MarginFuel closes oversubscribed $810,000 funding round to accelerate growth
Summary
Wellington-based MarginFuel, today announced that it has successfully closed an oversubscribed $810,000 funding round to continue to support accelerated growth of the business.MarginFuel, who provide SaaS cloud-based market intelligence, demand forecasting, and price optimisation software to rental vehicle operators, has grown its annual recurring revenue (ARR) 350% over the past 18 months. Moreover, the company has a very strong forward contract pipeline which is the foundation for the next tranche of growth, with ARR forecasted to grow over $2m ARR in the next 18 months.Chief Executive Andrew Pascoe said, The majority of funds came from increased investment by cornerstone investors Wellington-based Angel HQ (lead by Investor Director, Glenn Campbell), NZVIF, and other founding shareholders. The fact that the funding round was oversubscribed demonstrates the confidence existing investors have in the companys potential and projected growth trajectory. He is now a company director and is looking forward to seeing the business grow significantly.Charlie Daily says, MarginFuels proven SaaS products combine its automated dynamic market pricing model with proprietary AI forecasting to maximise revenue. Our customer base has grown rapidly over the past 18 months and we now have the funding to accelerate our growth by taking advantage of identified opportunities in New Zealand and Australia, before commencing a stronger move into the global market.MarginFuel allows operators to make optimised pricing decisions at scale, using up to date market pricing information as well as accurate forecasting and optimisation models.This disruptive technology using proprietary AI forecasting is transforming the vehicle rental market and securing MarginFuels role as the sectors leading price optimisation provider.MarginFuels products are easy to use and increase revenues for operators as well as saving them a significant amount of time.
Funding
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