Allied-health industry management platform Splose has secured half of its planned Series A target of $3 million as the Adelaide-based company steps up its pace of growth through major inroads into the NDIS sector.
Splose says it secured $1.5 million in capital commitments within the first 24 hours of launching the capital raising which was backed by high-net-worth investors.
The Series A round comes on the heels of a $1 million seed round last year that had originally targeted $750,000.
Splose is currently in discussions with several venture capital funds with expectations that one of them may participate in the current round.
Investors in the company have been buoyed by a 350 per cent increase in revenue by Splose over the past 12 months, while the number of users on its platform has surged to 7,000 from 1,500 at the end of last year.
Splose, which was founded by Nick Sanderson in 2018 to create ‘intuitive software’ that automates practice management for the healthcare industry, has found a lucrative niche in supporting NDIS providers joining the platform.
Last year, the Splose CEO told Business News Australia that he had set a target of up to 10,000 users by the end of FY24, noting that this is a small portion of the potential market in Australia.
"We have diligently crafted a robust infrastructure rooted in an in-depth understanding of NDIS service providers' multifaceted challenges,” Sanderson says in a statement today.
“We have forged a scalable and flexible product through comprehensive consultations with industry experts, positioning Splose as an optimum investment opportunity."
Sanderson says the fresh capital will be used by Splose to bolster its investment in automation and artificial intelligence research and development. The company also plans to expand internationally.
"So far, our growth has predominantly been organic,” Sanderson says. “This influx of capital will strategically magnify our marketing and brand amplification."
Splose, which is based at the Stone & Chalk innovation hub in Adelaide’s CBD, is backed by a number of high-profile shareholders including former AFL player and Nova breakfast host Ryan Fitzgerald, ex-SANFL legend Nick Chigwidden and Crows and Hawthorn AFL player Kyle Hartigan.
"Our platform is a custom-engineered solution aimed at NDIS providers who face a labyrinth of administrative intricacies," Sanderson says.
"Our technology streamlines both client management and billing procedures while simultaneously ensuring adherence to NDIS compliance protocols. Our commitment lies in fortifying transparency and accountability within the sector."
Sanderson says Splose has been able to expedite the onboarding process for new NDIS participants and deliver improved cashflow for these providers.
“This efficiency positively impacts the broader NDIS ecosystem," he says.
Splose provides seamless integration with Xero for invoicing, digital service agreements and progress note capabilities that the company says delivers clients average annual savings of $30,000 per practice.
Dr Tim Mahlberg Sie, head of Stone & Chalk’s Adelaide Startup Hub, has credited Splose’s success on its technological capabilities and ‘a deep-rooted understanding of the NDIS landscape’.
“This Series A funding round is an exciting opportunity for savvy and impact-driven investors to back Splose’s proven capability to disrupt traditional frameworks and establish a new standard for practice management within the NDIS sector,” Sie says.
“It has been wonderful to track Sanderson and his team’s progress over the years, and we are very proud to call Splose one of our Stone & Chalk residents.”
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