BlueChilli, a Sydney, Australia-based provider of advances solutions for startups, closed an AUD$5m funding round.
The round was led by the Myer Family Investments with participation from Internode founder Simon Hackett. Original investor, Domenic Carosa’s Future Capital Development Fund, sold its shares in this transaction (returning a 6.67 multiple in just over two years).
The valuation of Bluechilli as a result of this transaction has not been disclosed.
The company intends to use the funds to grow in the Australian tech startup market.
Founded in 2012 by CEO Sebastien Eckersley-Maslin, BlueChilli provides services to early-stage technology startups, and to corporate customers seeking startup-like innovation. It combines the aspects of a digital agency, incubator, accelerator and venture capital fund to mitigate the four key risk areas of a startup: Technology, Team, Traction and money.
In details, the company provides:
– a team to build and launch a Minimum Viable Product Plus (MVP+) and then to support startups until it’s time to employ their own product team;
– a hub, an advisory team, office space, meeting rooms and events and shared services such as recruitment, growth hacking and PR;
– a structured course over six months designed to prepare a startup for Series A capital raising;
– a $10m venture fund that, once closed, will co-invest in startups at the angel round by matching investment dollar for dollar.