Manifest raises AUD $2 million to track agency work

Manifest has launched an operational intelligence platform for agencies and raised AUD $2 million in pre-seed funding, led by Brand Fund by Previously Unavailable.

The Sydney-based company's backers also include Antler, Icehouse Ventures, Techstars, Huljich & Bhatnagar Family Offices, and a group of industry angel investors. Support from the agency and media sector includes Henry Innis of Mutinex, former IPG Mediabrands chief executive Mark Coad, Jamie Mackay of BWM Dentsu, Jonathan Isaacs of Taboo Group, James Hutchinson of Sling & Stone, Jordan Taylor-Bartels of Prophet, Connon Bray of TRA, Tracksuit and Ideally, and Tim Burrowes of Mumbrella.

Manifest is targeting a long-standing problem in agency operations as artificial intelligence changes how creative and service work is produced. Many agencies still rely on timesheets and manual reporting to track work, costs and utilisation, even as AI tools shorten production cycles and shift how effort is distributed across teams and systems.

Its platform records how work moves across teams, software tools and AI systems in real time. The aim is to give agency leaders visibility over workflows, labour inputs and delivery costs without relying solely on self-reported timesheets.

Chief executive and co-founder Freddie McKenzie said the gap between existing measurement systems and actual working practices is widening as agencies adopt AI more broadly.

"Agencies are operating on a model that no longer reflects how work happens," McKenzie said.

McKenzie previously built and sold Auckland creative production business VIVID Creative. He co-founded Manifest with chief product officer and co-founder Henry Collinson after the pair identified the issue while experimenting with new ways of working during the pandemic.

The leadership team also includes chief technology officer Tom Reid, who previously worked in AI at Microsoft. Reid led development of the company's proprietary AI model, with a focus on privacy and security.

Changing model

The pitch to agencies comes as the sector faces growing pressure on the billable-hour model that has underpinned much of its economics for decades. If AI reduces the time needed to complete campaign, content or strategy work, agencies risk relying on a pricing and reporting structure that captures less of the value they create.

Manifest argues that more detailed operational data could help agencies move towards pricing based on outcomes or value, rather than labour inputs alone. The software is designed to help users understand profitability, utilisation and the real cost of work across both human and AI-assisted processes.

McKenzie said the issue is becoming a practical challenge for agency management, not a theoretical one.

"As agencies adopt AI, the gap between how work actually happens and how it's measured is widening. You can't price or optimise for outcomes if you're still only measuring self-reported hours," he said.

Investor interest

Simon Pound, Co-Chief Executive of Previously Unavailable and general partner of Brand Fund, said the investment reflects the pressure services businesses face in tracking and charging for work in AI-influenced environments.

"Manifest solves a massive problem for services businesses: how do you track, value and charge for work in an AI-enabled world? We love how the team is building, their customer-centricity, and the scale of the problem they're tackling," Pound said.

Henry Innis, co-founder of marketing measurement company Mutinex, said the issue was already familiar to many in agency networks.

"The problem of agency return on effort is well known, and one Matt Farrugia and I experienced firsthand at WPP. Getting to know the team has been a thrill. I couldn't be more excited to support them at this early stage and help bring together such a strong group of investors around the business," Innis said.

Early rollout

Manifest is rolling out with an initial cohort of agencies in Sydney, Melbourne and Auckland, giving it an early base in Australia and New Zealand as it tests whether agencies will adopt more automated operational tracking in place of established timesheet-based systems.

The business is entering a crowded market for AI software, but its focus is narrower than many tools aimed at content generation or workflow management. Instead, it is positioning itself around the economics of agency work, including how leaders measure effort, cost and profitability as AI takes on a larger share of production tasks.

That focus has attracted investors from across agencies, media and adjacent service businesses, suggesting growing concern in the sector that the old relationship between hours worked and value delivered is becoming harder to defend.