MyVenue
MyVenue implements fast, hardware-agnostic and highly scalable point-of-sale software solutions for the sports, entertainment and hospitality sectors.
Need
To scale up its operations globally, MyVenue needed finance to help support its growth ambitions.
Solution
We provided a Small Business Export Loan to help the business increase its resources and scale its capabilities for global growth.
Point-of-sale (POS) systems are crucial business tools for stadiums, arenas and hospitality venues globally. The best technology in this space is fast, easy to use and provides seamless ordering experiences for events with 100,000+ attendees. These qualities have seen Adelaide-based POS innovator MyVenue take the North American market by storm.
MyVenue’s POS software is built specifically for sports and entertainment venues. It comprises hardware-agnostic POS software, a self-service kiosk mode, a mobile ordering app, a suite-catering module with an online ordering portal and a browser-accessed back office with real-time reports and dashboards.
“Being a 100% cloud-based software solution provides many benefits,” explained Scott Babolka, Marketing Manager at MyVenue. “Not only is the solution easier to maintain, but it’s also more secure, more reliable and more scalable than legacy systems.”
Export Finance Australia truly understood our business and what we were trying to achieve and wanted to support us on that journey.
Rebekah Pipinias
Chief Financial Officer, MyVenue
Building export capability with finance
From inception, the MyVenue team knew its product was perfect for the export market.
After establishing a footprint in the Australian hotel and sporting club sectors, MyVenue was selected as the POS provider for a minor league Kansas City (USA) baseball stadium in March 2021. MyVenue’s reputation quickly grew across North America, and by the end of the year, two more multi-purpose NFL stadiums also elected to install its technology.
“In under a year, we went from deploying our technology in a 10,000-seat baseball stadium to more than 320,000 fans using our technology over a single weekend. It’s been a steep but exciting journey,” said Scott.
“There’s so much opportunity in the US. Some of their college stadiums are comparable in size to the MCG, and our technology is purpose-built to thrive in these high-octane environments.”
MyVenue had traditionally sought finance through equity – first through seed funding, followed by a few rounds of capital raising. The business also received government assistance through an Export Market Development Grant and the Research and Development Tax Incentive.
MyVenue’s Chairman discovered Export Finance Australia after a chance meeting with one of our directors. MyVenue quickly realised that partnering with Export Finance Australia could help grow its sales, software development and quality assurance teams.
“We want to be able to pursue the many opportunities in front of us whilst maintaining strong liquidity and governance within the business,” explained Rebekah Pipinias, Chief Financial Officer at MyVenue.
We provided a Small Business Export Loan to support MyVenue with the additional working capital required to continue to scale the business for export growth.
“The loan from Export Finance Australia enabled us to strengthen our capabilities and meet resourcing needs so we could capitalise on new opportunities.”
Going global
When exporting, Rebekah highlighted the importance of listening to the market, pivoting and developing new solutions where needed, and moving quickly to take advantage of opportunities as they arise.
MyVenue’s ultimate aim is to continue to gain market share globally, but for now, it’s staying focused on growth throughout the USA, the UK, Canada and Australia.
“Export Finance Australia is a collaborative finance organisation that understood MyVenue as an export business and recognised the opportunities that lie ahead,” said Rebekah.
