Melbourne-based venue management software platform ROLLER has closed a $28.2 million funding round as it looks to capitalise on the rebound of the leisure and attractions industry worldwide.
The majority of the capital will be used to give early investors an $18.2 million payout as liquidity, with leftover funds helping the company invest heavily in product, along with sales and marketing staff.
Founded by brothers Luke and Mark Finn in 2011, ROLLER is a software platform that centralises a myriad of features such as ticketing, point-of-sale, gift cards, memberships, customer relationship management (CRM), party bookings, stock control, analytics and more.
Since its inception, the company has expanded to 25 countries and serves 1,200-plus attractions and leisure businesses globally. ROLLER claims its revenue has grown at a compound annual growth rate (CAGR) of 75 per cent over the last three years.
Its latest funding round saw growth capital firm Partners For Growth (PFG) provide a $10 million line of credit to the company, and existing Boston-based investor Acadian Software boost its shareholding.
“We are thrilled to be able to provide our early backers with a great return on their investment,” ROLLER co-founder and CFO Mark Finn says.
“We are also very excited to welcome our new partners PFG, as we embark upon this next phase of growth.”
ROLLER co-founder and CEO Luke Finn adds that the business now has over 120 employees who wake up every day thinking about how they can make a difference in people's lives.
“After a challenging time during the pandemic, it is great to see many of our clients posting record revenues and expanding their operations,” he says.
According to the World Travel and Tourism Council’s Travel & Tourism Economic Impact 2022 report, travel & tourism GDP is set to grow on average by 5.8 per cent annually between 2022 and 2032, outpacing the growth of the overall economy (2.7 per cent per year).
Its research also found that travel & tourism GDP could return to pre-pandemic levels by the end of 2023. The sector is also expected to create nearly 126 million new jobs within the next decade.
The news of ROLLER’s raise comes six months after the company acquired US competitor Active8 Software for an undisclosed sum. Launched in 2016, Active8 Software is a purpose-built point-of-sale software solution designed to accommodate trampoline parks, climbing gyms, ninja warrior gyms, and family entertainment venues.
Former PwC Australia and MinterEllison CEO Tony Harrington, who invested in ROLLER in July 2018, says he has thoroughly enjoyed being a part of the ROLLER journey over the last four years as an advisor and investor.
“Luke and Mark have done an impeccable job building a truly wonderful company, that I am confident will continue to grow strongly in the years ahead,” Harrington says.
“The recent opportunity to realise a very attractive return selling down my investment, is a very tangible testimony to Luke and Mark’s leadership contribution to ROLLER over the years. I look forward to cheering ROLLER and its excellent leadership.”
Acadian Software chairman Jon Karlen adds the company is excited to increase its investment in ROLLER.
“We have a long-term view on the business and firmly believe it has the product, team and vision to become a category-leading company,” Karlen says.
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