Instant valued at $157m after securing $28.3m in Series A
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The news: Sydney-based eCommerce retention marketing platform Instant has secured a $US18 million ($28.3 million) Series A funding round led by Hummingbird Ventures, with participation from existing investors Blackbird, TEN13 and Reinventure.
The raise values the company at more than $US100 million.
The numbers: Instant grew from zero to $1 million in annual recurring revenue (ARR) within six months of expanding its product suite and said it is adding more than $1 million in revenue monthly.
The company expects to triple both revenue and headcount this year.
The context: Instant plans to use the funds to accelerate product development and enhance self-service capabilities for North American expansion.
Instant has evolved from a single tool to a comprehensive suite used by hundreds of eCommerce brands worldwide, including July, Peppermayo, Fayt the Label, Toys R Us, STAX, and Ally Fashion. The funding marks Hummingbird Ventures' first investment in Australia.
What they said: "Ninety-eight per cent of eCommerce visitors leave without making a purchase—most brands have no idea who they are," said Liam Millward, co-founder and chief executive officer of Instant.
"Instant changes that. By unlocking lost shoppers and converting them into loyal customers, Instant drives repeat revenue at scale."
Blackbird principal Max Meyer said: "It's one of the fastest-growing products we have seen at Blackbird".
"We're excited to continue supporting Liam, Will and the Instant team's vision to become the world's first end-to-end automated marketing manager."
The source: Instant press release
