Start-up is a game-changer
Having doubled its revenue after winning over stadiums and arenas across the US with its point-of-sale software, Adelaide start-up MyVenue is eyeing new markets for its technology, and is weighing up a capital-raise to fast-track its global expansion.
The company has had a stellar run in the lucrative US market, with its platform now used in more than 60 venues, including the Dallas Cowboys’ AT&T Stadium.
With exports to the US growing to $7.3m, and annual revenue doubling to close to $10m over the past 12 months, it’s been a rapid growth phase for MyVenue, which comprises a mobile ordering app, an online portal for corporate box orders, a self-service kiosk, real-time dashboards and an inventory control system.
When the company was formed just four years ago, the US was identified as the target market by founder and chief executive Tim Stollznow. He said that strategy was now paying dividends for the company as it looked to ramp up its expansion.
“As far as sports and entertainment goes, America’s the centre of the universe for us,” he said.
Backed by family, friends and a group of high-net worth investors out of Adelaide, MyVenue now employs close to 50 staff.
The company secured its first customer in the US at the height of the Covid-19 pandemic in 2021, but the “game-changer” came later that year when it secured Hard Rock Stadium in Miami, home of the Miami Dolphins, the US Formula 1 Grand Prix and the Miami Open tennis tournament.
“We went live in Miami in March 2022, and that was really the beginning of a pretty steep and steady growth,” he said, adding that more than 60 venues in the US had been secured over the past 12 months.