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$5m investment in Mutinex set to become a homerun

Coming to America (L-R): Equity Venture Partners’ Allen Zhu and Justin Lipman; Mutinex co-founders Henry Innis and Matt Faruggia. 

“Fundamentally, we have to win in the US market,” 

from an EVP lens 

Lipman of EVP believes they could have bagged another home run with B2B saas company Mutinex – but to do this – founder Henry Innes says that 

“We see around 2,000 companies a year,” said Lipman, “and last year we invested in six.” 

Mutinex “ticks all the boxes of what a great B2B software company in the early stage looks like.”

“Investing $5m at a $37m Val in Mutinex is one of the most obvious decisions you’ll ever be presented with in the world of venture – expecting Mutinex to be a $400m business soon!!!”


It is a 

  • Great product 
  • Has Great talent 
  • Has Great buyin from customers 
  • Has a Clear focus and large vision 
  • The teams  drive and commitment is simply infectious. 

Special thanks to Charlie Gearside for the tip (via Matt de Boer as usual), Brodie Arnhold and Chris for being so welcoming and the broader leadership team in Dan Gooden, Adam Beaupeurt, Mark Tovbis, Daniel Chu who made the investment decision the no-brainer we’re always chasing.

What Mutinex does

The business focuses on marketing investment analytics and built its GrowthOS software product to provide marketers and cfos with insights to help target their marketing spend.

A new feature allows marketers to measure how brand presence contributes to sales volume and marketing ROI,

  • Mutinex is growing fast because finance teams accept the methodology, which attributes marketing and media activity to business impact above baseline sales.
  • Global comms holding companies and consulting firms will license the platform similar to CX and martech cloud platforms like Adobe and Salesforce

Customers include 

Mutinex lists Intuit Australia, Youi Insurance, ING, Bendigo Bank, ME Bank, Asahi Oceania and Samsung Australia as customers.


“To be honest, if you continue to delight customers, continue to serve them well, liquidity exit opportunities take care of themselves.”

Henry Innes 

“the size of this market of companies that are actively going to need this type of software – there’s at least 2,000, 3000 enterprises [globally]. They’re all spending millions of dollars currently with consultants … we will help these companies help make informed decisions on their marketing spend and build up to a $100 million ARR [annual recurring revenue] B2B software business”

There is an Opportunity to leverage consulting firms as alliance partners and resellers and they can license our product then upsell services to support and build out enablement.  


  • EVP
  • Bloomsbury Information Capital
  •  iSelect and Endota Day spa chair Brodie Arnhold, 
  • former WPP COO Chris Savage 
  • former PwC and current Sayers Partner 
  • 3AW radio host Russel Howcroft 

20 of the 24 original seed backers are investing again, nine of which increased their position. 


The background – from Pirates to corporates 


The company’s flagship platform, WarChest, helps to analyse marketers’ past decisions and then predict the value of future choicesthe company raised $2.4m in a seed round of funding, and in August it appointed former Mediabrands / Starcom exec John Sintras as President, US and Multinational, to lead expansion into the US. The firm now has some 26 full time staff members, and says it expects to reach 40-50 within the next year. 

The US expansion might partly explain the rename – there is already a web site personalization specialist based in San Francisco with the name Mutiny – but co-founder Henry Innis told www.mumbrella.com.au there is more to it than this: ‘Another way to articulate it is, Mutinex signals that know we’re evolving beyond just the rebellious spirit and kind of maturing a bit as well. You don’t necessarily want a band of pirates managing billions of dollars of money’. Similarly, WarChest will now be known as GrowthOS, ‘to better position the product in terms of the value it is delivering to customers’. 

Innis has taken the title of CEO while his co-founder Matt Farrugia becomes Chief Operating Officer, clarifying the quite separate roles the two are now playing. 

Beaupeurt, formerly MD of Digital at independent creative, CX and connections agency HERO, joins as Chief Commercial Officer, with sales, finance, marketing and success functions all reporting in to him. The founder in 2014 of a strategic marketing and communications agency called B.B.E., acquired by HERO in 2020, he worked earlier at ad agencies Ogilvy and AKQA. 

Innis, who has worked with Beaupeurt in two previous roles, says the firm has focused on hiring leaders who in turn can attract, build and scale talented teams, and describes Beaupeurt as ‘somebody who deeply understands that perspective that the ability to hire well is probably as important as any other element’. 

Li joins from Rokt as Senior Data Scientist, Kosheliev from Data Robot as Senior Customer Data Scientist and Bertolus from Bupa as Head of Growth Marketing. The company says it will announce further hires in the coming months in customer success, engineering, product and user experience. 

Web site: www.mutiny.group . 

Posted on February 28, 2023

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