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Social media software start-up raises $1 million in seed funding
Cloud-based social media management start-up Manalto has raised $1 million in seed funding from Australian and US investors to launch its software to the public.
The US-based Australian start-up raised the funds from private investors in Australia, as well as from venture funds Europlay Capital Advisors and Raven Capital.
The Manalto team, now 10 people strong, has been developing the software for two years and launched a beta testing program in January 2013.
Co-founder and chief executive Anthony Owen says they moved to the US after interest from investors.
“There is no doubt in my mind that being in the US will improve my chances,” Owen says. “Overall the US economy is picking up, so confidence is high across the business community. US investors are much more open to risk and willing to back start-ups and valuations for start-ups are solid right now.”
Manalto will be raising a Series A round late next year and says being in the US will make this process easier.
“The tech market is booming in the US, there are a lot of investment dollars in the market looking for the right investments. Social media and mobile are the hottest games in town,” Owen says.
Despite being based in the US now, Manalto will continue to have a focus on the Australian market where it already has six franchise clients.
“Australia will be a key market for us and we will use Australia as a launch pad into Asia next year,” Owen says. “The momentum is building.”