Fulcrum has raised $3.4 million in a recent round of funding from undisclosed high net-worth Australian families including Clinton Capital Partners. The report that was first published on the AFR, states the startup is now valued at $30 million.
Incorporated in New Zealand, Fulcrum was spun out of Foundry Innovation and had relocated its headquarters to Sydney about six months ago. Simon Pomeroy, a former Westpac New Zealand tech executive, who joined the startup as CEO in May 2016, believes this freshly raised capital will see it through to 2018.
The platform offers a data analytics platform that pulls information from multiple channels and then automates the “next best interaction” between a customer and business to drive sales.
Simon was quoted saying that their flagship product Fulcrum Hub enables traditional businesses to take on the likes of Uber, AmazonU, and Airbnb when it came to customer experience, without needing a lengthy implementation process. He stated,
Our hub can be up andrunning within 12 weeks and we can drive payback on the first six-month investment by month four. Most enterprises take 12 to 18 months to implement something like this and two to five years to get a return on investment.
He also added that their revenue has been witnessing a fast-paced growth by doubling every second quarter. In addition, they are about to reach the break even point Simon chose not to reveal the exact numbers. Fulcrum counts a range of ASX top 50 businesses as its customers. Prior to this, Fulcrum had raised $2 million late last year before taking the leap of relocation.
Randolf Clinton, principal, Clinton Capital Partners, told AFR that the round was closed in a mere one and a half days. He had stated that they would be closely involved in the startup’s journey.
Our company has a bit of a different business model. We strongly feel that unless the company, investors, and advisors are all aligned, then you arbitrage and the journey will end in tears.