LocalAgentFinder, a comparison service based in Australia, has ended a funding round led by an advertising company and supported by multiple media giants. The major media corporation gave the company a sizable capital of $5.5 million.
The funding came from Scaleup Mediafund, a company owned by, and draws advertising experience from, News Corp Australia, Network Ten, Nova Entertainment and Fox Sports Australia; as well as Australian small-cap fund manager Spheria Asset Management.
As a result of the funding, LocalAgentFinder was oversubscribed and has been valued at a pre-money valuation of over $60 million.
Matt McCann, CEO of LocalAgentFinder, said that the funding will help further establish LocalAgentFinder and will provide the company with “strategic optionality in terms of realizing [the] future value for shareholders."
The funding will be intended for assisting advertising, according to McCann, which is a key cost center for the business.
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