Social media aggregation startup Stackla has just closed a $2 million funding round which gives the company a valuation close to $10 million as it eyes expansion into the US and Europe.
Stackla had a run rate of a million dollars in this financial year’s first quarter and now it’s trying to expand the company “rapidly”, company co-founder Damien Mahoney told Business Insider.
The investment has been pulled from a consortium of venture capital funds including rampersand as well as Tony Faure, Grant McCarthy, Jurlique CEO and Kikki K chair Sam Mackay as well as Alan Kohler.
Mahoney said, together with co-founder Peter Cassidy, raising began in March this year.
“What we were after was we experienced a lot of growth in that time, so our expectations of the business changed a lot and we became a lot more confident,” he said, adding the raising puts the company valuation “pushing up to double figure millions”.
The marketing company already has validation in the form of more than 300 big-name clients including Adidas, ANZ, Qantas, Shell and Manchester United.
Mahoney said the $2 million will help the company build out offices in the US and the UK.
“With a footprint to build in the US and UK and over 30 staff to hire, the work has only just begun but we are thrilled that investors and customers believe in our vision,” Mahoney said.
Its US clients include Boost Mobile, Target, Jawbone, Red Bull and Nespresso.
Mahoney said companies’ social media engagement is climbing and is today considered a mainstream marketing activity.
“We believe our technology is well ahead of market trends, and the wave of interest in what we do is far from peaking,” he said
Managing partner at rampersand, Paul Naphtali said the group made its investment because it sees Stackla as “a high growth business with a huge technology advantage in a massive market with an awesome team”.