The Queensland Investment Corporation (QIC) has backed digital advertising startup Cartelux in a $3 million raise the Sunshine Coast-based software firm has dubbed “post-Seed”.
Steve Baxter’s syndicated investment platform TEN13 also invested, with managing partner Stew Glynn joining the board.
Cartelux automates digital advertising for global brands via their retail networks and franchisees on a centralised marketing platform. The software that allows advertisers to target and optimise their ad campaigns. Automotive brands including Ford, BMW, Nissan, Toyota, Renault, Honda, and Mini are using the Cartelux product to their marketing.
The capital will be used to develop its software solutions for the advertising industry, as well as expansion into additional categories.
Cartelux was founded in 2020 by CEO Joshua Williams, who said Cartelux gives even the smallest media spenders access to professional digital marketing campaigns
“We are excited to team up with TEN13, QIC and additional investors like Tractor Ventures to form a leading global SaaS business founded in Australia. This team also gives us an experienced and professional starting point for future funding rounds,” he said.
“Their expertise and support will be invaluable as we continue to expand our platform and reach new markets.”
The adtech startup recently moved into the Americas and African markets and will expand into additional categories in the second part of the year. The Cartelux software allows automating and regionally tailoring the ad creation, approval, and media buying processes across local, national, and international retail networks.
Queensland treasurer Cameron Dick, who’s also and the trade and investment minister, said the government’s investment will support the expansion of Cartelux’s sales, engineering and product teams.
“Helping companies like Cartelux take the next step in growing their business is exactly why our Government established the Enterprise Acceleration Fund. Taking a simple solution to a global scale is a big step, but Cartelux have demonstrated the Queensland ingenuity that deserves our backing, through the Queensland Investment Corporation,” he said
TEN13’s Stew Glynn said: “Cartelux is driving remarkable results for brands, cementing their position as a leading platform for centralised digital marketing across large networks. We also see tremendous growth opportunities beyond the Automotive Industry.”