Sydney start-up TheBestDay has closed a $1M investment round to fund the launch of its social planning tools which make it easy for a group to agree on a time and place for an activity and for businesses to secure valuable group bookings. The deal led by OneVentures is a co-investment with members of Sydney Angels and the Sydney Angel’s Sidecar Fund.
Founder Whitney Komor developed the idea for TheBestDay after becoming frustrated by the process of organizing activities with her friends. She self-funded the development of a prototype web-based tool, Beta tested the website with a limited group of users and businesses, and gathered sufficient information to determine that there was a significant market need for TheBestDay solution.
On the success of the seed round of financing Whitney added, “There are major benefits to having a diverse group of investors backing a business. The Company will benefit from both the sophisticated, strategic support of OneVentures as well as access to the variety of networks and expertise of the Angels. It’s the best of both worlds.”
OneVenture’s Partner Anne-Marie Birkill says “This investment confirms our commitment to developing a diverse investment portfolio ranging from seed to more mature investments; and to supporting young, talented entrepreneurs with ideas that have a demonstrated market need. TheBestDay serves a high value market need and we see that it provides a variety of additional valuable revenue opportunities outside of its immediate business focus. We are pleased to welcome Whitney and TheBestDay team to our portfolio.”
Sydney Angels syndicate lead Andrey Shirben says “The deal had attracted the largest number of interested members among the Sydney Angels and was done start to finish within a record breaking 42 days. The reason behind it is very simple – the team behind TheBestDay and particularly the Founder who’s a very impressive and ambitious entrepreneur with a solid vision and it’s our honour to back her.”
TheBestDay is launching in the coming months with several major Australian business partners already on board. Businesses will be able to promote plan suggestions to targeted users, potentially securing revenue from these valuable group bookings.
“Our vision for TheBestDay is to be the global platform for making plans,” says Whitney.