Cola and Asahi.
Dino brings more than 20 years of FMCG experience across major Australian grocery channels including Coles, Woolworths, ALDI, Costco and Metcash, together with experience across brands including Waterford's, Frantelle and DON.
Sean contributes international sales experience across Asia, the Middle East, North America, Europe, the Pacific and Africa, with previous experience identified with SPC Ltd, Coca-Cola Amatil, Asahi Premium Beverages and Jonathan Paige International.
Dr Nair is a fourth-generation Ayurvedic physician with qualifications in Ayurvedic Medicine and Surgery and Public Health and more than 16 years of clinical experience.
Together, we have aligned commercial responsibility with the areas central to our plan: product, production, finance, retail, hospitality, national accounts and export.
We assess SPRIO from the position of a business that has moved beyond product development but remains at the beginning of its intended scale. Our strengths lie in product differentiation, provenance, brand presentation, early customer traction and a multi-channel commercial model. Our next stage depends on converting those foundations into deeper distribution and greater sales density.
We have created two complementary product ranges that allow SPRIO to participate across premium hydration, flavoured beverages, food pairing and mixers. SPRIO 1860 provides a distinctive Victorian volcanic mineral-water provenance, while our Spritz range combines premium flavour profiles with zero-to-low sugar positioning and food-pairing versatility. Our commercial foundation is already established rather than conceptual. More than 100 stores and venues range our products across Victoria, and our client-supplied accounts show adjusted FY2026 net sales of $243,880. Our brand also received a Silver Trophy from the World Brand Design Society in 2024. Our five-channel model gives us multiple revenue pathways across retail, hospitality, distributors, direct-to-consumer and export. Our team has specific experience aligned to those channels.
We remain at an early commercial stage relative to the scale contemplated by our five-year plan. Our current footprint is concentrated primarily in Victoria, while our FY2031 revenue target requires significant expansion in distribution and sales execution. Our current gross margin also reflects our present production scale. FY2026 adjusted gross margin was 27.2%, with the client model expecting improvement as volumes increase and unit economics benefit from larger production runs.
Our immediate opportunity is to create greater density in markets we can service effectively. FY2027 planning targets independent retail, group hospitality, foodservice distribution, corporate accounts and D2C across Victoria, Sydney and South East Queensland. SPRIO 1860 also gives us access to customer occasions that a flavoured-beverage-only brand could not address, including table water, corporate hydration and premium still-water consumption. Phase 1 export markets of Singapore, Thailand and Japan provide a further route to growth once appropriate import and distribution partnerships are established.
We compete in categories containing well-resourced domestic and international beverage brands with established consumer awareness and distribution. Retail and hospitality shelf space is competitive, making rate of sale and repeat ordering critical. Growth also requires us to coordinate production, inventory and sales investment as distribution expands. Our strategy is therefore to build regional depth and demonstrate pull-through rather than pursue national breadth before the underlying customer demand supports it.
Our portfolio is built around two product families that share a common premium beverage philosophy while serving different occasions. SPRIO Spritz combines Italian-inspired flavours with Victorian volcanic mineral water, while SPRIO 1860 offers the same mineral-water provenance in still and sparkling formats. Together, they allow one brand to participate across multiple customer and consumption occasions.
Our portfolio comprises SPRIO Spritz and SPRIO 1860, two ranges designed to work independently while strengthening the overall brand when presented together.
Our flavoured range is currently offered in Blood Orange, Sicilian Lemon and Chinotto, packaged in 275ml glass bottles.
Blood Orange combines Victorian volcanic mineral water with blood orange and pomegranate ingredients. Our current product information states that 93% of its ingredients are Australian, with 7% premium Sicilian citrus.
Sicilian Lemon combines Victorian volcanic mineral water with genuine Sicilian lemon ingredients. Current product information states that 96% of its ingredients are Australian and 4% are imported Sicilian citrus.
Chinotto is produced with authentic chinotto orange flavour and is described in our current product information as containing 98% Australian ingredients and 2% Italian chinotto ingredients.
Across the range, we position SPRIO Spritz as naturally low in sugar, with no artificial sweeteners. Current formulations use natural sweeteners including erythritol and stevia. The beverages are artisan crafted and bottled in Melbourne.
Our mineral-water range is available in still and sparkling formats across 275ml, 500ml and 750ml glass bottles. It is sourced from a Victorian volcanic spring, where the water is naturally filtered through volcanic geology before bottling.
Client material records total dissolved solids of 320 mg/L and describes the water as pH8+ at source. Our current website refers to a natural alkaline pH of approximately 8.1, while earlier client materials reference approximately 8.3. For the purposes of this memorandum, we describe the verified positioning conservatively as pH8+ rather than relying on a single decimal figure.
Four principal occasions support our product architecture: everyday hydration, food pairing, on-the-go consumption and mixing. This allows the same portfolio to operate across grocery, hospitality, workplace, fitness and direct-to-consumer environments.
Our objective is not simply to offer another soft drink or bottled water. We have built a portfolio intended to give customers a premium beverage choice across multiple moments without compromising the flavour and presentation that encourage repeat consumption.
We compete across premium mineral water, mixers and lower-sugar flavoured beverages rather than within one narrow category. That means our competitive position must be assessed against both global mineral-water brands and Australian premium beverage specialists. Our opportunity lies in combining local volcanic-water provenance, flavour, premium glass presentation and multi-occasion use within one portfolio.
Our competitive environment spans several adjacent beverage categories rather than one direct product set.
In premium mineral water, our client materials identify international competitors including San Pellegrino, Acqua Panna, Evian and Voss, together with Australian brands such as Hepburn Springs and Alka Power. These businesses compete for premium grocery, hospitality and consumer hydration occasions where brand recognition, provenance, bottle presentation and venue distribution matter.
Within Australian premium mixers and flavoured beverages, our closest competitive references include StrangeLove, CAPI and Remedy. These brands demonstrate that Australian consumers and hospitality venues already recognise premium alternatives to mainstream soft drinks.
Importantly, several competitors share individual attributes with SPRIO. StrangeLove, for example, offers Australian-made spring-water products and a broad range of lower-sugar sodas and premium mixers, while stating that it avoids artificial sweeteners and synthetic colours. CAPI also competes strongly on premium Australian-made beverages. Its low-sugar Grapefruit Soda, for example, is positioned as Australian made, all natural, low sugar and glass bottled, illustrating why we should not claim exclusivity around those attributes individually.
Our differentiation therefore rests on the portfolio combination rather than on asserting that competitors cannot replicate a single feature. We bring together a Victorian volcanic mineral-water range and an Italian-inspired flavoured Spritz range under one brand, with the products designed to move across hydration, dining and mixer occasions. SPRIO 1860 gives us a provenance-led mineral-water platform, while SPRIO Spritz gives us access to higher-value flavoured beverage occasions. Both can be sold through the same retail, hospitality, distribution, corporate and D2C relationships.
This creates practical commercial differentiation: one customer relationship can potentially carry multiple SKUs across both water and flavoured beverage categories.
Our current scale is materially smaller than the major international competitors and several established Australian brands. Our strategy is therefore not to compete through national advertising expenditure or price. We intend to build through tasting, account-level relationships, premium positioning and regional density, using repeat ordering and demonstrated rate of sale to earn progressively broader distribution.
Our growth plan is deliberately staged. We intend to deepen Victoria first, establish meaningful positions in Sydney and South East Queensland, and develop export partnerships in selected Asian markets before pursuing broader national reach. The plan is supported by dedicated channel strategies across retail, hospitality, distribution, D2C and export, each with defined commercial objectives.
Our five-year roadmap is structured around disciplined expansion rather than immediate national distribution.
Our first priority is to deepen Victoria while beginning expansion into Sydney and South East Queensland. Client planning targets 365 independent stores across the three markets and approximately 580 group-level hospitality venues. Retail activity is intended to focus first on independent operators where local ranging decisions can be made more quickly, supported by sampling, shelf activity and account-level selling. Within hospitality, we intend to focus initially on group opportunities where one commercial relationship can provide access to multiple venues. Our distributor strategy targets a stronger Victorian master-partner relationship that can become a template for subsequent New South Wales and Queensland coverage. D2C activity will continue to develop subscriptions alongside corporate water accounts in offices, co-working spaces, boutique gyms and studios. Phase 1 export activity focuses on Singapore, Thailand and Japan, using local importers or distributors to manage market-specific compliance and distribution.
As the initial interstate markets develop, our plan calls for dedicated sales resources in Sydney and Brisbane, deeper retail and hospitality distribution and further development of export relationships. The client-supplied financial model projects EBITDA-positive operations from FY2029.
Our longer-term domestic objective is national sales coverage and broader national ranging, supported by the performance established in the earlier regional phases. The current five-year model targets FY2031 net revenue of $10,000,000 and EBITDA of $2,570,000.
Beyond the core roadmap, our client materials identify Phase 2 export opportunities including Hong Kong, South Korea and the UAE once Phase 1 relationships are established and carrying meaningful volume.
The broader opportunity is not dependent on a single channel succeeding. Retail, on-premise, foodservice distribution, D2C, corporate accounts and export each provide separate growth pathways while sharing the same product portfolio and brand investment.
Our focus is therefore density before breadth: establish repeatable sales performance market by market, then use those results to support the next stage of distribution.
We are seeking $2,000,000 to fund a defined transition from early commercial traction to structured scale. Half of the raise is allocated directly to production and sales capability, with the balance supporting balance-sheet improvement, customer acquisition, trade activation, export development and operating contingency. Each allocation is connected to a specific element of our growth roadmap.
We are seeking $2,000,000 through a priced-equity seed round to fund the next phase of SPRIO's development. The final valuation, equity allocation and investment terms are not fixed at this stage and will be negotiated and confirmed with participating investors.
Our current use-of-capital plan allocates the full $2,000,000 as follows.
This allocation supports the inventory and production capacity required as our retail, hospitality, distribution, D2C and export volumes grow. Increasing production scale is also central to the margin improvement contemplated in our five-year model.
We intend to build the commercial resources required to execute our channel plan, including retail, hospitality and export capability and the additional sales coverage contemplated for interstate expansion.
We intend to apply $400,000 to reducing existing debt, improving our capital structure as we enter the next phase of growth.
Sampling has been an important part of our approach to generating trial and account placement. This allocation supports tastings, in-store activity, hospitality activation and other trade programs connected with expansion.
This capital will support direct customer acquisition, paid digital activity, subscriptions, brand development and retailer co-marketing.
We intend to fund the practical work associated with entry into Singapore, Thailand and Japan, including compliance, market-specific labelling, trade activity and importer or distributor development.
This allocation provides flexibility across production, freight, timing and execution requirements as the growth program progresses.
Our allocation places 50% of the raise directly into production capacity and sales capability. A further 20% strengthens the balance sheet, while the remaining 30% supports customer acquisition, channel activation, international expansion and operating flexibility.
The intention is straightforward: use the capital to strengthen the operating platform behind SPRIO while directing meaningful resources towards the commercial activities expected to drive our next stage of revenue growth.
SPRIO Spritz Beverages Australasia Pty Ltd is seeking $2,000,000 through a priced-equity seed round, targeting a first close in Q4 2026. There is no fixed equity percentage attached to the raise at this stage. The valuation, equity allocation and final investment terms will be negotiated and confirmed with participating investors.
This opportunity is intended for wholesale and sophisticated investors who understand the nature and risks of investing in a private company.
Prospective investors are invited to review this Information Memorandum, including our business model, products, management team, growth strategy, financial information and proposed use of capital.
Investors wishing to explore the opportunity further should contact Justin Salvalaggio, Finance Director, to register their interest and arrange an initial discussion.
Subject to the company's process and applicable confidentiality requirements, interested investors may request access to additional supporting information relevant to their assessment of the opportunity.
Prospective investors should undertake their own independent legal, financial, accounting, taxation, commercial and other due diligence before deciding whether to participate in the raise.
As there is currently no fixed equity percentage or final valuation attached to the raise, prospective investors progressing through the process will have the opportunity to discuss the proposed investment amount, valuation, equity allocation and other applicable investment terms directly with SPRIO.
Any investment will be subject to agreement between the investor and SPRIO and the execution of appropriate formal investment and subscription documentation.
Following execution of the applicable documents and satisfaction of any agreed conditions, investment funds will be transferred in accordance with the formal transaction documents and the investor's participation will be completed.
SPRIO Spritz Beverages Australasia Pty Ltd
ABN 44 669 239 454
Capital sought: $2,000,000
Structure: Priced-equity seed round
Target first close: Q4 2026
Equity allocation: To be negotiated and confirmed
Valuation and final terms: To be negotiated and confirmed with participating investors
We welcome discussions with prospective investors who would like to understand our products, commercial model, financial forecasts and growth strategy in greater detail. Investors progressing their interest may request access to further supporting information and discuss the proposed investment structure directly with our team.
Justin Salvalaggio
Finance Director
Phone: +61 419 000 745
Email: justin@qbmgroup.com
SPRIO Spritz Beverages Australasia Pty Ltd
94 Clifton Street
Aberfeldie VIC 3040
Australia
Website: spriospritz.com
On behalf of everyone at SPRIO, thank you for taking the time to review our Information Memorandum and consider participating in the next stage of our growth. We have taken SPRIO from an idea inspired in Italy to an Australian beverage portfolio already being purchased through more than 100 stores and venues. Our next objective is to build the commercial scale, distribution density and market reach that can take the brand materially further. We look forward to discussing the opportunity with you.