The US-based VC firm SparkLabs Global Ventures and Australian VC firm Perle Ventures have led a $10-million investment in Brisbane-based marketing tech startup Simple to support its expansion in the US market.
The latest funding round brings the total investment in Simple to $13 million, according to local media’s reports.
Simple’s co-founder and chief executive James Charlesworth said that the latest round is mainly about finding the right strategic partners and the funding will go to further product development.
He told the media that it will probably raise another round in the next 12 months, and go public listing after that.
“We’ll stay private as long as possible and then when we get to a significant scale, listing becomes something interesting, but we’re focused on the fundamental unit economics of the business. It’s important to be pragmatic about each stage,” Charlesworth told Financial Review.
Headquartered in Brisbane, the four-year-old Simple has offices in Melbourne and Sydney as well as a small team in San Francisco. It has developed the software to help large enterprise marketing teams manage their workforce and communication across the team.
Simple has also appointed Paul McNamara, former principal at the Boston Consulting Group, as its chief financial officer and head of growth.
The company was founded in 2008 by James Charlesworth and Russell Lister, former executives at APN News & Media, while its current platform was launched in 2012.