The team here at Empiraa are excited to announce the close of our second seed round this month at $518k on a $7.5 million valuation after a half-time pivot due to changing market conditions.
In an increasingly difficult market with previously overvalued companies closing their doors, we took a more cautious approach to funding, focusing on maximum long-term reward. After low valuations coming in from VC’s, we turned away from the traditional venues of investment and sought out high net worth angel investors who understood the problem Empiraa solved.
Our Founder Ash Brown remarked “this seed round was significantly harder than our previous round, the fact the market has shifted so much made it difficult to agree on terms with VC’s. So we shifted our focus on people that got the problem and wanted to invest in the solution.”
This seed round allows us to expand our offerings into the USA market where we will open our doors in Denver, Colorado from May 1st. Having gained early traction with one of the largest transport companies in the USA using Empiraa, we know there is a demand for the solution Empiraa offers.
Solving the problem of failed business plan execution, Empiraa has made waves in the market with a strong idea of who we are and what we offer. Sitting as a dynamic platform where your business plan comes alive, Empiraa allows you to set key business pillars and create actionable objectives that your teams need to achieve to get there. Adding in trackable, live metrics, the platform brings teams together around a common goal and allows businesses to create visibility and purpose like never before. Empiraa is the solution to align businesses on strategic goals and avoid common failures in execution.
“The growth we have seen in our sign-ups, usage rates and overall adoption, especially over the last 3 months has been super encouraging”, says Brown, “Our mission and passion is to help startups and small businesses be more efficient, plan better, action those plans and feel better about business”.
Despite having a strong identity and solution to a very common problem, seeking investment still proved to be incredibly difficult in the current economic market for Empiraa. As the market realigns itself after a boom of funding during COVID-19, Founders are being pushed to accept more and more deals that won’t benefit them in the long run. The startup economy is under more pressure than ever to turn investment into profit. “There is a growing frustration amongst founders that I connect with that the VC industry in Australia can be ultra-conservative, but then do a backflip and follow a trend or a certain investor that doesn’t align with that ethos,” says Brown. “There are some great businesses and startups out there that may not fit a certain model or spreadsheet, so it doesn’t get a look in from certain VCs.” It is a sentiment that is increasingly popular among people in the industry, and yet many shy away from the truth, given the power VC’s hold over future investments.
This funding allows us to take on the next challenge of moving into the United States backed by a passionate team and awesome investors. We think we are really on to something, and hope you come along for the journey with us.