According to the Financial Review, Updater has secured $30 million in funding through a private placement, including investments from Fidelity International and Alex Waislitz's Thorney Investment Group.

Updater had initially intended to raise $20 million from existing institutional shareholders at 50¢ a share, as revealed by The Australian Financial Review's Street Talk column, but the offer was oversubscribed and the company decided to raise a further $10 million.

Updater provides a platform that helps with home relocation. The company has a pilot with US insurance giant Liberty Mutual and a number of removalists. It's planning a third pilot this year.

The company's founder and chief executive David Greenberg said Updater raised money to accelerate expansion and add more staff more quickly than they would have been able to do without the funds.

The company is hoping to expand its platform to include more verticals, including utilities, such as gas and electricity, cable television and insurance.

Mr Greenberg said he was planning to expand his staff numbers with the cash, including the company's sales and engineering teams.

Updater was founded in 2010 by Mr Greenberg and listed on the Australian Securities Exchange in December 2015 at 20¢ a share.

'We were considering taking more money from US venture capital investors,' Mr Greenberg said.

'Our seed investors were all Australian. We've had deep ties to Australia from the beginning. The ASX is an exchange that is more optimised for early stage companies.'

Domain chief executive Antony Catalano is among Updater's local investors and is on the company's board.

Updater's major US backers include SoftBank Capital (investors in BuzzFeed, Fitbit and Alibaba), IA Ventures and Commerce Ventures.

Listing in Australia gave Updater an alternative where it was able to become a public company, Mr Greenberg was able to hold on to more of the company, and he could prepare it for a shift to the US-based Nasdaq exchange.

Updater reported first half revenue of $170,723, up 68 per cent from the previous corresponding period. It reported a net loss of $3.5 million in the half as it continued to invest and build out the business.

Thorney founder and chairman Mr Waislitz believes Updater has all the tools to capitalise on its growth opportunity.

'We were an early stage investor in Updater, having participated in both the pre IPO and IPO raisings,' he said.

'We like their business model because they are meeting a genuine need. We think they have huge potential and their market penetration is already impressive.'

Mr Greenberg said the revenue potential of Updater was in the hundreds of millions as the company expanded into new categories and grew its market share.