Years after the devastating dot com collapse, the Australian financing scene is finally emerging from the wilderness with help from a recent funding boost in tech startups—starting with the latest Point-of-Sale startup, Kounta. The emerging company announced the launch of its very first venture capital round led by Greg Wilkinson, the founder of Reckon who invested an undisclosed amount and joined the board at Kounta. The startup allegedly pitched $1 million.
In a recent media release, the Australian cloud POS startup, Kounta, kicked off the first of its venture rounds. In 1987, Wilkinson founded Reckon Limited and led the company until 2006, and later became the Deputy Chairman. His leadership grew Reckon from a small, one-man startup working out of an apartment in Sydney to an accounting software leader with an Initial Public Offering on the Australian Securities Exchange (ASX).
The funding round will finance additional product research and improvement, contribute to the executive team, and advance their solution to the hospitality and retail merchant industries in Australia and around the world. Kounta developed their powerful, simple, and flexible POS system that is compatible with many linked devices. Merchants can now entirely run their store off a laptop, desktop, iPad, or Android tablet. It is already gaining popularity with savvy Australian store owners and has demonstrated its knack for creating a better retail experience for shoppers.
CEO and Kounta founder, Nick Cloete, said the majority of retail and hospitality businesses around the globe are trapped in the past. They are using antique hardware and software that hasn’t catered to how sellers and buyers interact. That’s why the company is tackling a large market and approaching this using innovative ways. Because the platform is web-based and works in the cloud, literally any device can be a POS with Kounta, and retailers can now use Android and iPad tablets, as well as their existing hardware without having to invest in additional equipment or technology.
The monthly subscription is more affordable and they’ve also designed Kounta to be simple to use, yet powerful. It’s built to connect with complementary platforms such as Xero, PayPal and more. The team at Kounta is pleased that Greg Wilkinson invested and become a board member. They’re discussing tactics with global and local backers who are paying attention to what they’re doing, and the company is confident they’ll revolutionize the brick and mortar retailer industry locally and abroad.
Kounta board member and Reckon founder, Greg Wilkinson, said Kounta created a commerce and retail force that represents huge opportunities. Online retail continues to boom, but a large portion of global economy continues to focus on brick and mortar hospitality and retail. Many things can’t be sold or experienced online. Wilkinson looks forward to becoming a part of the growth at Kounta. Cloet and the team laid an exceedingly solid foundation, which motivates Wilkinson to help Kounta continue to change the way retail storefronts relate and interact with consumers.
This is a great transition for Kounta. Not only does the company’s technology look interesting, now that Wilkinson is on the board, there is no doubt that they will eventually find the development funds it needs. Perhaps the company’s long-term goal is to make a grand exit—patiently holding their cards until an over seven-figure bid by a big retail technology player is too good to pass up, but we’ll just have to wait and see if Kounta takes the exit path popularized by niche solutions.