After operating for 10 years, Australia’s largest platform for finding tradespeople, hipages.com.au has secured $6 million of investment.
The investment comes from some of Australia’s leading business names, including Ellerston Capital – a fund set up by the Packer family – Australian Ethical Investment, and KTM Capital, which is the underwriter of the Freelancer.com float.
Hipages group co-founder and chief executive officer David Vitek says the company’s effort over the years has paid off.
“After 10 years of hard work growing the business this $6 million vote of confidence from some of Australia’s most respected investment funds is validation that we have solved a real problem for consumers,’’ he says.
Hipages.com.au attracts just over a million visitors each month and it connects over 40,000 tradespeople with 500,000 consumers.
Co-founder and COO Robert Sharon-Zisper says the company has been growing revenue at an average of 30% per annum and this round of funding will allow it to accelerate its growth.
“Our aim is to be a household name across the 8.3 million homes in Australia,’’ he says.
The capital raising was managed by technology-focused advisory firm Right Click Capital and partner Ari Klinger praised Hipages.com.au for transforming the industry.
“Hipages is an outstanding company that has reinvented the Yellow Pages into a trusted service network that solves one of the perennial issues for consumers – finding a good tradie.The significant demand for the idea including from some of Australia’s premier institutional investors is a strong validation of the management team, strategy and investment potential of the business.”