How a 100% US client conversion rate helped this startup secure $500,000 in seed funding
Private aircraft booking startup Monarc Global has closed a $500,000 seed round, as it strives to meet an unexpected swathe of demand from the US.
Based in Brisbane, Monarc allows private aircraft operators to automate their quoting processes. Customers can find, book and pay for travel through a live booking system, as opposed to through a manual enquiry form, as operators have typically used.
Previously, the startup has raised $75,000, primarily through friends and family funding. The technology was launched in beta in Australia in October last year.
The $500,000 seed round was led by the Brisbane Angels, and Angel Loop, a consortium of Queensland angel investors. The River City Labs Accelerator fund and Muru-D also contributed.
Speaking to StartupSmart, Monarc founder and chief Royce Crown said he embarked on the seed round after a particularly successful trip to the US in September last year.
Crown was due to showcase the technology at an event, but also lined up “a few operator meetings”, he says.
“That turned into 98 meetings over six days and over eight states.”
What’s more, the startup saw a 100% conversion rate on those meetings.
“We actually got 98 operators signed up to use our technology even before we had it.”
Read the full article at smartcompany