Brisbane-based fintech Instant has raised $18 million in a Series A funding round, three years after its record-breaking $2.2 million pre-seed investment. The startup, founded by teenagers Liam Millward and William Gao, aims to solve the issue of abandoned online sales through its innovative retention marketing platform.
The latest funding round was led by Belgian early-stage venture capital firm Hummingbird Ventures, known for its strategic investments in high-growth startups. Other investors included Blackbird, syndicate fund TEN13, Westpac’s VC arm Reinventure, Zip cofounder Larry Diamond, Tinder founder Justin Mateen, and Accel Ventures’ scout fund. Notably, all existing investors increased their stakes for the third time.
Valuation & Expansion Plans
The Series A funding brings Instant’s valuation to over $100 million. The newly secured capital will support international expansion, particularly in North America, and further automation of online sales processes. Additionally, the company plans to strengthen its product development and engineering teams to scale its solutions effectively.
CEO Liam Millward, 21, highlighted Instant’s rapid growth trajectory.
“Our growth has exploded over the past year, taking our revenue from zero to $1 million in annual recurring revenue (ARR) in just six months,” said Millward. “We are now adding over $1 million in revenue every month, and this fundraise allows us to accelerate product development and expand self-service capabilities, which are crucial for scaling in North America.”
Instant’s Mission & Impact
Initially founded in April 2021 to streamline the online checkout experience, Instant has since evolved into a comprehensive retention marketing platform for eCommerce brands. The company helps businesses recover lost sales by engaging customers who abandon their shopping carts.
“98% of online shoppers leave without making a purchase, and most brands have no insight into why,” Millward explained. “Instant changes that by converting lost shoppers into loyal customers, ultimately driving repeat revenue at scale.”
Client Base & Market Reach
Instant has attracted a growing roster of well-known eCommerce brands, including July Luggage, Peppermayo, Fayt the Label, Toys R Us, STAX, and Ally Fashion. The platform automatically sends reminders to customers who abandon their carts, increasing conversion rates and boosting brand retention.
Investor Confidence & Industry Recognition
Hummingbird Ventures’ APAC lead investor, Akshay Mehra, expressed strong confidence in Instant’s potential to redefine eCommerce.
“The founders embody the relentless drive and ingenuity we seek, with a clear focus on solving a critical challenge for digital brands,” said Mehra. “We’re proud that this marks Hummingbird’s first investment in Australia, and we believe Instant is the perfect partner to kick off our journey in the region.”
With its latest funding secured, Instant is set to scale rapidly, tripling revenue growth and expanding its team by 2025. The startup’s focus on automation and self-service solutions will be instrumental in its North American expansion efforts.
As Instant continues to disrupt the eCommerce space, its success underscores the potential of young entrepreneurs to drive meaningful innovation in the fintech sector.
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