Melbourne-based website design platform Foxley has secured more than $700,000 in seed funding, the company announced.
Foxley which touts itself as the “next generation of web design,” enables users to design and build online businesses for monthly subscription fee.
Foxley founder Bianca Board said in a blogpost, “This is the tool that graphic and web designers have been waiting for all their lives… an intelligent, simple, profit-making ‘web building business in a box’.”
The cash injection was facilitated by Tauro Caital Partners, who produced a 107-page memorandum that was sent out to high net-worth individuals.
Investors included Chris Riquier, Chris Pattas and James O’Donnell who vital brought digital experience from brands like MYOB, Aussie Home Loans and TNS.
Foxley also sees itself as helping to produce “badass” business websites.
“It’s a software solution built for designers that makes their process of building a website incredibly quick, fantastically profitable and one that gets breakthrough results for their clients. In short…. we make designers digital rockstars!,” Board said.
Board who approached investors in advance is confident that the market is ready for Foxley.
“The timing is perfect now and we wanted to get it to market quicker. People are getting fed up and small businesses are failing at generating new business and keeping up with technology.So we thought we really needed to strike now,” she tells StartupSmart.
The startup currently has 500 users selected to test a beta version and another 2000 on a waitlist.
The Foxley offering will roll out in three distinct stages, with a beta business builder platform expected in October, an AI and marketing platform slotted for March 2016 and a designed marketplace later in July.
In her blogpost, Board points out two major problems with the web industry. Firstly she says, 80 per cent of websites do not generate new customers. Secondly, designers are unable to strike profits.
According to her, the biggest DIY web builder has 68 million users but only 1.18 percent have actual live websites. In addition, with over $200 billion spent annually on building and managing websites, designers only make less than 6 per cent of the margin.
Foxley was thus created to solve this.
The company cuts down the time to build websites by up to 80 per cent through its drag and drop, code-free designer’s platform. It’s business management dashboard also allows users to manage their business in a more simplified manner.
Customers of Foxley will also have full access to a support service and a design community where ideas can be better facilitated and shared and its business toolbox is packed with a library of resources to build effective websites and web businesses.
Board has previously won the Australian Businesswomen’s Network member of the year for her contributions to the female entrepreneur community. She also previously founded Web123, an affordable website design company in 2009.