Marketing analytics startup Mutinex raises $17.5 million to fuel US growth

A marketing analytics startup that has been described as a “fast-rising superstar Aussie startup” has locked in $17.5 million in fresh funding as it advances its AI capabilities and doubles down on its expansion efforts in the US.

Mutinex was founded by Matt Farrugia and Henry Innis in 2018, and with this latest capital injection, the startup is now valued at $132.5 million.

The funding round was led by Marbruck Investments, with EVP and Archangel Ventures also contributing.

It follows a $9.5 million raise in November 2023, led by EVP, and a $5 million seed extension round in February 2023.

It was Archangel partner Rayn Ong that gave Mutinex the “superstar” label, adding that he is “very bullish about the AI capabilities that will come next”.

“In venture investing, you don’t often see software companies scale their revenue following a triple, triple, double, double, double (T2D3) growth trajectory,” Ong added in a statement provided to SmartCompany.

“Henry’s team at Mutinex has achieved more than that, by delivering very high ROI to their blue chip customers.

“We are grateful to be one of the lucky investors of this fast-rising superstar Aussie startup.”

EVP partner Justin Lipman was equally enthusiastic about Mutinex’s prospects, and noted that the startup is now by far the largest investment in EVP’s history with around $19 million invested in the past two years.

“The company has exceptional retention rates with almost every customer we speak to providing glowing reports,” he said.

“It is clear the product is delivering significant ROI across its customer base making adoption across the market straightforward.”

Mutinex wants to help growth marketers make better decisions

The Sydney-headquartered startup aims to help growth marketers make better, data-driven decisions via a ‘growth co-pilot’ that turns traditional marketing modelling into a growth-focused on-demand platform.

The SaaS platform has two key products: DataOS, which inputs unstructured customer data into a growth data structure, and GrowthOS, which gives marketers the ability to forecast and analyse actions they have taken in relation to that data.

Mutinex is already seeing growth in the Asia Pacific and US markets and plans to deploy its new funding to further drive this traction in the US.

The funding round, which the company is positioning as somewhere between a Series A and Series B stage in Australia, coincides with some changes in the Mutinex leadership team, with co-founder Matt Farrugia planning to move from his global chief customer officer to an APAC leadership role.

Danny Bass has recently joined the executive team in the role of chief revenue officer, while the US growth efforts are being led by John Sintras, in his role as president of US and multinational.

“Demand for solutions-focused analytics in the US is high, [so] we’re excited to keep growing the team on the ground and rapidly evolving our product to meet the needs of the market,” said Sintras.

“New capital helps us to accelerate both of those things.”

At the same time, Farrugia and Innis said the team is “razor-focused” on improving the business’ fundamentals, including onboarding speed, data usage, and building out its predictive analytics capabilities.

The startup’s advancements in AI that allow clients to rethink how they are using traditional marketing consultants represents an “exciting inflection point”, said Marbruck investor Tom Aouad.

“Their technical team’s capabilities and efficient enterprise onboarding through DataOS and Growth OS, coupled with an impressive US client base, set them apart from competitors in market,” he said.

“We’re excited to partner up with the team at Mutinex as their innovative approach and strong momentum have us excited about the future.”

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