Modica Group raises $5 million to accelerate growth

Global enterprise messaging provider Modica Group is pleased to confirm that it has completed a capital raise process that has seen $5 million injected into the Company to help accelerate growth in Australia, South East Asia and Latin America.

The new investor into Modica Group is a private family office that has significant investments across the commercial property, technology and agriculture sectors in New Zealand.

Modica CEO Stuart Wilson, who was a 2019 EY Entrepreneur of the Year finalist, says, “We are delighted that we have a new investor to help support our ambitious growth and product development plans. Revenue this last financial year grew almost 30% to $20m and we hope to accelerate that growth further by investing in growth in our current Telco partnerships in New Zealand and Australia, and also with other telcos in South East Asia, LATAM and the Middle East & North Africa.”.

Mr Wilson added, “The use of application to person messaging, predominantly via SMS, continues to increase as large enterprises realise that it is the most effective and ubiquitous method of transacting directly with their customers. However, we are diversifying our product base by also offering advanced data analytics, mobile payment, IoT, and connectivity to emerging networks to our customers.”.

Modica Group was advised by Northington Partners and Duncan Cotterill.