Job management software company Tradify has secured a significant investment into a New Zealand technology firm, announcing a $10 million investment led by technology investor Movac.
It is the first major capital raise by Tradify, which offers a job management app that simplifies quoting, scheduling and invoicing for trades businesses. The $10 million investment is led by Movac with support from existing shareholders K1W1 and Icehouse Ventures.
CEO Michael Steckler said the company had now reached a point where it is ready to scale at pace with a proven business model.
“We plan to significantly increase the size of our product and engineering team, and will be making increased investments into sales and marketing to further accelerate Tradify’s growth globally and in New Zealand” he said.
With overseas expansion already underway and an established presence in Australia and the UK, Tradify has expanded rapidly as tradies increasingly look for more efficient ways to manage their businesses. The Movac-led investment will allow it to create more high-value jobs in New Zealand, where its product and engineering teams are based, and to provide another example and inspiration for other tech companies by demonstrating that Kiwi tech can compete globally, Steckler said.
“Movac is a big supporter of NZ tech and has been for many years. They also have experience working with great Kiwi companies who have successfully expanded globally, like Timely, Vend, Unleashed Software, and others,” he said.
Movac partner Jason Graham said “Michael and the Tradify team have demonstrated the strong ability to clearly identify a market opportunity, provide an industry-leading solution, and scale a team to match the opportunity. Its rapidly-growing international client base is proof of that. Like many capital raises, Tradify had a number of options, and the Movac team is fortunate, and delighted, to get the chance to work with Michael and his team. It’s a great opportunity for us to deploy our capital, experience and international networks.”
Steckler said Movac would be taking an active role in the business’s governance with Graham joining the Tradify board.