27th Oct 2011. Yuuwa Capital has led a new $1.1m funding round into Perth-based App developer – Filter Squad Pty Ltd – creators of the wildly popular Discovr range of iOS applications.
Discovr lets you find music by entering an artist you like in the search field. Based on that artist, the app will show you an interactive map of potential songs and artists you would enjoy. And believe it or not, the company is seeing the most traction from neither Australia, nor the US. It’s coming from Japan.
Filter Squad has concurrently announced the official launch of Discovr Music for the Mac App Store.
“We’ve had more than a million downloads so far on iOS“ said David McKinney, CEO and Founder of Filter Squad.
“With the release of Discovr Music for Mac App Store we’re extending our reach into an entirely new market. It’s challenging and inspiring to build great user experiences for Mac desktop users, and it’s been really satisfying for us to create this app. Our goal was to create an app that enhanced the way that people use their desktop machines everyday, and we think that Discovr Music for Mac App Store is our best app yet.”
Yuuwa Capital saw something in the company’s traction and decided to inject another seed round into Filter Squad. The company originally received a $200,000 seed round from Yuuwa in January. Filter Squad plans to use the money to make more hires and focus on product development. Currently, the company is halfway through coding its first Android version of Discovr.
The investment round will enable Filter Squad to build out their engineering team and continue to grow their international presence by hiring key team members in the US. The Australian company is on a roll, having recently won the $25k Greatest Potential Award at Australian start-up event Tech23.
Yuuwa Capital is a $40M early-stage venture capital firm based in Perth, Western Australia.Yuuwa Capital’s formation was supported by private investors who work with Candor Financial Management; and also by the Australian Federal Government’s Innovation Investment Fund program and there are a number of specific rules for our investments relating to this element of our funding. Key investment criteria include:
- Sectors: Software, Life Sciences and Biotech, Communications Technology, Clean Technology
- Funding: Seeking early stage investment from $500,000 to $5,000,000
- Geography: Prefer Perth, but otherwise Australian based
- Business Model: requiring less than $5,000,000 to reach break even or sustainability