Melbourne startup Cuttable has doubled its valuation to $100 million after raising $5.7m.
The AI-powered, automated advertising platform, founded in 2023, is also opening a New York office, as US demand for its services accelerates.
Existing backers Square Peg and Rampersand upped their stakes, with Airtree, Glitch Capital and Benjamin Duncan joining the cap table. Airtree was previously an investor in cofounder Sam Kroonenburg previous startup, A Gloud Guru, which he sold for $2 billion in 2021.
Cuttable has now raised nearly $16 million, including a second $4.5 million Seed round last August at a $44.5m valuation, and a first Seed round worth $5.5m in mid 2024.
The funding will also be used to grow the Melbourne team and continue product development.
Cuttable builds software that helps performance marketing teams produce, test and iterate advertising creative at scale.
CEO Sam Kroonenburg cofounded Cuttable with Jack White, cofounder of Melbourne ad agency Sunday Gravy and former Swisse marketer Ed Ring.
The company works with more than 200 brands in Australia, New Zealand and the US. Inquiries from the States account for around 50% of inbound demand, prompting the New York expansion.
Kroonenburg said that in a recent program across ANZ, participating brands achieved a 13x return on ad spend, and Cuttable’s opportunity stems from two converging industry shifts.
“There has never been a more exciting time to be building with AI, the pace of what’s becoming possible is remarkable. What excites me most is that Australia is right at the front of it,” he said.
“Cuttable reminds me a lot of where A Cloud Guru was at this stage; strong product, customers pulling us into new markets, a team that’s moving fast. Taking Cuttable to the US is something I’m incredibly proud of.”
