Rubber Monkey has launched a NZ$2.5m capital raise to fund further Australian expansion and drive growth.
Rubber Monkey, the e-commerce platform for creatives, is seeking to raise up to NZ$2.5m of new capital through online investment platform, Snowball Effect, to expand its Australian presence and drive its growth plans.
The company was founded through a shared passion for music and film by Laurence Alexander and Nigel Stanford, former TradeMe CEO and Mighty Ape major shareholder.
Laurence and Nigel identified the opportunity to create a specialist offering for the creative community.
Rubber Monkey brings industry-leading audio, visual and photography products to New Zealand and Australian shores at competitive prices with superior customer service. It has more than 94,000 products listed on its site, sourced from distributors and manufacturers locally and around the world, and it has branches in Auckland, Wellington and Sydney, including a 16,000 square foot purpose-built warehouse facility in Wellington.
The development of Rubber Monkey’s proprietary e-commerce platform was led by ex-TradeMe senior developer and current CTO, Philip Cox.
Simplifying the product purchase journey for consumers is the key point of difference that has significantly scaled Rubber Monkey’s competitive edge in the market.
Rubber Monkey is generating more than $20 million of revenue in FY22, including $2.5 million through its Australian website with minimal presence, marketing and product range. With premises now secured in Sydney, supplier agreements in the process of being signed and staff being recruited, Rubber Monkey is positioning itself to capture the much more significant market opportunity in Australia.
“Our competitive advantage comes from the highly optimized, bespoke web platform we’ve created,” says Alexander. “It runs 90 percent of our business process, not only our sales front-end but also everything from warehousing, shipping, accounts, sales admin, promotions, support and data analytics.
“Designed from the ground up and utilizing the talent and experience of industry leading experts, it’s what sets us apart from the all too common generic ‘off the shelf’ approach to e-commerce,” he explains.
“As a key adviser and co-developer of our technology, we really benefited from Nigel Stanford’s history with TradeMe. He had a deep understanding of the web space and how usability and customer journey needed to work. It guided our strategy from the beginning.
“We’ve enjoyed consistent market growth since Rubber Monkey’s inception both in New Zealand and more recently Australia, we’ve seen this Trans-Tasman success as a lucrative opportunity to further our expansion across the ditch,” adds Alexander. “Too often we hear about big Australian companies coming in and taking over smaller operations in New Zealand. This is a genuine opportunity to flip the script and take a New Zealand business to Australia and further. We aim to be the first company of our type to do it.”
Total group revenue is forecast to grow to $95m in FY27, with Australian sales surpassing New Zealand sales in the same year.
For more information on Rubber Monkey’s offer, which is now live to the public, visit https://www.snowballeffect.co.nz/offers/preview/rubber-monkey-f3vya
To learn more about Rubber Monkey, visit https://www.youtube.com/watch?v=eYA0EhJzlfA
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