TheBestDay, a Sydney spin-out, secures AU$1m ($1.05m) to launch its social planning tools service.

TheBestDay, a University of Sydney spin-out that provides social planning tools, has secured AU$1m to fund its launch from a seed round led by OneVentures.

Also joining the venture firm in participation were members of Sydney Angels and its Sidecar Fund.

The Australia-based firm, which is due to begin rolling out its product over the coming months, offers calendar tools driven by a social network. Users will be able to interact with one another to fluidly plan a time and venue for a meeting or social event. Furthermore, businesses will be able to promote “plan suggestions” to partners, opening the door to businesses such as local restaurants securing revenue through the platform.

Speaking about the seed round, founder of TheBestDay Whitney Komor, said: “There are major benefits to having a diverse group of investors backing a business. The Company will benefit from both the sophisticated, strategic support of OneVentures as well as access to the variety of networks and expertise of the Angels. It’s the best of both worlds.”