Sydney-based marketing-tech company Metigy has raised $20 million in a funding round led by Cygnet Capital, allowing it to accelerate international expansion plans. The company, which builds artificial intelligence-powered marketing solutions for more than 26,000 SMEs across 92 countries, hopes to continue growing post-raise. The new injection of the capital comes as Metigy records 300 percent year-on-year revenue growth and an increase in its customer base to 26,000 SMEs globally.
"We've had fantastic growth so far but it's just the beginning there's a massive opportunity to help the nearly 30 million small businesses in the U.S. and 150 million businesses across South East Asia," said Metigy CEO and co-founder David Fairfull (pictured).
"According to Google, 97 percent of Asian SMEs have no ad tech or mar tech solutions and also lack the supply of talent to meet that demand. Innovative technology developed with the SME in mind is the only way to solve this problem."
The oversubscribed funding round is being used to accelerate Metigy's international expansion into the US and South East Asia and to establish US and Singapore offices. New investors in the round included Regal Funds Management, OC Funds, Five V Venture Capital, and Thorney, which added to early-stage investments from Cygnet, CP Ventures and We Are Social.
Lead investor at Cygnet Capital, Darien Jagger, said it made sense to lead this latest raise considering the growth Metgiy has seen this year.
"Cygnet was an early-stage investor in Metigy and after seeing their impressive growth, it absolutely made sense to lead this current raise," Jagger said.
"Completing the raise 100 percent oversubscribed in this market with an all-Australian investor group is a testament to the solid business the team has built.
"Strategically, this also places Metigy firmly on the path to remaining Australian-based and completing a planned ASX listing."
Metigy was founded by former We Are Social managing partners David Fairfull and Johnson Lin, who wanted to give small businesses access to the same data and strategic insights that drive some of the world's greatest marketing teams.
The group works closely with corporate partners like Optus and Intuit who co-sell Metigy's tools to add value to their own business customer relationships. The tech company also works with technology partners like Google to develop innovative solutions for SMEs.
"We created Metigy to make digital marketing an effective tool for all types of businesses, not just those with massive marketing budgets," said Fairfull.
"Half of all small businesses fail within the first two years, and marketing or a lack of effective marketing is always one of the key reasons.
"We want to improve those odds and give them a fighting chance."
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