Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Fuel50 raises second investment round to take on US market

Fuel50 raises second investment round to take on US market

By Fiona Rotherham

Nov. 21 (BusinessDesk) - Auckland-based software startup Fuel50 raised $1 million in a second angel investment round to fund its push in the US, where it was named as one of five best new technologies at an international human resources industry conference.

Fuel50 has cloud-based career engagement software that was developed by the co-founders of the Career Engagement group, Anne Fulton and Jo Mills. Started in 2011, the company is dual headquartered in Auckland and New York, and has 18 staff spread across New Zealand, Australia, the UK and the US.

It raised $1.1 million in 2013 led by the Ice Angels network and the New Zealand Venture Investment Fund.

Fulton said most of the same investors supported the second round of fundraising, along with a couple of new names.

Fulton and Mills now hold almost 50 percent of the company while Ice Angels Nominees has 20.75 percent and NZVIF Investments has almost 10 percent.

Fulton said the successful round shows investor confidence in Fuel50’s growth potential and the money will be used to double the company’s sales team in the US from three to six people.

“This year we have achieved 300 percent growth in new business leads generated in the US market," she said. "The goal is to double Fuel50’s client base to 100 by the end of 2015 and 400 by the end of 2018. We are aiming to achieve total sales in 2015 of $5 million and want to achieve $30 million in 2018.”

Fuel50’s niche is career pathway technology and its software has been used by around 120,000 employees in 50 companies across 22 countries. Last month the company was named as one of the best new human resources technologies at the HR Technology Conference in Las Vegas.

Fulton said the company won't change the strategy it has used in other countries as it pushes into the US - chasing vertical sectors rather than geographic spread.

The sectors it has had most success in have been financial services, education, and health.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Fuel Leak: Refinery Prepares To Repair Damaged Pipeline

Refining NZ has confirmed that it is to start repairs on a section of its multi-product fuel pipeline which was shut down following a jet fuel leak last Thursday. More>>uption.htm">More>>


StatsNZ: Economy Grows 0.8% In June Quarter

“Strong export and domestic demand underpinned growth this quarter,” national accounts senior manager Gary Dunnet said. “Demand for exports has resulted in strong production growth in manufacturing and service industries.” More>>


Stats NZ: Annual Net Migration Remains High

Annual net migration was 72,100 in the August 2017 year... Migrant arrivals reached 132,200, a new annual record, and migrant departures were 60,100 in the year ended August 2017. More>>


Expert Reaction: Cassini's Grand Saturn Finale

After a 20 year mission, NASA's spacecraft Cassini will meet its demise this week by plunging into Saturn's atmosphere and burning up. More>>


Jurisdiction: Court Rejects Cathay Unit's Retirement Age Of 55 For Pilots

The Supreme Court has backed two Auckland-based Cathay Pacific pilots who claimed local law meant they couldn't be forced to retire at 55. More>>


Supreme Court: AFFCO Loses Lockout Appeal

The essential question in the appeal was whether those who presented themselves for work at the beginning of the 2015/2016 season were at that time “employees” for the purposes of the lockout provision... This Court has unanimously dismissed the appeal. More>>