Local services marketplace Oneflare recently announced that it has secured a further $1 million in venture capital funding. This brings the start-up’s total capital raised to $1.5 million, having raised $500,000 mid last year.
This also comes just after recently hitting a major milestone in its growth, signing its 50,000th business, doubling from 25,000 last year.
Oneflare is now helping to connect customers with over 50,000 businesses in over 200 categories, seeing almost 500,000 visitors per month, and has processed over $50 million worth of jobs.
What does Oneflare plan to use this new funding for?
Launched in 2011 by Marcus Lim (who is now the CEO) and Adam Dong, the start-up today has a team of 17 based in Sydney.
“We expect to further expand our team over coming months,” said Lim (pictured above).
“We are seeing very pleasing growth in job volumes every week and we will be adding to our sales, marketing and customer service capabilities in line with this growing demand.”
On top of expanding the team, Lim also revealed to Anthill that they intend to use this new funding to scale their sales and marketing. “We have an aggressive growth target for the next 12 months and we are looking to exceed our expectations.”
Lim further disclosed that they intend to use this new funding to explore international opportunities for expansion into other economies/countries that are similar to Australia.
Lim also remarked that they are very fortunate to have an “exceptionally supportive” group of investors. “The additional capital has come almost entirely from this existing group, allowing us to close this round very quickly.”
Oneflare’s investors include Les Szekely of Equity Venture Partners, Garry Visontay, of the Sydney Seed Fund and Dr. Jeffrey Tobias of The Strategy Group.
How did Oneflare reach this level of funding so quickly?
Seeing as they just started three years ago, Anthill was curious to know what strategy Oneflare has used to reach this level of attracting such huge funding so quickly.
“We identified and implemented an effective and low cost user acquisition strategy. We had very little money at the start and had to rely on a smarter way to marketing and acquiring users compared to our competitors,” said Lim.
“We hired the best talent that we can afford, motivating them to build the best product and service in the market,” he added.
“We have an ambitious vision for the company. Investors don’t invest in small dreams, they want to invest in potential $100 million companies and you need to show them how you can get there,” he concluded.