A six-year-old retail products price comparison tool developed by one of iSelect’s cofounders has raised $7.5 million in a deal that give it a $37.5m post-money valuation.
The round for Zyft was led by PSC Insurance founder Paul Dwyer, with support from angel investors. Dwyer’s formerly ASX-listed insurance broker was acquired by UK rival Ardonagh last year for $2.26 billion.
The funds will beef up the startup’s AI implementation and product improvements amid revenue diversification initiatives.
Zyft was founded in 2019 by Damien Waller, who previously build and exited iSelect. His Waller Group also includes Point Hacks, and Pay.com.au and aged care comparison site CareAbout.
The business has also recruited former LocalAgent Finder boss and Destination Melbourne director Richard Stevens as its new CEO. He’d worked previously with Waller at iSelect.
The platform claims it can save consumers an average of 30% on purchases by finding accurate competitor pricing across more than 50,000 Australian retailers. It’s been used by more than 550,000 people, Waller said.
“From the outset, our vision has been to create a smarter and more transparent shopping experience,” he said.
“Now, with a successful fundraise closed and Richard taking the reins, we are in a stronger position than ever before to double down on our mission to empower consumers to make informed purchasing decisions and save money.”
Stevens said their goal is to make online shopping more transparent and rewarding.
“This new funding will enable us to accelerate our product roadmap, deliver even greater value to Australian shoppers, and build strong, mutually beneficial relationships with retailers,” he said.
Investor Paul Dwyer said the platform Zyft addresses a critical need for transparency in online shopping and creaties a more level playing field for retailers.
“We are confident that during this next phase of growth, Zyft will continue to add huge value to both retailers and shoppers,” he said.
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