The venture investing arm of diversified financial services firm MA Financial Group has backed Australian technology business Pendula to the tune of $5m supporting the Sydney-based company to rapidly increase customer acquisition. Joined in funding by Equity Venture Partners (EVP), who followed on to increase their investment in the company, total funds raised for the round capped at $6.75m.
The latest round of funding comes after a bumper 12 months, which saw Pendula manage over 20m conversations. Backed since 2019 by EVP, Pendula is the first of its ventures to secure funding from MA Financial and this partnership marks the first time both investment companies have worked together. The move puts the expanding tech business in a solid position to fulfil a long held ambition to grow globally.
MA Financial Group (formerly Moelis Australia) is listed on the ASX and its asset management division currently manages A$5.8bn of investments across private equity, venture capital, real estate, credit, equities and hospitality assets.
Speaking about investing in Pendula, Will Botha, Investment Director at MA Financial said, “We are excited to support another amazing Australian software business. Pendula has built a very impressive product that solves real world problems for businesses as they look to better interact with their customers. Deep communications work-flow functionality that can be accessed through an easy to navigate user interface has resulted in a growing list of impressive customers.
On top of this, the team has a deep focus on solving complex problems and we are looking forward to helping the business scale into the future”.
As part of the round, EVP doubled down on its original investment in Pendula. Speaking about the decision to reinvest in the business, EVP Partner Justin Lipman commented, “Pendula has proven its market leading product in delivering a platform used by landmark organisations both locally and abroad. Being part of the business’s growth in the past few years has been extremely rewarding. We welcome the opportunity to work with the team at MA Financial and are pleased that they share the same belief in Pendula as we do.”
Pendula’s latest digital conversation platform is revolutionary within the Australian market and is spearheading the next phase of business growth. For this stage the business will be focused on scaling customer acquisition channels alongside broadening the integrated ecosystems, with this push for ubiquity, global expansion of the business is a high priority. Pendula has its eyes on markets outside of Australia including the USA and Europe. The business was also supported by Platform Advisory Partners during this round of funding.
CEO of Pendula, Alex Colvin, spoke about the fund raise commenting: “Working with the MA Financial team so far has been a great experience. This round saw a significant amount of overseas interest, with MA Financial’s style, ambition and alignment with our growth plan a complete stand out. Everyone at Pendula is primed and ready to deliver on our goal so being backed by investors as established, regarded and collaborative as the team over at MA Financial gives us an extra incentive to push our business on to the global stage.
“We are in great company within the MA Financial line up including incredible software businesses like ROKT, CitrusAd, Ansarada and Comestri.”
Launched in 2017, Pendula is a unique technology solution allowing consumers to quickly and easily communicate with businesses through automated SMS and emails. The experiences from Pendula are defined by being ‘more human’ than is expected from automated conversations. The product has enabled the business’s clients to attain 500% increases in conversation rates and 430% stronger engagement when compared to traditional email-based customer communications.
The business works with a roster of emerging, established and iconic brands including amaysim, Cancer Council, TEDX, Ramsay Health Care and Origin Energy, providing solutions that allow consumers to get the information they need from the companies they do business with.
About MA Financial Group
MA Financial Group Limited (formerly Moelis Australia) is an ASX-listed asset management and corporate advisory firm originally established as a joint venture with NYSE-listed investment bank, Moelis & Company. Launched in 2009, today we have A$5.8 billion in assets under management across private equity, venture capital, real estate, credit, equities and hospitality investments. The firm has grown to become a team of 300+ across Sydney, Melbourne, London, Beijing and Shanghai.
Working with state and federal governments, MA Financial Group was a pioneer in the Significant Investor Visa space. Today, we are one of Australia's largest fund managers for overseas high-net-wealth investors in the program.
About Equity Venture Partners (EVP)
EVP is a Sydney based early stage venture capital firm with over $150m in funds under management. EVP partners with exceptional founders building Australia’s next generation of outstanding software companies. The firm has three funds under management and a portfolio of over 30 companies that have raised in excess of $850m of follow-on financing. These portfolio companies include some of Australia’s most successful startups such as Siteminder, Deputy, Practice Ignition and Shippit. See more about EVP here.