Startup Timely receives investment from Punakaiki Fund
Posted on 21-Jun-2014 19:24
Filed under: News
Software startup Timely is set to expand, after receiving $1.3 million of new investment. Chief executive Ryan Baker says the funding will enable Timely to employ more staff and grow their sales and marketing, support, and technical teams. Timely presently employs ten people in New Zealand and two in the United Kingdom.
Monthly sales increased by more than 450 percent at the company in the past year. Timely’s online booking software is used by service businesses such as hair and beauty salons, and health and massage clinics.
“We’re thrilled to get this fuel in the tank. The team is buzzing,” said Baker.
“These are smart tech investors so it’s great having them on board.”
The new investors are Punakaiki Fund and David and Nicki Wilson. They join first round investor, Southgate Labs co-founder Rowan Simpson.
Punakaiki Fund director Lance Wiggs said this was the exact sort of opportunity Punakaiki Fund was created for.
“Timely has a high quality team with great long-term investors and a fantastic product.”
The Wilson Family and Simpson were early investors in software services Xero and Vend, and Wiggs is also a Vend investor.
Baker said the immediate challenge was to get people with experience in the software-as-a-service (SaaS) industry.
“SaaS is an emerging field. Old-school ways of delivering this kind of software don’t cut it. We’ll be looking for people who have spent a couple of years working on other SaaS products, in a range of roles.”