New funding to accelerate U.S. and European growth of iVvy’s venue management platform as it disrupts the fast-recovering hospitality and event industries
QUEENSLAND, Australia, May 20, 2021 – iVvy, an innovative, cloud-based event and venue management platform, has raised $7 million Australian dollars (US$5.4 million) in a pre-IPO round to further accelerate the growth of the company’s leading sales and catering software, particularly in the U.S. and European markets. iVvy plans to list on the Australian Securities Exchange within the next 12 months.
The pre-IPO round was led by Thorney Investment Group, one of Australia’s most successful private investment groups, and Gandel Invest, led by Tony Gandel. Both firms are deeply experienced in supporting visionary SaaS entrepreneurs to build category dominating companies that disrupt industries ripe for change. Melbourne-based Cannacord Genuity served as financial advisor to iVvy in the transaction. IVvy’s accelerated growth comes at a time when it is driving change in the hospitality and event management industries to find smarter and more intuitive ways of achieving growth post COVID.
“We are grateful to have the support of Thorney Investment Group and Gandel Invest, two of Australia’s premier investment firms. Their participation and partnership will allow us to further accelerate our global expansion and seize a unique moment to disrupt the status quo in event management as the event and hospitality industries begin to recover,” iVvy Founder and CEO, Lauren Hall said.
“We will be expanding existing market operations aggressively globally, with a focus in the U.S. and Europe, to increase market share and build momentum as the industry recovers from the economic crisis caused by COVID-19. With reduced infrastructure and staff, gaining efficiencies through automation is a high priority for the hospitality industry, with a crucial need to do more with less.”
“Our funding will not only be used to scale our sales and operations teams globally, but also will allow us to double our development team and accelerate further integrations with PMS, POS and CRS providers. Seamless integrations, enhanced customer experiences and true visibility of real-time data is business critical for hospitality organisations. Our software enables our clients to have significant business intelligence on customers’ spend, utilisation of assets, profit and bookings. It will equip them with the ability to make better decisions, hone their marketing, tailor their offerings and better target their resources, resulting in improved business outcomes. In a post COVID world, analytics are the currency of the future and our platform delivers unsurpassed capabilities in these areas.”