It’s been a big month for Eventarc.
Not only did the online event registration and ticketing platform score an Honourable Mention in this year’s Cool Company Awards but the site has raised funding from Domenic Carosa’s Future Capital Development Fund (FCDF), Australia’s only internet-focused Pooled Development Fund.
Founded by web-developers Scott Handsaker and Andrew Edwards in November 2009, the business has turned over AUS$4million in transactions in the past 13 months. That’s approximately $300,000 per month.
Becoming quickly revenue positive has proven to be an important factor for Carosa when picking investments for FCDF. When the former Destra CEO announced plans to start the fund in March 2009, he spoke to Anthill about the process (How to launch your own venture capital fund).
In Carosa’s words, “FDCF invests in young but established internet companies, known as Upstarts, which have customers and transactional revenue and do not rely on advertising revenue.”
Since then, he has raised several millions dollars to invest into early stage online businesses and has plans to list the fund in late 2011 or early 2012. Hi portfolio includes SMS Central, CheapHotels.com.au, OurWishingWell, MyGuestList.com.au, Domain Folio 1 and, also announced this month, Imorial.
Imorial.com is a site where memorials can be created at no cost for people and pets. Imorial.com has been operating for over two years and has a growing share of what the FCDF describes as a “significant market”. As well as a consumer focus, it has a business to business model currently establishing business relationships with funeral homes.