Inventory management software-as-a-service (SaaS) developer Unleashed Software has received an additional AU$4.5 million in capital backing to help with its trans-Tasman and international expansion plans, as well as product development.
The AU$4.5 million is in addition to the AU$12 million that has been injected into the business since it was established in 2009. The majority of initial funding came from the company's two cornerstone investors, Milford Asset Management and Auckland-based firm Lewis Holdings.
Founder of MYOB and now a stakeholder in Xero, Craig Winkler, is also among one of the backers for this funding round. He also recently put in money to support New Zealand-based crime and analytics software company Wynyard Group.
Unleashed Software chairman Phil Norman said the company plans to use the extra capital to grow the company's footprint both locally and internationally, particularly its operations in sales and marketing.
"Australia is our biggest market, and we've got an operation in Melbourne, and we also do good business in New Zealand. We're also going to use some of the funds to ramp our activities in America. We've got a small footprint already based in San Francisco," he said.
Norman added that the company's approach to growing in the US market, mainly on the west coast, will be to target specific vertical markets, such as craft brewers and small distributors.
In the last six months, Unleashed employed its first US staff members, appointing Lisa Miles-Heal as chief technology officer, and Anthony Mordech as chief marketing officer.