Auckland based Unleashed Software, which offers inventory management under a SaaS model, has secured $7.0m in series C funding from technology investment company Movac.
Unleashed said the funds would go towards developing the next generation of its inventory management software and to growing its business outside New Zealand. It claims customers in almost 90 countries in the wholesale, distribution and manufacturing sectors.
Movac partner Mark Stuart will join the Unleashed board. “We have been following the progress of Unleashed, and have been impressed with their proven business model and strong customer base,” he said.
“They have built a great product and sustainable business with very efficient use of capital, and we are looking forward to working with the team to help them achieve their aspirational goals to be the global standard for inventory management.”
Unleashed CEO, Gareth Berry said the company saw big opportunities in the UK and US markets “where businesses are starting to migrate and adopt best in breed component solutions to run their businesses.”
He added: “This presents an amazing opportunity for us, with a substantial amount of growth in our businesses forecast to come from the northern Hemisphere over the next few years. … Globally, we estimate there are over five million wholesaler-distributors and manufacturers that Unleashed could be the ‘system of record’ for.”
The latest funding follows two rounds of fundraising in the past two years that take the company’s total funding to about $25.0m
Unleashed raised $4.5m in June 2015 in what it said was its most significant capital raising to date. Other than naming MYOB founder and existing investor Craig Winkler as a backer, the company did not name its new backers.
In May 2016 Unleashed announced it had raised $3m from a mix of new and existing backers, including Winkler, Milford Asset Management and Sir David Levene’s investment company, Lewis Holdings. Unleashed Software said at the time it had raised more than $18m in capital to date.