Auckland-based inventory management systems developer Unleashed Software has won $7 million of Series C investment from venture capital company Movac.
Unleashed develops software-as-a-service (SaaS) inventory systems for wholesale distributors and manufacturers.
“We have been building our core product and markets for eight years now and the market now feels like it is really starting to embrace cloud based applications," Unleashed Software CEO Gareth Berry said.
Although there are a large number of capital providers in the Australasian market, Berry said Movac was the best choice due to their deep SaaS knowledge, experience building global high growth companies and alignment with Unleashed’s core values and strategies.
In 2015, Unleashed raised $4.5 million, partly funded by exiisting investor and MYOB founder Craig Winkler.
Unleashed estimates there are over five million wholesaler-distributors and manufacturers that the business could provide the ‘system of record’ to - it currently services customers in over 88 countries.
The funds will go towards developing of the next generation inventory management software and support the global growth of the company.
Movac partner Mark Stuart, who will now join Unleashed's board, said the company had been following the progress of Unleashed and been impressed with their proven model and strong customer base.
“They have built a great product and sustainable business with very efficient use of capital, and we are looking forward to working with the team to help them achieve their aspirational goals to be the global standard for inventory management," he said.
Berry said New Zealand and Australian markets have been early adopters of cloud based software solutions, however, Unleashed is also see opportunities in the UK and the US where businesses are starting to migrate and adopt best in breed solutions to run their businesses.
"This presents an amazing opportunity for us, with a substantial amount of growth in our businesses forecast to come from the northern Hemisphere over the next few years," Berry added.