MyDeal.com.au Raises $5m After Injection from Rich Listed Family

Melbourne-based online retail marketplace MyDeal.com.au will be launching a new app, revamping its website along with a huge marketing blitz after one of Australia’s wealthiest families bought into the company with a $5 million funding injection.

KEY TAKEAWAYS:

• MyDeal.com.au was founded in 2012 by entrepreneur Sean Senvirtne.
  • Online marketplace for shoppers to buy all their goods in the one place, with over 5000 retail brands and almost 1 million website visitors a month.
• Averaged 480 per cent growth year-on-year.
• 2017 financial year the Company received $45 million in revenue.
• In 2016 job outsourcing marketplace Airtasker banked $22 million from Seven West Media, online car parts marketplace SparesBox raised $3.5 million and carer’s marketplace Better Caring scored $3 million.
• In December workplace training marketplace GO1 also received a $4 million cash injection from renowned investors such as Shark Tank’s Steve Baxter, Blue Sky Ventures and Tank Stream Ventures.

MyDeal CEO Sean Senvirtne commented:

He said he first knew the site was working when one shopper bought $17,000 of goods in a single transaction to furnish her new home.

“Marketplaces are hard to get off the ground in the beginning because you need both sides of the equation to come together. At the start we did a lot of mapping and building blue prints to ensure this would work … now I believe in the next two years it will be about making a land grab,” Mr Senvirtne said.

“As someone with many years of experience in retail and property, I believe the online space is critical in the retail landscape,” he said.

“MyDeal has a sustainable model … and the chief executive has entrepreneurial flair, which sparked our interest.”

“Being undercapitalised didn’t force us to scale back the business, it forced us to validate the model,” he said.

“So now that we have raised money, we know how to grow the business and we know how to grow it three to four times faster.”

MyDeal is not the only marketplace to have attract investment in Australia in recent times.

Mr Senvirtne said MyDeal would use the cash for marketing initiatives, expanding its team, launching an app in three months and also an impending relaunch of its website.

“Our website has been up for three years now. The new one has a better user experience and it will have more data analytics of the 50,000 products. It will be a very search-driven website with a better interface and better flow,” Mr Senvirtne said.

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