Online retail marketplace MyDeal.com.au has announced it has closed a $5 million investment round as its first external capital injection.
All of the $5 million has been provided by Gandel Invest, the investment vehicle of Tony Gandel. Tony is the son of commercial property developer John Gandel, who is listed by BRW as Australia’s fifth wealthiest person with $5.4 billion under his name.
“I have many years of experience in retail and property, and see the online space as being critical in the retail landscape,” said Tony Gandel, whose father made his fortune from Melbourne’s Chadstone Shopping Centre.
The startup, established in 2012, allows buyers to purchase household goods like furniture, electronics and appliances from a variety of retailers from the same website.
The venture had been bootstrapped for all of its life until today’s announcement. The company stated it would use the new $5 million to expand its “customer base and brand footprint” among Australian consumers.
Gandel said that MyDeal would leverage his retail industry connections to further develop its business.
“With strong leadership from [founder and chief executive] Sean Senvirtne, the influence of my industry ties and MyDeal.com.au’s sustainable structure, there is certainly endless opportunities for significant growth.”
The past year has been strong for Australian marketplace startups. Labour exchange marketplace AirTasker raised $22 million last June, while spare space broker Spacer.com last month acquired a US rival to start operating in three American cities.