Mutinex, a growth analytics startup based in Australia, has raised $17.5 million in a new funding round. The investment was led by Marbruck Investments, with participation from existing investors EVP and Archangel Ventures. This latest funding values the company at $132.5 million.
The funds will be used to enhance Mutinex’s AI-driven marketing analytics platform and support its expansion into the US market. Co-founders Henry Innis and Matt Farrugia aim to change how businesses approach marketing analytics by focusing on a wider range of marketing activities, not just performance marketing. Justin Lipman, a partner at EVP, commended Mutinex for its high customer retention rates and substantial return on investment.
EVP has invested approximately $19 million in the company over the past two years, making it their largest investment to date. Innis shared the inspiration behind Mutinex, citing the frustration both founders experienced with the limitations of existing marketing and advertising tools. They aim to create an “operating system for growth” rather than just another analytics dashboard.
In the US, Mutinex President John Sintras has been successfully onboarding several local customers.
Mutinex expands into US market
The company plans to use the new capital to accelerate product development and team expansion to meet market demands.
Co-founder Matt Farrugia will be taking on an APAC-focused leadership role, transitioning out of his global role as Chief Customer Officer. This move comes amidst recent changes in the leadership team, influenced by co-founder and global CEO Henry Innis. Investors have expressed confidence in Mutinex’s trajectory.
Tom Aouad of Marbruck highlighted the company’s AI advancements, which enable clients to replace traditional marketing consultants. Rayn Ong, Partner at Archangel Ventures, praised the company’s unique revenue scaling and strong moat. Mutinex is also targeting expansion in Asia, with plans to establish a presence in Singapore.
The company is currently headhunting for a representative in the region to begin building its presence. The recent funding round positions Mutinex to continue its impressive growth, particularly in expanding its presence in the US market and enhancing its suite of predictive analytics solutions. The company’s global headcount is now around 75, and it plans to triple its US headcount within six months to a year.
