Website publisher secures substantial investment
Moonfruit.com has secured $2.25m investment from investors Stephens to fuel international growth.
Created by Wendy Tan White in 1999, Moonfruit offers DIY webpage design and build tools allowing consumers to self-publish their business.
Action point: Could a loan help you to start a business? See how we may be able to help here and here
The $2.25m investment will enable the business to develop its international market, as over 50% of its customers are based outside of the UK.
Founder and chief marketing officer of Moonfruit, Wendy Tan White, said: “We have been profitable for seven years, have hundreds of thousands of customers, and have multi-million dollar sales. But the self-publishing market is only just starting to gather serious momentum, and we want to accelerate our growth.”
Today around 2.8m websites use Moonfruit software and the business has experienced significant growth in the UK and abroad. Following a Twitter marketing campaign, new subscriptions per month grew by 20%, with the majority of new customers coming from the USA.
Tan White added: “Since the dotcom crash in 2000 we have focused on being a boot-strapped, profitable business, but we think the time is right now for a calculated risk to take the business to the next level.”
The majority of the funding will be put towards sales and marketing to acquire new customers around the world, according to the business.
Joe White, chief executive officer of Moonfruit commented: “Stephens takes a long term view of all their investments and have been very supportive for several years. We’re very pleased they can see the potential of our new direction and are providing the first injection of growth funding.”