Australia’s RangeMe, the global online marketplace that connects retailers with in-demand products and suppliers, has caught the attention of serial US entrepreneurs and is gearing up for rapid growth.
According to a new announcement, the start-up has raised US$4 million in a round of funding led by VCs including Simon Equity Partners, Freestyle Capital and Transmedia Capital. Kevin Hartz, founder of Eventbrite, and Steve Jang, advisor to Uber, were also among the investors.
RangeMe was founded in Australia in 2013 and is the first-of-its-kind marketplace connecting retailers and consumer goods suppliers online. The technology platform allows product discovery for retailers, and boosts brand visibility and speed to market among suppliers, according to the company.
Since launch the platform has generated more than 40,000 product reviews by retail buyers resulting in products landing on retail shelves, the company says.
"This capital will enable RangeMe to further dominate the online product discovery space in Australia, New Zealand and the US,” says CEO and founder Nicky Jackson.
“We’re experiencing exponential growth fuelled by unprecedented product innovation in the consumer packaged goods industry. Investors have recognised our first-class platform, team and market leadership and have backed us to expand significantly. We are already working with over 15,000 unique and innovative suppliers and the investment will see us grow this number substantially," Jackson says.
RangeMe has fostered relationships with well-known retailers including Coles, Metcash and Sigma in Australia; Target, Sam’s Club and Winn- Dixie in the US; and Countdown, Nosh and Huckleberry’s in New Zealand.