Mimecast cofounder and angel investor Peter Bauer has led a $2 million Seed round for superannuation industry regtech Nuj as part of a $4 million equity and debt deal for the startup.
Nuj, founded in 2020 by Matthew McKenzie, is a data platform and insights engine positioned between superannuation funds and the regulator, delivering real-time insights to superannuation trustees and executives, to manage their risk programs ahead of the curve. The Nuj data platform is used by the likes of MUFG, AMP, and Equity Trustees.
McKenzie, Nuj’s CEO, said the funds will be used capture more opportunities from emerging technologies and new markets.
“This capital raise is a significant milestone for Nuj and has energised our team to go bigger and do better,” he said.
“We’re very fortunate to have Peter and his team on board with us as we grow. Peter has been here before and there is so much we can learn from his experience scaling a resilient data-driven solution.”
McKenzie, had a decade of experience in superannuation under his belt and Nuj is the result of his frustrations with legacy systems that failed to harness data effectively. He’s built the Sydney startup to a team of 16.
Bauer, cofounder and the former CEO of global cybersecurity company, Mimecast, said he followed Nuj over the past few years and was impressed by its approach to regulatory compliance.
“Nuj has built a powerful data platform that addresses an expensive challenge across the super industry – one of staying ahead in compliance with regulations,” he said.
“At the same time as more firms seek to leverage AI, we know that AI is only as smart as the data that it works from. Nuj’s data platform is laying the foundations for AI to be more effective and accurate for firms across the Super industry and ecosystem covering a wide variety of use cases.”
Matthew McKenzie said that with mounting superannuation regulatory reporting requirements and increased transparency measures, Nuj’s reporting platform eases the regulatory burden weighing on trustees.
“The company continues to invest in expanding its solution to keep pace with growing data-driven regulations,” he said.
“The recent capital injection will fuel its capabilities for faster data processing and sharper insights, empowering funds to make informed decisions, and driving better financial outcomes.”
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