Moelis Australia Growth Capital Fund Invests A$6.5m in CitrusAd
Advertising technology platform CitrusAd has become the latest addition to Moelis Australia’s list of growth-stage companies in Moelis’ second growth capital fund.
Moelis Australia confirmed the A$6.5 million investment in CitrusAd in March as the world was hit by the brunt of the COVID-19 pandemic.
But for CitrusAd, who sell retailers a software platform that lets them monetise their digital real estate like their e-commerce websites and mobile platforms, the surge in online shopping has been a significant boost to business.
As Managing Director Jaron Yuen explained to the AFR this week, CitrusAd have a strong competitive advantage that has helped take advantage of this black-swan event, growing revenue exponentially.
“Looking at the market and the shift away from large aggregated ad buyers like Criteo, they’ve got something different which is more akin to where the market is going,” Jaron said.
According to CitrusAd CEO Brad Moran revenues have tripled during the pandemic. Customers now range from Coles, Woolworths, Groupon and Dan Murphy’s here in Australia to Sainbury’s and Argos in the UK and Groupon in the US.
Other investee companies include Vault, Clinical Genomics, Ansarada and ROKT. Recent exits include SmartSparrow, Avoka and Sparesbox.
About Moelis Australia Growth Capital Funds and Investment
Our Private Equity and Venture Capital team in MA Asset Management currently manages over A$300 million in investor capital.
The Moelis Australia Growth Capital Fund targets growth-stage companies generating a minimum of A$5 million in revenue a year with a clear strategy for growth. The Fund makes investments of between A$3 million and A$15 million to help companies scale to the next level of their growth over a three to five year time horizon.
To date we have made 15 investments and achieved three successful exits.
Investment in the Moelis Australia Growth Capital Fund is open to investors as part of the Significant Investor Visa program.
Our expertise in asset management is complemented by broader firm-wide capability in private equity and venture capital with the Moelis Australia Corporate Advisory team facilitating successful IPOs, pre-IPOs and Series B capital raisings for some of Australia’s most dynamic companies such as Fineos (ASX:FCL), Limeade (ASX:LME), ROKT, Avoka Technologies, Pivotal Systems, Updater Inc. and Clinical Genomics.