Queensland software startup Alii has raised $2.5 million in a self-described pre-Series A round that values the company at $10.25 million.
The round was led by Brisbane private equity fund Maranello Capital, which previously invested in the 2021 starting round.
The subscription software platform includes fintech, edtech and regtech to handle bill payments in schools.
Amid an increase in email payment scams, it addresses issues such as authentication and security and fraud detection while streamlining audit processes through digitized paper traces. It also integrates with existing accounting packages in Australian schools.
CEO Chamil Fernando said Alii has tripled its customer base in six months, in addition to a 300% revenue growth over the past year. About 8-10 schools per month signed on by 2022.
“Many schools that have attempted to adapt manual processes to meet the demands of the 21st century are in a vulnerable position due to a plethora of inefficiencies and fraud-related issues,” he said.
“School communities are particularly susceptible to this.”
The funding will be used to expand the company’s Brisbane workforce with 18 new employees across customer engagement, sales, marketing and product development ahead of its approach to the US and UK markets.
Board chairman Gordon Tan believes the number of local private schools using the cloud-based platform will continue to grow.
“Alii’s growth projections target a 60% penetration of the independent and private school market in 3-5 years. This excludes growth recorded in neighboring industries such as non-profit and legal,” he said.
“The company’s recent financing package will serve to catapult our growth into the Australian and New Zealand markets and subsequently into other regions and sectors. We expect continued growth over the next 12 months as our transformational technology gains a foothold.”
Maranello Capital managing director Richard Majlinder said the company has “exceptional potential” in Australia and internationally.
“Alii has a solid value proposition and is experiencing unprecedented demand in an industry grappling with the problem of fraud while seeking efficiencies through system automation,” he said.