Sydney-based marketing investment analytics company Mutinex has raised $17.5 million to capitalise on global opportunities to further scale its business, boosting the rapidly growing company’s valuation to $132.5 million in the process.
This is up from a reported $75 million valuation last year.
Mutinex, which was founded by Matt Farrugia and Henry Innis in 2018 originally under the Mutiny moniker, will use the new capital to further expand its footprint in the USA, where it has been making significant inroads by onboarding a host of new customers.
The latest round has been announced in tandem with news that Farrugia is stepping back from his global role as chief customer officer to take on a leadership role that is focused on the Asia-Pacific region where the company is also making gains.
Farrugia and Innes have clearly defined roles within the business with Innes previously noting his strengths in capital raising and finance, while Farrugia leans on his skills in customer engagement.
However, Farrugia’s new role is understood to represent a step back from a hands-on role at the business which is being supported by major new hires, including the appointment of Mat Baxter earlier this year as Asia-Pacific CEO, displacing Innis who moved into the global CEO position.
The company also says that chief revenue officer Danny Bass has also “settled in his role on the executive team”.
“We’re pleased to have raised this fresh funding to support our growth into new markets,” say the founders in a joint statement.
“We are razor focused on improving our fundamental processes including onboarding speed, usage of data and expanding our predictive analytics capability and suite.”
The $17.5 million capital raise was led by Marbruck Investments and supported by EVP and Archangel Ventures.
Mutinex aims to stoke further growth in the US where the company says its US president John Sintras has helped bring on a wave of new customers across multiple business categories.
“Demand for solutions-focused analytics in the US is high; we’re excited to keep growing the team on the ground and rapidly evolving our product to meet the needs of the market,” says Sintras. “New capital helps us to accelerate both of those things.”
Multinex has two key products – GrowthOS and DataOS – the former an AI-powered platform that helps marketers, media leads, agencies, analytics and finance teams optimse business growth.
GrowthOS manages a pool of more than $2 billion in marketing investment, while DataOS is said to translate marketing data into “meaningful decision data”.
“Mutinex’s phenomenal path to date has hit an exciting inflection point, driven by their AI advancements that allow clients to replace traditional marketing consultants,” says Tom Aouad, investor at Marbruck.
“Their technical team’s capabilities and efficient enterprise onboarding through DataOS and Growth OS, coupled with an impressive US client base, set them apart from competitors in market.
“We’re excited to partner up with the team at Mutinex as their innovative approach and strong momentum have us excited about the future.”
Justin Lipman, partner at EVP, says Mutinex has “exceptional retention rates with almost every customer we speak to providing glowing reports”.
“It is clear the product is delivering significant ROI (return on investment) across its customer base making adoption across the market straightforward,” he says.
“Mutinex is far and away the largest investment in EVP’s history at circa $19m invested over the last two years.”
Rayn Ong, partner at Archangel Ventures, says the Mutinex growth story has been a standout for the venture capitalist.
“In venture investing, you don’t often see software companies scale their revenue following a triple, triple, double, double, double (T2D3) growth trajectory,” he says.
“Henry’s team at Mutinex has achieved more than that by delivering very high ROI to their blue-chip customers. Armed with a strong moat, I’m very bullish about the AI capabilities that will come next.
“We are grateful to be one of the lucky investors of this fast-rising super star Aussie startup.”
Mutiny changed its name to Mutinex in 2022 to reflect a maturing of the business, although the name could have clouded the company’s US ambitions by clashing with an existing US-based AI software company in the marketing space with the same name.Help us deliver quality journalism to you.
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