With NAB's assistance, an Australian family-owned advanced carpet manufacturing company has secured significant funding from the Australian Business Growth Fund (ABGF).
Based in Warragul, in regional Victoria, Modra Technology has been providing cutting-edge technology solutions to over 200 loyal clients across 35 countries around the world for over 32 years.
Providing one-of-a-kind solutions, Modra's products are overhauling business practices in the carpet industry, with yarn wastage being reduced by 80% when compared to traditional methods, and expanding output significantly.
The investment by ABGF will allow Modra to expand and scale up its operations, expanding output, doubling its workforce to roughly 50 people, increasing investment into research and development, and taking on clients across the globe.
After seeing a gap in the market, founder and CEO Tim Modra has taken Modra from a small local operation, to selling the business' products all over the world, with sustained revenue growth averaging over 50% per annum over the last three years.
"Our success to date has been driven by our relentless focus on innovation and solving the real challenges our customers face. Now with ABGF's support, we are well-positioned to take that innovation to the next level and unlock even greater potential in the years ahead," said Mr Modra.
NAB Executive for Regional and Agribusiness, Khan Horne, said NAB was proud to be supporting small and medium businesses, particularly within regional Australia, with access to long-term growth capital through ABGF.
"ABGF provides businesses with the funds and expertise to help them grow in an accelerated and sustainable way," Mr Horne said.
"We're thrilled to be able to support a family-owned business such as Modra, which has demonstrated impressive and sustained revenue growth and is supporting the local job market in regional Victoria."
ABGF Investment Manager Alexandros Collivas said the decision to back Modra was obvious.
"Modra represents an ideal investment for ABGF. The company has solidified its position as the global leader in carpet manufacturing technology, backed by strong intellectual property and a loyal customer base.
"We see tremendous growth potential as Modra continues to enable manufacturers worldwide to embrace automation and drive sustainability," Mr Collivas said.
