We recently sat down with Bennett Merriman, CEO and Co-Founder of Rosterfy — the Australian tech company that’s grown from a spare-room start-up to a Super Bowl success story. 

Bennett generously shared insights into their capital raising journey, offering a behind-the-scenes look at how they approached funding their growth, when they knew the time was right and what it really takes to raise capital successfully.

So, find a comfy spot, grab a cuppa and soak up their experience (and how it might relate to your own capital raising journey!)

Where did Rosterfy find their investors?

Rosterfy has been through three major funding rounds so far. 

The first was an angel seed investment round in 2019, backed by a group of investors in London. The connection came through a warm introduction from within Rosterfy’s network. These investors had invested in similar companies and could see the vision and strategic alignment straight away.

In 2023, ASX-listed Bailador Technology Investments came to the table with $9.8 million to fuel Rosterfy’s next phase of growth. The capital infusion gave Rosterfy the resources they needed to scale rapidly and expand into the billion dollar-plus not-for-profit sector. 

Beyond capital, this partnership also offered Rosterfy access to invaluable knowledge and experience, with Bailador Co-Founder and Partner, David Kirk stepping in as Rosterfy’s Board Chair.

“David Kirk is a very well regarded business person in Australia and New Zealand. We think it’s pretty exciting to have that kind of leadership guiding us into our next chapter,” Bennett says.

Only 18 months later, Rosterfy completed a top-up funding round, where Bailador and VC firm, OIF Ventures, committed an additional $8.5 million recognising Rosterfy’s rapid growth and success.

How did ESS help you attract funding?

Preparing for their three successful rounds of capital raising, Rosterfy also rolled out an Employee Share Scheme (ESS), giving staff a direct stake in the company’s future. Designed in partnership with Kearney Group, the scheme was built to be both commercially sound and culturally aligned.

“We did it to promote a sense of loyalty but also shared success for those individuals that are with us over a period of time,” says Bennett.

Department heads and executives are offered equity through the scheme, which has become a powerful tool for attracting and retaining top talent. 

Bennett says the ESS also proved attractive during capital raises.

“When you bring in outside investment, it’s often encouraged that you have an ESS in place — not only because it’s fairly typical, but funders want to make sure that you can keep your current staff and also attract new talent in the future.”

How do I know it’s time for my business to start raising capital?

While there’s no single perfect moment that signals it’s time to start raising capital, being prepared is crucial. 

One of the best things you can do is lay the groundwork early: understand your numbers, get clear on your vision and focus on building strong networks and relationships. These foundations will make all the difference when you do decide to raise capital.

Or as Bennett says: “Build relationships with investors even when you’re not looking for money — that way, when you are, it’s an easier conversation.”