While the majority of fast-growth Australian start-ups heading to the US come from either Sydney or Melbourne, there are many promising ventures in other states looking to relocate.
One of the most forward-thinking is Adelaide venture Thereitis.com.au, which managed to raise an impressive $2 million from South Australian investors in February, despite not fully rolling out its product.
The business’ technology allows online information such as products and prices to be displayed in an interactive 3D ‘cloud’ rather than in the traditional list form.
Thereitis’ founder, former Fairfax executive Guy Sewell, is to lead the business from the US following the cash raise.
“It’s a huge round of funding for Adelaide and there is no material change in the control of the business,” he told us back in February.
“The money covers us operationally for a good couple of years. We’ll have around 10 full-time people in Australia – we have six at the moment – and salespeople in Europe and Asia, depending on whether we go direct or via a distributor.”
“At the moment, I’m doing capital raising, PR, marketing and everything else, so we’ll look to get some people to help with some of those aspects.”
