Mutinex valued at $37m in latest capital raise; records 300% growth in 2022
Marketing analytics investment startup Mutinex has been valued at $37 million following its latest seed funding extension round of $5 million.
Led by Equity Venture Partners, a specialist VC firm, the majority of existing shareholders backed the round, the company said.
Co-founders Matt Farrugia and Henry Innis
EVP’s Justin Lipman now joins the board of Mutinex, chaired by Brodie Arnhold.
Lipman said: “Mutinex as a business has the potential to transform the entire marketing industry. With a clear vision as to how to create the Bloomberg of Growth, supportive by a well disciplined management team, it’s clear Mutinex has the potential to become the dominant market leader in this category.
“When we reviewed the business in due diligence, it was clear the team weren’t just exceptional product operators but deeply understood how to create a sustainable business with exceptionally strong unit economics. We are thrilled to partner to help them become the leader in Marketing Investment Analytics.”
CEO and co-founder of Mutinex, Henry Innis said EVP were “absolutely tremendous to deal with” throughout the process.
“It’s extremely exciting to have an investor of the calibre of EVP joining the Mutinex journey. Our seed extension round now values the business at $37 million, representing significant value creation for our shareholders and endorsement as to the scale and potential of Mutinex going forward. Frankly, we can’t wait to get moving further.”
The company also said it exceeded expectations across the 2022 calendar year, delivering revenue growth of 300%, with the help of its growth list of clients, which includes Intuit Australia, Youi Insurance, ING, Bendigo Bank, ME Bank, Asahi Oceania and Samsung Australia.
The company rebranded from Mutiny last year
Existing and returning investor, Chris Savage said: “The most critical factor for me with Mutinex is the people. Brilliant, driven leadership supported by an outstanding team. Yes, it’s the right, much-needed product suite at the right time to add real value to marketers. As an investor, the decision to back this team again was easy.”
Industry stalwart Russel Howcroft added: “With a business like Mutinex, it’s the numbers that matter. A brilliant platform, with greater than 50% quarter on quarter growth, market leading technology and talent – little wonder Mutinex averages five users, using the platforms a minimum of five times per week. Daily usage among significant enterprises. Like it, I love it.”
Innis continued: “Given EVP’s strong track record with B2B SaaS companies, we believe they will add significant value in showing us patterns to follow to get this business to the $1 billion of scale we believe it can achieve. We will also continue to expand our US presence with investments in Customer, Engineering and local Account Management to be announced.”
Plans for staffing to grow to 50 by the end of the year are modest, said Innis, as the company is “thrilled to continue to expand our vision of organising complexity to surface high investment return decisions.”
Recently, Mutinex launched a new feature on its GrowthOS platform, allowing marketers to measure how brand presence contributes to sales volume and marketing ROI.
The feature, named Brand Equity, was developed in partnership with GrowthOS customer Asahi Beverages.
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Calum Jaspan was news editor at Mumbrella, based in Melbourne. He was also the producer and host of the Mumbrellacast. He left Mumbrella in May 2023.
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