Singapore-based e-commerce brand acquirer Una Brands has bought Bellaforte, an Australian drinkware company founded by a 15-year-old entrepreneur for AUD$1 million ($730,000).
Sam Richards founded Bellaforte two years ago when he was just 13. His company sells glasses, that it claims are recyclable and unbreakable, on Amazon.
The company turned profitable in 2020, which led Richards to look for an exit. Richards will stay on as a consultant for two years after the acquisition, The Courier Mail reported.
“He was a tough negotiator. I have dealt with hundreds of business owners but Sam drove a hard bargain,” Yenti Kushor, Una Brands’ head of acquisitions at Una Brands, said in a statement.
“He was driven and he knew what he wanted. It was evident that he did his research and had the numbers to back it up. He didn’t give up until we met his number,” she added.
Richards, whose parents are also entrepreneurs, said he will use his newfound wealth to purchase a new smartwatch, headphones, tech company shares, and a Tesla. He also plans to pursue his university studies in Singapore.
Founded in December 2020 by former foodpanda founder and Rocket Internet Southeast Asia chief executive Kiren Tanna, Una bagged $40 million in seed funding in May this year from the likes of 500 Startups and former Lazada chief executive and founder Maximilian Bittner.
Una Brands had said then that it will acquire companies with strong independent branding, which have annual revenues between $300,000 and $20 million.