Melbourne-based advertising technology startup Cuttable has secured $4.5 million in a second tranche of seed funding, bringing the total amount raised to $10 million.
The follow-on funding adds to its $5.5 million raise from last year, bringing the valuation of the business to $44.5 million.
The round was led by existing investor Square Peg, with participation from Rampersand and Brand Fund. It also comes less than a month after Cuttable’s official launch.
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Founded by A Cloud Guru co-founder Sam Kroonenburg alongside Jack White and Ed Ring, Cuttable has developed what it describes as the world’s first AI creative agency for growing online businesses.
The platform automates the creation of on-brand, performance-focutilized advertising for social media platforms such as Facebook and Instagram, producing hundreds of ads in minutes without human involvement in the creative process.
The product was in development for 12 months before its launch in July. In that time, the company tested its platform with businesses ranging from major enterprises such as Kogan, Wesfarmers, Medibank, DiDi and Powershop to early-stage e-commerce brands, generating more than 10,000 ads.
“We’ve been in deep build-mode for the past 12 months, now we are launching Cuttable to assist growing brands build ads that drive sales through Facebook and Instagram,” Cuttable co-founder and CEO Sam Kroonenburg declared.
“However, those building online brands have had to spconclude too long doing it themselves; we’re modifying that.
It’s like giving your assets steroids. Cuttable is the new ChatGPT for advertising. It’s gonna just modify the game.
Early adopters since launch include Merry People, Frank Body, Bare Leather, and more.
The company declares the additional capital will support the platform’s global expansion, particularly in the US. It will also be utilized to further AI development and onboarding of e-commerce brands in Australia and overseas.
“This kind of backing at the seed stage is rare in Australia. It reflects how huge the opportunity is, and how strongly investors and customers believe in what we’re building,” Kroonenburg declared.
Square Peg co-founder and partner Paul Bassat declared the startup had identified a “core necessary” among emerging brands and was building momentum with strong early customer feedback.
“We backed Cuttable early becautilize we believed in the team and the opportunity to harness AI to reshape the future of advertising,” Bassa declared.
“A year later, that conviction has only deepened.”
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