Dunedin startup Timely, which has created a booking software platform for businesses in the beauty and wellness industry, has raised NZ$7 million ($6.34 million) in a funding round led by local venture capital firm Movac.
The startup, founded in 2012 by Ryan Baker, Andrew Schofield, and William Berger, previously raised NZ$1.3 million in 2014.
With over 40 staff working from New Zealand, Australia, and the UK, the company boasts 8,000 business customers across 85 countries. Among other features, the software allows businesses to manage staff rosters, take bookings from customers, link their accounting software, and customise a point of sale system.
The funding will go towards further product development and growing Timely’s market presence, with the startup also set to grow its team.
Ryan Baker, CEO of Timely, said he was “stoked” about the investment, adding that while the capital is important, the Movac team’s experience in helping to grow its portfolio companies also played a role in Timely’s choice of partner as the startup looks to scale.
“We’ve made a great start with Timely and learned a lot, especially in the past year having funded the business from revenue. The size of the opportunity in this space has always excited us and this funding allows us to unlock a bunch of growth initiatives. There’s a heap of value we want to add to the salon and spa industry, worldwide,” he said.
“We’re at the start line again. The stakes are raised. The work starts now.” Read more
Gina Baldassare – Startup Daily – 13 Nov 2017