Sydney-based fintech startup Shouta (www.shouta.co) has announced the closure of its seed funding round having secured $1M in funding from a range of notable investors. The digital nano-gifting app, which launched in December 2020, has seen huge growth in both its consumer platform, Shouta, and its business platform, Shouta Biz, as consumers and businesses look for new-age ways to gift and connect.
With strategic backing from a range of high-profile and prominent investors and entrepreneurs including, Co-Founders of urban.com.au and Social Garden, Mike Bird and George Glover, Co-Founder of Carsales and Pentana Solutions, Steve Kloss, Co-Founders of Untitled Group, Michael Christidis and Tom Caw, Co-Founder of Aconex and CEO of Gravel Road Ventures, Rob Phillpot, and ex-GM of Commonwealth Bank Private, Amanda Coombs, Co-Founders Carly Shamgar and Nick Redwood, plan to utilise the funding to fast-track growth.
Shamgar says, “We’re thrilled with the high calibre of investors backing Shouta. Outside of the capital they’ve provided to fast-track our growth, these strategic partnerships add huge value to our business and contribute insights, connections, and opportunities that we’ll be able to harness as we continue to change the face of gifting in Australia and across the globe. We’ll be utilising this funding round to grow our team, expand our workplace solution offering, Shouta Biz, and work on some innovative new updates and products for Shouta’s customers.”
Rob Phillpot, Co-Founder of Aconex and CEO of Gravel Road Ventures says, “Shouta is rethinking and revolutionising the way we gift. The team has created a scalable business that maximises the “warm-fuzzies” and fun that comes with gifting. While fully digital, Shouta is more than just a quick send – it’s a connected experience that allows users to integrate a personalised and customisable approach to gifting. Building a large subscriber base will be critical to the team’s continued success – and I think they’ve assembled the right team and investors to do this”
Steve Kloss, Co-Founder of Carsales and Pentana Solutions says, “Shouta is such an exciting business on many fronts. The audience that it is addressing is expansive with an immediate ability to scale. The concept of gifting currency that enables a mobile audience to seamlessly transfer a gift is an opportunity that needs to be addressed. When I understood Shouta and how they were addressing this problem, it made the investment thesis compelling. Add to this the founder quality, I am very excited about where this business can go in creating a new category in the fintech space.”
Michael Christidis at Untitled says, “Untitled is excited to introduce Shouta to hundreds of thousands of young Australians through integrated event campaigns & activations. We’ve witnessed the nano-gifting trend first hand through our unique insight into consumer behaviour & truly believe Shouta is the platform, with such a talented team, to be at the forefront of this movement. We look forward to utilizing our vast national audience to continually support Shouta’s acquisition & growth strategies moving forward.”
The Shouta app allows users to instantly gift or ‘Shout’ anyone in their phone contacts by sending them a link to a digital, prepaid Shouta Mastercard. The reloadable card can be spent on the specific Shout the gift-giver has chosen, like a coffee, or on any item the recipient desires. The Shout is customised with a personal message and image from the gifter creating a unique digital gesture.
Shouta has seen impressive market traction across its platforms with 50% MoM user growth, huge spikes in Shouts being sent throughout lockdown, and the launch of Shouta Biz, which has resulted in a surge of business signups from companies like GigSuper, Aussie Home Loans, Cobild, and Parcelpoint.