One of Australia’s fastest growing online marketplaces, online retailer MyDeal.com.au, has just closed a $5 million funding round with leading strategic investment firm, Gandel Invest. Pennam Partners acted as the corporate advisor for Mydeal.com.au on this transaction.
The cash injection will be used to rapidly expand MyDeal’s customer base and brand footprint across the Australian consumer market. This marks a shift away from the bootstrapped cashflow model the business has previously been operating within.
CEO of MyDeal.com.au, Sean Senvirtne, has commented that “we have always focused on helping local businesses succeed online, so to form a strategic partnership with an experienced and aligned partner will undoubtedly see the rapid growth of MyDeal and its suppliers in the near future”.
Launched in 2012 from a Melbourne apartment by the 2016 Optus My Business Leader of The Year CEO Sean Senvirtne, the Australian online marketplace has been entirely bootstrapped until now with a growth of 480% across the past three years, landing itself in Deloitte’s Tech Fast 50 and BRW’s Fast 100.
In effect, the site has grown to over 25,000 products expanding across various retail industries including Furniture, Baby & Kids and Tools & Equipment.
Distinguished by its end to end customer service, the business will continue to focus on aggressive supplier and customer acquisition in the next year to become one of Australia’s largest online marketplaces.
Tony Gandel of investment firm Gandel Invest, has commented that “we’re looking forward to our future partnership with MyDeal.com.au. Online marketplaces offer endless opportunity for rapid growth and transformation, so we’re excited to see MyDeal’s impact on various industries.”
MyDeal’s next strategic move will be seeing a new website interface and an app launched in the next month, creating a new platform for enhanced user experience and customer acquisition.