03 Sep 2019 / Andrew Northcott
Workforce management and payroll software business Roubler
has closed its first venture capital funding round of $US3.3 million, securing the backing of local venture firm Carthona Capital.
Financial Review’s Street Talk
understands that $US2 million of the Series A funding was fronted by Carthona, with the remaining $US1.3 million coming from European and Singaporean high net worth investors.
Carthona was the first investor in student loan business Credible Labs, that was bought out by broadcaster Fox Corporation earlier this year.
In fact, Street Talk understands it was the founder of Credible, Stephen Dash, who introduced Roubler chief executive Andrew Northcott to the Carthona team three years ago.
“I deeply understand the importance of the right partner and was again looking for a true partner to go on this journey and having got to know Carthona over the years, they really ticked this box for us,” Northcott told Street Talk.
Northcott is known for founding labour hire group LSA Recruitment, which he built into a $100 million business then sold in 2013 to an international conglomerate.
Roubler has seen 280 per cent year-on-year growth in the last 12 months, Northcott said.
The company currently operates in the UK, Singapore, South Africa, Malaysia, Thailand, Canada, Hong Kong, Australia and New Zealand. Its customers include Estee Lauder, Bobby Brown, WHSmith and Guess. It is focused on operators in retail, hospitality, aged care, the food and beverage industry, chemist groups and pubs and clubs.