Marketing investment analytics company Mutinex has raised A$9.5 million in new capital, raising its valuation to A$75 million, as the company looks to accelerate the growth of its US offering.
The oversubscribed round was led by EVP, an Australian B2B SaaS venture capital firm, which has previously invested in businesses such as Insite AI, Siteminder, Deputy and Shippit.
Justin Lipman, partner at EVP, said Mutinex has significantly outperformed all internal performance benchmarks since first investment 18 months.
"Having tripled annual recurring revenue over the last year, backing Mutinex in its latest investment round was an easy decision," Lipman said.
“Our investment in Mutinex marks the largest allocation to a single company in EVP’s history. The $12m we have invested into the business over the last two rounds reflects our strong conviction in the opportunity ahead of us.
"Mutinex is the fastest growing business we have worked with at an equivalent stage - pacing well ahead of even companies well beyond $100m of revenues such as Siteminder and Deputy."
Multinex CEO Henry Innis, along with key founding members of Mutinex's sales, product, and data science teams, will relocate to New York City. This strategic move will bolster the US team, increasing its size to six members, with 10 additional positions currently open.
Innis said the company has successfully established the foundations of an incredible SaaS business.
"Our focus and mission is to build the first generalised domain model for growth. We’ve scaled an amazing engineering, data science and product team, as well as a world-class marketing science team," Innis said.
"We’ve got boots on the ground and a US presence. We’re ready to hit the scale button now.
“Every single marketer should be able to make good, data-driven decisions about their growth mix. But in reality, many don’t have access to high-quality information, presented in a user-friendly format. We aim to change that and free up marketers from the drudgery of data analysis in marketing."
Since successfully securing seed capital in May 2022, Mutinex has more than 35 enterprises including Asahi, ING, Samsung, Dominos, and TPG Telecom. And forged partnerships with agencies such as Dentsu, Atomic212 and cummins&partners.
Matt Farrugia, Mutinex co-founder and COO, will stay in Australia to run the APAC business.
“We’ve built a great business in Australia with strong and enduring customer relationships. I’m excited to drive our growth into APAC, while maintaining the outstanding track record Hen and I have built in Australia over the past five years,” Farrugia said.
The business has over 50 employees and is considered a leader in the fields of marketing measurement, ROI and insight.
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