Two Australian startups have recently secured significant funding to advance their innovative platforms. Zyft, a price comparison platform, raised $7.5 million in a private investment round led by PSC Insurance founder Paul Dwyer. Concurrently, Fluency, a Melbourne-based software startup, obtained $1.5 million in pre-seed funding to enhance its operations management platform.
Zyft, founded in 2019 by iSelect co-founder Damian Waller, utilizes artificial intelligence to enable users to compare prices across millions of products from over 50,000 Australian retailers in real-time. The platform processes more than 100,000 product searches daily. The recent funding elevates Zyft’s post-money valuation to $37.5 million, up from $30 million. The capital will be used to enhance the platform’s AI capabilities, expand product offerings, increase user acquisition, and diversify revenue streams. Richard Stevens, former CEO of LocalAgentFinder, has been appointed as Zyft’s new CEO to lead these initiatives.
Fluency, established in 2023 by co-founders Finnlay Morcombe and Oliver Farnill, offers an AI-powered platform designed to streamline business operations. The startup has already attracted global clients, including AON, SpecSavers, Boardroom, and MISUMI. The $1.5 million pre-seed funding round saw participation from investors such as Brad Tabone, Andrew Cicutto, Archangel Ventures, Orvel Ventures, OneMX.ai, Swinburne University of Technology, NextGen Ventures, and Exhort Ventures. The funds will be directed towards further developing Fluency’s platform to address operational inefficiencies that can cost companies 20-30% of their annual revenue.
Context & Background
The Australian startup ecosystem has been experiencing robust growth, with numerous companies securing substantial funding to scale their operations and innovate within their respective industries. Zyft’s recent funding round underscores the increasing demand for AI-driven solutions that enhance consumer decision-making processes. Similarly, Fluency’s success highlights the critical need for efficient operations management tools in the business sector. These developments reflect a broader trend of investment in technology-driven solutions aimed at improving efficiency and competitiveness in the market.
In This Story
Zyft
Zyft is an Australian price comparison platform founded in 2019 by Damian Waller. It leverages artificial intelligence to provide real-time price comparisons across millions of products from over 50,000 retailers.
Fluency
Fluency is a Melbourne-based software startup established in 2023 by Finnlay Morcombe and Oliver Farnill. The company offers an AI-powered platform designed to streamline business operations and reduce inefficiencies.
Richard Stevens
Richard Stevens is the newly appointed CEO of Zyft. He previously served as the CEO of LocalAgentFinder and brings extensive experience in leading technology-driven companies.
Paul Dwyer
Paul Dwyer is the founder of PSC Insurance and led the recent $7.5 million investment in Zyft. He is known for his strategic investments in innovative Australian startups.
Finnlay Morcombe
Finnlay Morcombe is the co-founder of Fluency, an AI-powered operations management platform. He has a background in software development and business operations.
Oliver Farnill
Oliver Farnill is the co-founder of Fluency, focusing on developing AI solutions to streamline business operations. He has experience in technology startups and product development.
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