ArchiPro undergoes successful $2 million capital raise
ArchiPro undergoes successful $2 million capital raise to fuel further expansion
ArchiPro, an online platform that brings businesses, professionals and consumers together in the architecture, interior and construction industry has completed its first capital raise, successfully reaching its target of $2 million.
With funding for early stage start-ups averaging $429,000, ArchiPro has proven to be an ambitious and driven company. According to the Young Company Finance Index, only eight start-up companies were recorded as raising more than $1.5 million in 2016.
The private raise, via online investment marketplace Snowball Effect, saw ArchiPro welcoming 16 new investors - including Sir Stephen Tindall’s investment company, K1W1 and successful businessman Roger Lampen and son Fraser.
The funds raised will be used to help the company further develop its platform to include key features such streamlining the product sourcing, specification and selecting process, and developing a mobile platform to increase engagement.
Milot Zeqiri, CEO and co-founder of ArchiPro, says the external equity raised is vital to the company’s growth strategy, and is extremely pleased with the high calibre of investors who’ve come on board.
“My wife and I fully funded this venture back in 2014, and although we have been successful in generating a steady cash flow and developing a profitable business internally, we knew that the next stage of growth relied on external funding.
“We’re thrilled with the investors we’ve attracted and are grateful to have them commercially backing our business and supporting our vision for the future.”
Fraser Lampen, ArchiPro user and investor says he jumped at the opportunity to invest in the company due to his own experience with the platform.
“I utilise ArchiPro whenever I’m considering any building, renovating or redecorating project as it provides me with a one stop shop in bringing my visions to life. From a commercial perspective, I was sold as I could see the benefits it provided to digital savvy businesses as an engaging marketing tool.
“My father Roger and I are glad to be part of ArchiPro’s next growth phase and are excited to use the platform as it develops further,” he says.
Simeon Burnett, CEO and co-founder of Snowball Effect was also pleased with the result of the raise.
“A key success factor for new investors was that Archipro had demonstrated they were solving a real market problem, with excellent customer retention, and scope to grow the business to scale and profitability even just within the NZ market,” he said.
Born as a result of the highly-fragmented construction industry, ArchiPro has successfully commoditised and digitally transformed a traditionally print based industry. Their offerings are aimed at driving habitual usage through content, community and commerce by connecting industry professionals and products directly with consumers.
The platform currently showcases a directory of 14,000 unique building and interior products, 5,000 completed architectural projects, and over 700 design and trade professionals. The platform has amassed over 5.8 million page views and hosts a rapidly growing subscriber base of over 148,000.