Perth tech startup QuizJam is seeking to raise $1 million through a convertible note issue to support continued growth of its online business.
Perth tech startup QuizJam is seeking to raise $1 million through a convertible note issue to support continued growth of its online business.
The multi-user trivia platform has recently added the Commonwealth Bank and West Coast Eagles to its client list, which also includes carsales.com.au.
QuizJam founder and chief executive Joel Steel said the search for funding was off the back of the most successful quarter in the platform’s two-year history.
The $1 million raising will add to the $900,000 of seed funding already raised by QuizJam.
Mr Steel said the seed funding was raised over several years from friends and family, but he was aiming to raise the full $1 million in one go.
The convertible notes will offer a 10 per cent coupon, and holders will get a 20 per cent discount if they participate in future capital raisings.
QuizJam is led by Mr Steel along with chief technology officer Glenn Morton, who heads a team of four developers.
QuizJam is a multi-player trivia platform, and can be used by a variety of organisations to engage with customers, fans or employees, and can also be used for training purposes.
Mr Steel said another highlight for the business was being accepted this year as one of six participants in the Plus Eight accelerator program.
Plus Eight is a partnership between co-working hub Spacecubed and the Telstra-backed muru-D accelerator, and also has backing from Seven West Media and property group Hawaiian.
“This is an amazing opportunity for us not only to be recognised as a company that has global potential with the ability to scale quickly but muru-D opens us up to world-class mentors including Tim Brewer, a former Channel Advisor at DropBox,” Mr Steel said.
“We also get to tap into global networks including direct access to Silicon Valley venture capital as well as six months acceleration support based on muru-D’s global program.”
Mr Steel said QuizJam was starting to realise revenue across several areas of the business and he was confident that would accelerate.
QuizJam has recently bolstered its board, with the technical co-founder of Fetch TV Gary Walker joining as a non-executive director and investing in the company.
