Based in Sydney and Auckland, DowTile is a full-service entrepreneurial studio that works closely with founders who have great ideas but may lack a technical background. Dovetail helps them build companies from the ground up, preparing them for growth and more money.
Founded in 2014, DoveTile’s success stories include AfterPay, Melbourne-headquartered Unicorn, which now plays the most profiled player in the purchase space, Clarna, and After form. “People can think of us as our technological co-founders, responsible for the operation and development of product strategy, design, and scalable products,” Nick Friendsen, co-founder of Tovetel, told TechCrunch.
Dovetel is currently raising a $10 million ADD (approximately $7.5 million) to be used in 15 of the most potential companies for the Seed, Series A, and Series B rounds that run through its enterprising studio program. As an investor, Dowtile wrote check sizes ranging from $150,000 to $1 million ADD. One of Dovetail’s goals is to prepare startups to raise money from other VCs; Investments in Dovetel’s portfolio include Blackbird, Qantas, and Wavemaker.
“When we needed to make investment decisions we worked collaboratively with them on a daily basis for at least three months before a seed rain and 12 months for a series. That means we’re basically investing in a co-founders information end, “said Freundsen.
“Another feature that makes Dovetel unique is that we share our ownership with the entire team in our portfolio firms. It further drives our dedication and dedication to our team. Dovetel started working with AfterPay in 2017 when the company had fewer than 40 employees. Friends said AfterPay founders Nick Molner and Anthony Eisen were looking for digital product development partners to create and scale their mobile and web applications.
Although both had deep experience in financial services, they came from non-technical backgrounds. This is where Dovetail came into play, building the AfterPay technology platform and helping to launch its customer-facing products. Some of the other notable startups that have gone through its enterprise studio program are Resource Planning SA Platform Run; One-click shipment equipment marble; Supplier Choice, a management platform for suppliers of the Australian National Disability Insurance Scheme; Landmarks ID, a privacy-compliant mobile location intelligence platform for marketers; And FluNC, a service that helps importers and exporters save money in foreign currency.