Sydney-based job management software firm Factory.app has closed a $1.05 million seed funding round to support its ambition of improving the efficiency of small to medium-sized fabricator businesses.
The firm was founded in 2021 by brothers Paul and Michael Lutkajtis, who believed there was a need for a new software tool to help fabricators create, track, and manage jobs in a more streamlined way.
The tool they came up with is meant to ‘bridge the gap’ between accounting packages such as MYOB and Xero and enterprise resource planning tools, driving efficiency gains for the firms that use it.
The seed funding round that recently closed was led by early-stage venture capital firm Investible and attracted investment from TechnologyOne founder Adrian DiMarco, 1in100 Ventures, Beachhead Venture Capital, and Hugo-Hamman Investments.
In a statement, the company said the funding will support the company’s ambitions to “rapidly expand within Australia and subsequently scale globally”. In particular, Factory.app will increase marketing of the app to “drive aggressive growth in subscriptions”, it said.
Factory.app had previously received angel investment from LegalTech firm LEAP’s chief executive Richard Hugo-Hamman and HotelsCombined.com co-founder Brendon McQueen.
Paul is chief executive of Factory.app, while Michael is executive director. Michael is also the managing director of Vilno Group, a family-owned business dealing in building materials across roofing, construction, cable hauling, and high-pressure hose safety industries.
“Coming from the industry, we were literally living the same pain of manual processes and constant double handling that our customers face every day,” Paul said.
“With 90% of the manufacturing industry being made up of similar-sized businesses to our own family-business, we knew we could deliver huge value to thousands of companies globally by leveraging our own experience to build a software platform that feels fit for purpose.”
Investible Principal Jayden Basha, whose firm has offices in Sydney and Singapore, spruced up the potential of the firm to meet an unfulfilled need in the manufacturing sector.
“As an early supporter of Factory.app, we have seen the potential of the product and the evolution of its design. Paul and Michael have their finger on the pulse of this oft-underserved industry, and have begun to carve out a unique platform for smaller businesses to thrive,” Mr Basha said.
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