Latest seed funding round led by EVP takes Mutinex’s valuation to A$75 million
Australia’s leader in marketing investment analytics, Mutinex, announced it has successfully raised A$9.5 million in new capital today, raising its valuation to A$75 million, as the company looks to accelerate the growth of its US offering substantially.
The oversubscribed round was led by EVP, Australia’s leading B2B SaaS venture capital firm, which has previously invested in businesses like Insite AI, Siteminder, Deputy and Shippit.
Justin Lipman, Partner at EVP, said, “Since our first investment into Mutinex some 18 months ago, the company has significantly outperformed all of our internal performance benchmarks. Having tripled annual recurring revenue over the last year, backing Mutinex in its latest investment round was an easy decision.”
“Our investment in Mutinex marks the largest allocation to a single company in EVP’s history. The $12m we have invested into the business over the last two rounds reflects our strong conviction in the opportunity ahead of us. Mutinex is the fastest growing business we have worked with at an equivalent stage – pacing well ahead of even companies well beyond $100m of revenues such as Siteminder and Deputy,” Lipman said.” Lipman said.
Multinex plans to use the funds to double down on its expansion efforts in the United States. CEO Henry Innis, along with key founding members of Mutinex’s sales, product, and data science teams, will relocate to New York City. This strategic move will bolster the US team, increasing its size to six members, with 10 additional positions currently open.
Mutinex CEO, Henry Innis said, “We have successfully established the foundations of an incredible SaaS business. Our focus and mission is to build the first generalised domain model for growth. We’ve scaled an amazing engineering, data science and product team, as well as a world-class marketing science team. We’ve got boots on the ground and a US presence. We’re ready to hit the scale button now.”
“Every single marketer should be able to make good, data-driven decisions about their growth mix. But in reality, many don’t have access to high-quality information, presented in a user-friendly format. We aim to change that and free up marketers from the drudgery of data analysis in marketing,” Innis said.
Since successfully securing seed capital in May 2022, Mutinex has demonstrated substantial growth, expanding its operations nearly fourfold. Mutinex counts over 35+ enterprises on its books including Asahi, ING, Samsung, Dominos, and TPG Telecom. Mutinex has also forged significant partnerships with established holding companies and agencies such as Dentsu, Atomic212, and cummins&partners.
Mutinex co-founder and COO, Matt Farrugia will stay in Australia to run the APAC business, partnering with the Australian executive team. “We’ve built a great business in Australia with strong and enduring customer relationships. I’m excited to drive our growth into APAC, while maintaining the outstanding track record Hen and I have built in Australia over the past five years,” Farrugia said.
Mutinex’s core strategy is to build a generalised domain marketing mix model, unlocking growth modelling for every marketer at scale. Mutinex has delivered a number of significant innovations in launching DataOS (business data management), MAITE, Brand Equity modelling, and a number of other significant innovations in terms of marketing analytics tools. Mutinex remains one of the largest providers of Media Mix Modelling (MMM) in the APAC region.
The business has over 50 employees and is considered a leader in the fields of marketing measurement, marketing ROI and insight.