Martech Player Norbit Closes $400K Investment Deal
Brisbane-based marketing tech company Norbit has announced it has closed a $400,000 deal with two high-profile investors, McVay Real Estate’s Sam McVay and Premium Funding’s Hayward family.
The financing will be used to fuel the expansion of Norbit’s customer loyalty programs across Australia and abroad, growing their market reach and improving internal operations.
Norbit founder Gerry Mezzina (pictured above) launched the platform in 2015, which enables retailers to attract, engage, reward and retain their customers from within one system.
Premium Funding director Ross Hayward said he is excited to be working with the team at Norbit and has a strong belief in their product and future success.
“I’ve worked closely with Gerry over the past few years and have been following their progress. When Gerry mentioned to me he was looking to raise funds to ramp up expansion, it was a no-brainer,” he said.
“The product has been selling itself, and to date, there hasn’t been a proposal to a customer that has been rejected. To me, this sales strike speaks volumes about the product and the team behind it.”
Mezzina said he is thrilled to be able to expand the company’s product and business model.
“We’re really lucky to have a great relationship with early Norbit customers, who have been open to rolling out the technology in its early stages and working with us to improve product market fit,” he said.
“The investment and our new partnership will enable us to quickly scale our team, bringing forward a range of new features for existing customers and expand our market reach.
“Finding investors who believe in us, who value our approach to business and who bring so much more than just a capital injection validates what our team has been working so hard for, and we’re excited for the next phase.”
Norbit’s app is currently used in eight Queensland shopping centres, including Capalaba Park Shopping Centre, where Norbit’s app, Park Points, was awarded a Judges Commendation for Excellence in Marketing at The Property Council of Australia (Queensland) Awards. A further three centres are set to launch the app in the coming months.
Norbit is currently in negotiations with several other Australian and global retailers who are re-establishing their loyalty programs and creating their own customised AR campaigns.
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einsights Gerry Mezzina McVay Real Estate Norbit Premium Funding Ross Hayward Sam McVayLatest News
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