Blackbird backs Factor House with $5m rounding round
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The news: Factor House, an enterprise technology start-up, said it secured $5 million in growth funding, in a deal led by Blackbird Ventures that landed the Melbourne-based firm a $25 million valuation.
The funding round also had contributions from OIF Ventures, Flying Fox Ventures, LaunchVic’s Alice Anderson Fund and angel investors Steve and Michelle Holmes.
The context: Founded in late 2019 by duo Derek and Kylie Troy-West, Factor House builds developer tools that help engineers manage large-scale real-time data processing.
Its first product, Kpow, is a toolkit for managing distributed event streaming platform Apache Kafka, while its Flex platform is built for real-time data processing framework Flink. Clients include Block, Pepperstone, Airwallex, and Afterpay.
This is the company’s first time taking external money, according to the Australian Financial Review. Previously bootstrapped, it ticked over the USD1 million ($1.59 million) revenue milestone last year, it added.
The funding will accelerate the commercial release of its Factor platform, invest in its existing Kpow and Flex products and expand the team to support its global reach, according to a media release.
Blackbird partner Nick Crocker has picked up a board seat, the AFR said.
Blackbird did not immediately return a request for comment.
The sources: Factor House release, Australian Financial Review
