The recently closed seed funding round was led by early-stage venture capital firm Investible, with investment from TechnologyOne founder Adrian DiMarco, 1in100 Ventures, Beachhead Venture Capital, and Hugo-Hamman Investments.
In a statement, the company said the funding will support its ambitions to “rapidly scale within Australia and then globally”. In particular, Factory.app said it would ramp up marketing for the app to “drive aggressive subscription growth.”
Factory.app previously received angel investment from Richard Hugo Hamann, CEO of legal tech company LEAP, and Brendon McQueen, co-founder of HotelsCombined.com.
Paul is Factory.app’s CEO and Michael is its Executive Director. Michael is also a Managing Director of Virno Group, a family-run company with building materials spanning the roofing, construction, cable transport and high pressure hose safety industries.
“Coming from the industry, we literally experienced the pain of manual processes and constant double-handling that our customers face every day,” Paul said.
“90% of the manufacturing industry is made up of companies the size of our family business, and by leveraging our own experience to build fit-for-purpose software platforms, we are helping thousands of companies around the world. We were confident that we could provide great value.”
Jayden Basha, a principal at the investment with offices in Sydney and Singapore, said the company has increased its potential to meet unmet needs in the manufacturing sector.
“As an early supporter of Factory.app, we have seen the potential of the product and the evolution of its design. Paul and Michael have a strong understanding of the current state of this underserved industry. and are starting to build their own platform for small and medium-sized enterprises to grow,” Basha said.
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