Social media aggregator Stackla receives $2m investment to accelerate US and UK expansion
Sydney-based social media aggregator Stackla has received investments totalling $2m which the company says will accelerate its expansion plans in the US and Europe.
In its first round of funding, venture capital fund Rampersand and a consortium led by former Yahoo and NineMSN executive Tony Faure and businessman Grant McCarthy, have invested in the Sydney start-up. Faure was this month named as Stackla chairman. He is also chair of youth-focused publisher The Sound Alliance and Torque Data and Pollenizer.
Other investors in the consortium include Business Spectator editor-in-chief Alan Kohler and Sam Mackay, chairman of stationary and gift brand kikki.K and former chief executive of skin care firm Jurlique.
Stackla was founded in 2012 by Damien Mahoney and Peter Cassidy and enables brands to collate all mentions they receive on social channels and showcase them online. The company lists around 300 clients including Qantas, Adidas, McDonalds, Toyota, Shell and Manchester United.
Mahoney said the $2 million capital injection would largely fund expansion in the UK and US with the number of staff expected to double to 60 over the next 18 months.
“With a footprint to build in the US and UK and over 30 staff to hire, the work has only just begun but we are thrilled that investors and customers believe in our vision,” Mahoney said.
“We believe our technology is well ahead of market trends, and the wave of interest in what we do is far from peaking. Social media is a mainstream activity marketers engage in every day and we believe our software will become a key part of every marketer’s daily workflow.”
Rampersand co-founder and managing partner Paul Naphtali described Stackla as a “high growth business with a huge technology advantage in a massive market” while Faure said the business can “tame the social media firehose and solve one of the biggest challenges facing digital marketers”.
“[We are] in an age where a single tweet can make or break brands,” he said.
Grant McCarthy, executive of Asia Pacific Growth Management and a director of APGM’s investments arm, said the company was “well placed to execute its vision”.
Stackla co-founder Cassidy said it has tapped into a environment where consumers are recommending brands and products on social media “but which are fleeting and hard to capture”.
“Stackla solves this problem by helping marketers cherry pick the best content on the social web and showcase it where their customers are – on websites, apps and at venues,” he said.
“It’s exciting because there are so many applications for the technology. Iconic retail brands, like Michael Hill, MYER and SABA are using social media to drive sales by bringing social recommendations to the point of sale.
“At the other end of the spectrum, Glasgow Commonwealth Games, Australian Rugby Union, National Rugby League and Wembley Stadium are using Stackla to engage and entertain sporting crowds.”
Steve Jones
