Zyft raises $7.5m from private investment, announces new CEO
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The news: Australian price comparison platform Zyft has raised $7.5 million in private investment led by PSC Insurance founder Paul Dwyer and named Richard Stevens, former LocalAgent Finder chief executive, as its new chief executive officer.
The numbers: The private funding round values Zyft at $37.5 million post-money, up from $30 million. The company says it processes over 100,000 daily product searches across its platform, which compares prices from 50,000 Australian retailers.
The context: Started in 2019 by iSelect co-founder Damien Waller, Zyft uses AI technology to provide real-time price comparisons across millions of products. The new funding will be used to enhance AI technology, improve product capabilities, drive user acquisition and implement revenue diversification initiatives. Richard Stevens brings 25 years of business leadership experience to the role, having previously worked at Waller's earlier venture iSelect.
What they said: "This new funding will enable us to accelerate our product roadmap, deliver even greater value to Australian shoppers, and build strong, mutually beneficial relationships with retailers," said Stevens
"Zyft is addressing a critical need for transparency in the Australian online shopping landscape by empowering consumers and creating a more level playing field for retailers. We are confident that during this next phase of growth, Zyft will continue to add huge value to both retailers and shoppers,” said Dwyer.
