Marketing investment analytics startup Mutiny has just raised $2.4 million to further develop and grow its SaaS platform. The seed round, primarily supported by technology, data, and marketing industry leaders as well as existing investors, was heavily oversubscribed.
The cash is being used to finance further expansion in capability to drive self-service onboarding and generate automated insights for the customers, as well as an initial US expansion, where the market is a hundred times the size of Australia.
Joining current investors Andrew Baxter and Nick Garrett are John Sintras (former Starcom chairman), Russel Howcroft, and Chris Savage, as well as Charlie Garside, Alexey Mitko (co-founders of Eucalyptus), UK fund Bloomsbury Information Capital, chairman of iSelect, Mendota, and private equity leader Brodie Arnhold, former COO of Airtasker Yaniv Bernstein, former CIO of Rio Tinto and Data & Analytics leader Simon Benney and international business leader Sir Robin Miller.
Mutiny co-founders Henry Innis and Matt Farrugia: “This capital raise sets us up to grow far further than our core product, with a real focus on technology enablers for product-led growth.
“We plan to continue building an awesome, bottom-up SaaS model that isn’t just bought but used extensively across marketing organizations and part of their DNA. We’re truly grateful that we have had some amazing supporters coming through alongside our existing investors.”
Mutiny is a platform for marketing investment analytics and already has a large customer base that includes Samsung Australia, Asahi Oceania, MetaBank, and ING with many others, all winning in the last two years.
The platform is able to analyze and optimize in near real-time how well marketing expenditure by media channel and even program, has performed, giving clear insights into return on investment which allow marketers to better predict and price future marketing expenditure and returns.
Mutiny has a subscription model with high usage and output which can be incorporated into client workflows making its data sticky. Renewal rates are close to 100%.
Simon Benney (Bloomsbury Information Capital): “Mutiny is using cutting edge technology, data, and analytics, and artificial intelligence to drive better marketing investment decisions and increased shareholder returns. It’s incredibly exciting to see
innovative technology, being cleverly applied, to solve business challenges that have not been adequately addressed before.”
Charlie Garside: “Mutiny has a need and overdue solution for the marketing industry and these are founders who simply get the real user problems in marketing. I can’t wait to see where it goes and am excited to be on the journey.”
Brodie Arnhold: “Increasingly in the boardroom, there is huge demand and focus for marketing to be treated as an investment. In order to do that the tooling and the data marketers and CEOs need to access will be different.
“Mutiny unlocks tooling and data as an experience, and fundamentally helps to navigate these challenges with a scalable software solution. It’s something that will become ubiquitous in the future in my view, and that’s why I was excited to invest in the business. I can certainly see Shaver Shop, a business I chair with $10m+ in marketing spend, being a future user of a platform like this.”
Sir Robin Miller: “Mutiny cracks the age-old problem of what marketing delivers financially, and it’s pleasing to see a high growth Australian business poised for International markets.”
Chris Savage: “Mutiny is a brilliant and much-needed addition to the marketing effectiveness landscape. It’s led by two hugely talented young entrepreneurs, and I am pumped to be part of the next chapter in this exciting growth story.”