• Led by Australian business icon The Myer Family Investments Pty Ltd and Internode founder Simon Hackett
  • Capital to be applied to growth in booming Australian tech startup market

Sydney, 2 September 2014 — Australian technology startup BlueChilli Group today announced it had closed an AUD5 million round of investment to speed the growth of providing services to early-stage technology startups, and to corporate customers seeking startup-like innovation.

The investment round is led by the Myer Family Investments and includes one of Adelaide’s most successful technology entrepreneurs, Internode founder Simon Hackett.

BlueChilli was founded in 2012 with the backing of original investor, Domenic Carosa’s Future Capital Development Fund. Future Capital’s equity will be acquired in this transaction. The valuation of the company as a result of this transaction has not been disclosed.

“We’re obviously excited to make this announcement,” said BlueChilli founder and CEO Sebastien Eckersley-Maslin. “While the scale of the investment may be the headline in the Australian startup community, it’s really who our new investors are which is the most significant aspect of the announcement.”

“Simon Hackett is one of Australia’s most successful technology entrepreneurs, and the Myer Family is one of Australia’s most iconic investing families. We’ve been able to demonstrate a uniquely viable model for creating a thriving portfolio of more than 40 new tech startups in two years. The investment signifies their support for our plans to scale our model here and overseas.”

Speaking on behalf of the Myer Family Investments, Peter Yates, Deputy Chairman, said we are delighted to support domestic innovation through this meaningful investment, and look forward to working with BlueChilli as it enables Australian technology innovation.

Simon Hackett, experienced technology entrepreneur, said his investment reflected his interest in fostering the best avenues for growing the Australian tech startup economy. “While we wait for Australia to take concrete steps to support the growth of the local technology industry, I’ve been working with a number of early-stage Australian tech startups to help them reach their goals,” Mr Hackett said. “I’ve enjoyed working with Sebastien in an advisory role and it’s great to be able to help BlueChilli roll out to meet demand, now we’ve validated the core model.”

Chairman of Future Capital, a Pooled Development Fund, Domenic Carosa, said Future Capital was pleased with the transaction. “It’s been a pleasure working with Sebastien and the team and I’m pleased to be able to report to our shareholders that our seed stake in BlueChilli has returned a 6.67 multiple in just over two years.”

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