Marketing tech company ROKT announced in February that it had secured $US15 million, but it was by no means done.
This morning the business, led by former Jetstar boss Bruce Buchanan, completed the round to take its series B amount up to $US26 million. This makes it this year’s largest capital raising by an Australian startup, topping January’s $US25 million for Deputy and last month’s $US23 million for Unlockd.
The latest $US11 million came from existing investors, led by Moelis Australia, which the ROKT said was done in a separate tranche after the recent acquisition of calendar marketing tech firm CalReply.
“All of us at ROKT are appreciative of this latest vote of confidence from our investors,” said ROKT chair and chief executive Buchanan.
Other contributors included Janchor Partners’ John Ho, Lachlan Murdoch, Carsales co-founder Greg Roebuck, Square Peg Capital and publisher Time Inc.
ROKT provides customer behaviour optimisation and monetisation tools to increase sales for e-commerce sites, with eBay, Ticketmaster, LiveNation, Gumtree, Dominos, Emirates and Kogan among the biggest names in its client portfolio. The platform also “works with thousands of performance marketers” to win over new customers at the point of transaction.
The company has a significant operation in New York City’s Flatiron district and Business Insider understands North America dominates its current revenue base. But the latest cash plus the CalReply acquisition will enable ROKT to expand operations and headcount in Europe and Asia.
Square Peg Capital partner Tushar Roy said the massive funding round was a testament to ROKT’s strategic direction.
“It represents more than investor confidence in the company. It serves as a reaffirmation of our belief that ROKT will persist to gather speed along its path to becoming a company that profoundly changes the way brands acquire and convert customers worldwide.”
In February, Moelis managing director Ben Wong told the AFR that he’s supporting ROKT because of the possibility of the startup floating or being bought out.
“I think it could be a very exciting future IPO for the Australian market. It is already profitable and has the potential to be increasingly so in two or three years’ time, which is a strong base for being a successful ASX company. Equally, it could be an interesting acquisition for a number of marketing software and marketing technology firms,” Wong said.