Chief executive Toby Hilliam said the funding validated the company’s dual model.

“Last year, we removed the paid subscriptions to our consumer app, essentially turning off our revenue tap overnight. The bet was that, if we removed the cost barrier for consumers while maintaining the valuable Appetise service, we could build the most robust, high-fidelity grocery dataset in Australasia.

“That bet has paid off. We aren’t just helping 70,000 Kiwi households answer the essential ‘what’s for dinner?’ question; we are providing FMCG [fast-moving consumer goods] brands with live, behavioural data that simply doesn’t exist elsewhere.”

He said the funds raised would be used to further accelerate its Australian market growth, enhance its platform, and prepare the business for expansion into the US.

“This capital allows us to double down on our product experience, ensuring we remain the default tool for shoppers, and the default intelligence source for brands.”

Despite launching in New Zealand first, Australia now accounts for approximately 70% of the company’s overall growth, less than a year after entering the market.

In the past six months, revenue has tripled, with 80 New Zealand brands using Appetise’s insights.

The Series A funding round was oversubscribed, led by New Zealand-based venture capital firm Icehouse Ventures.

Icehouse Ventures principal Mason Bleakley said the decision to lead the round was driven by the team’s ability to rapidly find product market fit while expanding geographically.

“Appetise is pulling off the difficult feat of growing two entirely different products simultaneously: a genuinely helpful tool for making meals, and a platform that brands can make important business decisions with.

“Appetise has moved beyond being a promising start-up to becoming a dominant player in its sector. In under a year, they’ve established significant momentum in Australia, and the data moat they’re building is becoming their greatest asset.”

Icehouse Ventures was not the only firm to join, with other investors returning, including OIF Ventures, Brand Fund, NZVC and K1W1.

The company also received new investment from Ten13.

Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.