Adelaide tech start-up MyVenue eyes new markets after rapid US expansion
Having won over stadiums across the US with its software, Adelaide start-up MyVenue is eyeing new markets as part of an ambitious global expansion.
Having doubled its revenue after winning over stadiums and arenas across the US with its point-of-sale software, Adelaide start-up MyVenue is eyeing new markets for its technology, and is weighing up a capital raise to fast-track its ambitious global expansion.
The company has had a stellar run in the lucrative US market, with its platform now used in more than 60 venues across the country, including Dallas Cowboys’ AT&T Stadium, Chicago Cubs’ Wrigley Field, the new $2.3bn MSG Sphere in Las Vegas and last year’s Super Bowl host State Farm Stadium in Arizona.
With exports to the US growing to $7.3m, and annual revenue doubling to close to $10m over the past 12 months, it’s been a rapid growth phase for MyVenue, which comprises a mobile ordering app, online portal for corporate box orders, self-service kiosk, real-time dashboards and inventory control system.
When the company was formed just four years ago, the US was identified as the target market by founder and chief executive Tim Stollznow, an engineer who previously sold point-of-sale systems in pubs and clubs in Australia.
Speaking from Atlanta in the US, where he’s spent most of his time over the past year overseeing the company’s rapid expansion, Mr Stollznow said that strategy was now paying dividends for the company as it looked to ramp up its expansion, both in the US and other markets.
“As far as sports and entertainment goes, America’s the centre of the universe for us,” he said.
“And the Americanisation of world sport is happening at pace. Every World Cup, every Olympic Games, every T20 World Cup, whatever the event, the American machinery rolls into town, helps set up the venues, and when they leave, they leave a lot of the systems, processes and technology, and then that stadium becomes a beachhead in a new region.
“That’s good for us. We already are seeing that we’re getting dragged into other areas and other countries just by the fact that we have been successful here in the States.”
Backed by family, friends and a group of high net worth investors out of Adelaide, MyVenue now employs close to 50 staff, predominantly at its Lot Fourteen base on North Tce.
The company secured its first customer in the US at the height of the pandemic in 2021, but the “game-changer” came later that year when it secured Hard Rock Stadium in Miami, home of the Miami Dolphins in the NFL, the Miami Formula 1 Grand Prix and Miami Open tennis tournament.
“We went live in Miami in March 2022, and that was really the beginning of a pretty steep and steady growth over here in the States,” Mr Stollznow said.
“We thought that we were going to launch over here with a big push into mobile ordering through your phone – turns out that Americans aren’t quite ready for that yet, and a lot of the world’s not ready for that yet.
“We ended up pivoting into a broad ranged, cloud-based, credit card and hardware agnostic software solution for stadiums and arenas.
“One of the things that had happened over in the US is that the point of sale providers into stadiums and arenas had been acquired by credit card providers, and they were all locked into verticals.
“And so we came up with a fresh approach with a very broad and comprehensive solution targeted at the industry, and credit card and hardware agnostic.”
Mr Stollznow said more than 60 venues in the US had been secured over the past 12 months, with the company generating its revenue based on a percentage of sales taken at each venue.
Having established a strong presence in the US, MyVenue is now looking to expand in other countries including Mexico, the UK and Canada, targeting stadiums and arenas, as well as pubs, bars, cafes and other hospitality venues.
Mr Stollznow said the company had so far raised $3m in capital to support the company’s growth, and another raise was likely later this year to fast-track its global ambitions.
“We’re definitely interested in going to the next level – there’s a really big market, our product’s very stable and we’ve proven ourselves in a pretty tough space.”
Trade Minister Nick Champion said the state government was boosting its support to exporters looking to expand into new markets, including in the US, where it recently appointed John Elink-Schuurman as its new Washington DC trade office director.
“MyVenue’s innovative software is making a real difference to sporting and hospitality venues around the world and I’m delighted that our government has been able to support MyVenue in their endeavours to grow their business in the US.”
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