Sydney based startup Moneysoft has closed it’s third round of capital last week bringing the total amount raised to $660,000. Moneysoft is an online personal money tool that brings together financial information from multiple banks to enable goal setting and planning – closed the offer after 12 months and setting a final valuation of $3.3 million.
“It’s an absolute achievement to be at the completion of raising” says Peter Malekas, CEO of Moneysoft, “but the real work begins now in ensuring Australian’s will get to benefit from using Moneysoft” – the company is part of leading technology firm, Bluechilli’s incubator.
Moneysoft raised in three rounds with each round opening and closing within 6-8 weeks, “which is a testament to the demand of the technology and the unique benefits it delivers, in particular to advisers and accountants”.
Moneysoft has a two-phase development approach with the first phase in beta testing and the final phase, in development by BlueChilli, launching in early 2013.
As a tip to other prospective start-ups commencing capital raising, Malekas offers this advice: “Think of every dollar raised like a bullet. The more ammunition you have, the easier it is to become ‘trigger-happy’ and get carried away, so ensure that every dollar is spent like it was the company’s last. On the flip side, if you have not met your milestones with the dollars raised, you’ll be staring down the barrel of your investor’s gun”.
Moneysoft’s capital raising success is attributed to a collective efforts of its Board, the Australian Small Scales Offering board and Alchemy Equities.