business

Xero founder Rod Drury is back with new start-up investment

“I didn’t want to do too much software, but Atomic was something I’m passionate about. It was a project I didn’t have time to do at Xero, but I wanted to, ”Mr Drury, who remains on the Xero board, said.

“Now companies had done their migration to the cloud, I was thinking about the next type of customer interaction.

Atomic.io CEO Ben Pujji joined the New Zealand-based software company in 2015.

“It’s so expensive to hire software developers, but with this, my business analyst can be a developer. It’s low-code and lets you transform the customer experience and get it up and running on iOS or Android really quickly. “

The company now powers in-app customer engagements for the likes of ANZ Bank, Foodstuffs, Bank of New Zealand and Kiwi Wealth.

Atomic.io is led by Bank of New Zealand’s former head of online sales, Ben Pujji, who joined in 2015 as its chief marketing officer. It has just closed a $ 4.5 million Series A capital raise, led by New Zealand’s leading venture capital fund Movac.

The raise, in which Mr Drury invested again, will enable it to expand to Australia, putting boots on the ground in Melbourne.

“We set out to validate Atomic with some of the biggest, most established New Zealand enterprises, and we’ve done that,” Mr Pujji said.

“We wanted to do that before we tackled growth, and now we’re in good shape, so it’s time to look abroad.

“Australia is a smart next market, with high digital uptake.”

To date, the business has raised more than $ NZ10 million.

Mr Pujji would not reveal the valuation of the company after the funding round, but said it was comfortably up on its previous round.

He said the New Zealand start-up scene was experiencing the same funding pressures currently as Australia.

“No one would say raising money in the last six months was easy,” Mr Pujji said.

“But we are very grateful to have investors who understand the vision for Atomic. The company was born in hard times, we acquired all of our customers through the pandemic, so we’re no stranger to building the company in these conditions. “

Mr Pujji would not reveal how much runway he expects the capital raise to give the business, saying it would be determined by how quickly the business hires staff.

Mr Drury, who like Atlassian co-CEOs Mike Cannon-Brookes and Scott Farquhar intends to become more involved in supporting the transition to renewable energy, said there was still plenty of money to be deployed into quality companies.

“High-quality ideas and teams will get funded, plenty of capital is looking for a home,” he said.

“Enterprise software is a sweet spot. Everyone has funded software-as-a-service for a long time, and a lot of VCs have forgotten how good enterprise software is.

“What we did at Xero and what a lot of SaaS companies need is global marketing and thousands of customers, but I actually built my career having exits in enterprise software … where you need a smaller number of deals.”

Related Articles

Back to top button