The next Xero? Online ordering specialist Mobi2Go raises $5mln

Wellington-based online ordering specialist Mobi2Go has raised $5m. Photo/File.

Wellington-based Mobi2Go, which specialises in online ordering solutions for the hospitality sector, has raised $5 million from a funding round led by New Zealand technology venture capital specialist, Movac.

Movac partner, Mark Vivian, will join the Mobi2Go board after the funding round, which finished yesterday.

Mobi2Go founder and chief executive Tarik Mallett said the $5m in new funding would allow the company to build on its existing international growth, and to scale its operations as larger brands move to adopt the company's platform.

He said Mobi2Go was powering the digital ordering and engagement for a growing number of Australasia's biggest brands, including Burger Fuel, Pita Pit, Tank Juice, Mad Mex, Sumo Salad and Little Caesars Pizza.

Mobi2Go operates in New Zealand and Australia. The company plans to open a North American office - probably Toronto.

The company started in 2011 with seed funding from two high net worth individuals.

Mallett told the Herald the company had generated $100 million in revenue for its clients over the last 12 months.

"Our plan is to grow a successful business," he said.

"We've got opportunities on a global scale to be another Xero and the market is big enough for that," he said.

He said an initial public offer and NZX listing was a possibility.

"It's not out of the question but it's not something that we are focused on," he said.

It is Mobi2Go's second funding round.

The first, for a smaller amount, was conducted 18 months ago, led by Punakaiki Fund.

Punakaiki, which specialises in making long-term investments into high-growth, revenue-generating New Zealand companies, has $44m in assets and investments in 20 companies.