Melbourne-based software as a service (SaaS) company Zipline.io has raised $6 million in a Series 2A funding round as it looks accelerate growth in Australia and double its headcount to 80 staff, alongside plans to launch in the US next year.
Founded by former Microsoft Asia Pacific executive Michael Momsen and formerly trading under the name Ratelt from 2015 to 2020, Zipline's software ensures compliance, helps providers streamline operations to avoid extra queues, and allows consumers to book maternity wards or aged care facility tours online.
In the aged care sector, Zipline ensures visitors have a valid flu vaccination and that they’re fever-free, while for hospitals it makes sure staff, contractors and visitors have a valid COVID vaccination and police clearances.
The company's growth has skyrocketed by over 300 per cent in 2020, soaring past $5 million in annual recurring revenue (ARR) - a milestone that triggered the raise which was led by EVP and supported by King River Capital.
Momsen says visitor compliance is one of the biggest challenges healthcare executives face.
"The demand for automating in-person compliance is here to stay. Organisations were already looking into this space, the pandemic has simply made these issues more critical to solve now," he says.
"As a practical example, hospitals or schools can't have an air-con guy walking around without a police clearance. We also know many healthcare providers who want people to have the Varicella vaccine before coming on site.
"Our tech is solving these evolving compliance requirements, which is a problem felt world over."
He notes that at the same time many are "drowning in compliance admin".
"It's a pleasure to be building solutions that free up our customers to do what they do best — be it patient care or customer service," he explains.
"I’m proud to have an A-grade team of Zipliners with me, as well as the support of EVP and King River Capital.
"Our motto through the pandemic has been ‘Be fast, be secure, be easy and be awesome to work with’, and this wouldn’t be possible without their commitment to our vision."
The company's growth and focus cemented EVP’s interest in investing.
"Compliance management is a new category that clearly has some significant tailwinds as a result of the pandemic," says EVP partner Justin Lipman.
"Watching the Zipline solution spin out of an existing software platform in the midst of global upheaval was inspiring. We were particularly impressed by the team's ability to solve problems quickly and secure rapid customer adoption.
"Having watched Michael assemble the current team over the last four years, the investment case became self-evident."
Lipman describes Momsen as a stellar operator and founder who has attracted some of Australia’s best technology and startup minds.
"It is rare to find an early stage enterprise software business with such momentum," Lipman says.
His thoughts are echoed by King River Capital co-founder and partner Zebediah Rice.
"We’re thrilled to be part of the Zipline journey in building the next generation of automated compliance software," Rice says.
"Michael has created one of the best product teams we’ve ever worked with.
"They're poised to make this industry-wide adoption seamless and we can’t wait to see what’s next for the business. We look forward to supporting them as they expand into the US market."
St Vincent’s Care general manager Prue Densley, whose group was an early adopter of the software, says one of the things she loves about Zipline.io - aside from the automatic compliance - is the "powerful reporting".
"This allows us to provide extra care and support for those who will benefit the most," Densley says.
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