Sunshine Coast-based adtech firm Cartelux has received $3 million in post-seed funding from Australian venture capital firm TEN13 and the Queensland government through its Queensland Investment Corporation (QIC) business.
The funding will support the company’s growth and development of its software, as well as expansion into additional categories.
The firm’s automated marketing platform t manages the relationship between big brand owners and their downstream local retail partners, improving marketing efforts.
Currently, the company has gained strong adoption in the global automotive industry, with brands such as Ford, BMW, Nissan, Toyota, Renault, Honda, and Mini utilising Cartelux’s software.
“Working with TEN13 and QIC from our global headquarters in Queensland is an incredible honour, and their support allows us to accelerate our growth and elevate Cartelux to new heights,” said Joshua Williams, CEO and Founder of Cartelux.
“Their expertise and support will be invaluable as we continue to expand our platform and reach new markets. We are excited to team up with TEN13, QIC and additional investors like Tractor Ventures to form a leading global SaaS business founded in Australia. This team also gives us an experienced and professional starting point for future funding rounds.”
“We are excited to partner with Cartelux and support their vision of transforming the adtech industry with innovative software solutions for brands and their underlying franchisees. Cartelux is driving remarkable results for brands, cementing their position as a leading platform for centralised digital marketing across large networks. We also see tremendous growth opportunities beyond the Automotive Industry,” said Stew Glynn, Managing Partner, TEN13 and recent Board member of Cartelux as part of this investment round.
Queensland treasurer and minister for trade and investment Cameron Dick said the Queensland Government’s investment will support the expansion of Cartelux’s sales, engineering, and product teams on the Sunshine Coast.
“Helping companies like Cartelux take the next step in growing their business is exactly why our Government established the Enterprise Acceleration Fund. Taking a simple solution to a global scale is a big step, but Cartelux have demonstrated the Queensland ingenuity that deserves our backing, through the Queensland Investment Corporation.”
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