In an increasingly difficult market with previously overvalued companies closing their doors, the Melbourne startup which launched in 2021, has taken a more cautious approach to funding, focusing on maximum long-term reward. After low valuations coming in from venture capitals (VCs), they turned away from the traditional venues of investment and sought out high net worth angel investors who understood the problem Empiraa solved.
How will Empiraa use the raised capital?
This seed round allows Empiraa to expand their offerings into the USA market where they will open their doors in Denver, Colorado from May 1st. Having gained early traction with one of the largest transport firms in the USA using Empiraa, they knew there was a demand for the solution Empiraa offered. Solving the problem of failed business plan execution, Empiraa has made waves in the market with a strong idea of who they are and what they 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 firms to create visibility and purpose like never before. Empiraa is the solution to align businesses on strategic goals and avoid common failures in execution.
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 the COVID-19 pandemic, 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.
It is a sentiment that is increasingly popular among people in the industry, and yet many shy away from the truth, given the power venture capitals hold over future investments. While Empiraa takes on their next challenge of moving into the United States backed by their passionate team and investors, it’s no leap to say they are on their own trajectory.
What does the funding mean for Empiraa?
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 VCs. So we shifted our focus on people that got the problem and wanted to invest in the solution.”
“The growth we have seen in our sign-ups, usage rates and overall adoption, especially over the last 3 months has been super encouraging. Our mission and passion is to help startups and SMBs be more efficient, plan better, action those plans and feel better about business.”
“There is a growing frustration amongst founders 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. There are some great startups out there that may not fit a certain model or spreadsheet, so it doesn’t get a look in from certain VCs,” commented Brown.