Rubber Monkey, the New Zealand e-commerce platform for creatives, is on the hunt for NZ$2.5 million in new capital to expand its presence in Australia.
Founded by Laurence Alexander and Nigel Stanford, former CEO of TradeMe and major shareholder of Mighty Ape, Rubber Monkey is a one-stop shop for specialist audio, visual and photography products, with over 94,000 items on site and affiliates in Auckland. Wellington and Sydney.
The 12-year-old company uses Kiwi online private equity marketplace Snowball effect for the elevation
alexander said: rubber monkey is on track to generate more than NZ$20 million in revenue in FY22, including NZ$2.5 million through its Australian website, despite minimal efforts. Total group sales are expected to grow to NZ$95 million in FY27, with Australian sales exceeding New Zealand sales that year.
“Since the founding of Rubber Monkey, both in New Zealand and more recently in Australia, we have seen consistent market growth. We have seen this Trans-Tasman success as a lucrative opportunity to further our expansion across the ditch,” said he.
“Too often we hear about large Australian companies coming in and taking over smaller operations in New Zealand. This is a real opportunity to turn the script and take a New Zealand company to Australia and beyond. We aim to be the first company of our type to do so.
“With the Sydney property secured, supplier agreements signed and staff recruited, Rubber Monkey is positioning itself to capitalize on the much larger market opportunities in Australia.”
Alexander said the startup’s competitive advantage comes from its highly optimized custom web platform.
“It manages 90% of our business process, not just our sales front-end but everything from warehousing, shipping, accounts, sales administration, promotions, support and data analytics. It was designed from the ground up and leverages the talent and experience of leading experts, setting us apart from the all-too-usual generic ‘turnkey’ approach to e-commerce,” he said.
“As a key advisor and co-developer of our technology, we have really benefited from Nigel Stanford’s history with TradeMe. He had a deep understanding of the web space and how usability and customer journey should work. It has guided our strategy from the start.”
They plan to use the money to increase their presence in Australia and expand the product range, add inventory for both the Australian and New Zealand markets, in addition to further investments to expand the warehouse and distribution center in Australia. rest and increase investment in marketing and sales.