In October 2014 I profiled APE Mobile, a Perth, Australia-based developer of a mobile application for the construction and natural resources industries. In the latest sign of positive investor sentiment towards such businesses,* it has announced the successful closure of a Series A funding round led by Jolimont Global and Viburnum Funds.
According to a news release sent to me by founder and CEO Matthew Edwards, APE Mobile was initially looking for Au$1.5m and got access to Au$2m (c £0.94m or US$1.47m), more than originally anticipated. The funds will be used for further product development and to drive growth.
APE Mobile has apparently enjoyed rapid adoption, with monthly revenue growth of 20% in its first year since launch, and it aims to continue to establish itself as the dominant paperless site app in its field in the national and overseas market.
Matthew Edwards said:
“… Since our launch last year we had an amazing response from large enterprises and small contractors alike, with customers so far including Iluka Resources, Calibre Global and Tasman Civil. There’s a massive opportunity for us out there, with the construction and engineering market having over 1 million employees in Australia.
The raising provides us with further financial security and underpins our plans to expand on the East coast of Australia and overseas. We’re thrilled to continue helping increase efficiencies for our customers in the Construction, Mining and Oil & Gas sectors with our essential productivity tools.”
*Previously this year, I have noted successful funding rounds by GenieBelt (€0.7m; February) and Plangrid (US$18m; May). Finalcad raised €2.1m in June 2014, FieldLens closed a US$8m funding round in May 2014, and Sitedesk raised £0.435m in April 2013.