💌 The Aussie start-up & Venture Capital Retro! 8th of October

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Headlines:

• 👀 Cut Through Venture just published its September update.

  • $471M was deployed across 34 deals

  • Australia has now deployed $5.4B for 2022. Below 2021 but above 2020.

• 💥 The Aussie Senate is launching a second inquiry into ‘Big Tech’. (Start-up daily)

  • The inquiry will look into the market share, customer manipulation, proprietary algorithms and integrations of companies like Meta, Google, Microsoft, Apple and Amazon.

  • Other large companies will be included but have not been named at this stage.

• 🇺🇸 Atlassian (Nadaq:TEAM) has transitioned officially to the United States from the UK. The transition will help Atlassian get exposure to a broader network of investors.

  • Atlassian still calls Australia home. TEAM is looking to hire over 5,000 Aussie staff with 1,028 being in R&D.

• 🎯 Humanforce, a Sydney-based workforce management solution, acquires Ento, another workforce management software based in Melbourne. (Press release, AKKR)

  • Humanforce is utilising capital they’ve raised from tech-focused PE firm AKKR. The proof is in the pudding, with year-on-year SaaS growth of 67%.

1. Start-up Retro: Australia's start-up raises with a smidge of context.

2. Notice Board: Signposting key events and opportunities in the ecosystem.

3. Accredited Tweeters: Snippets from Twitter!

4. (KaaS) Knowledge as a Service: Articles to make you smarter. Or share with co-workers to make them think you’re smart.

Start-up Retro 

Electric Cars

🔋 The Good Car Company charges away with $10M led by Boundless

The Good Car Company imports pre-owned and new EVs from the UK and Japan to make EVs more affordable. The company has an import rate of around 200 cars a year but will utilise this capital to increase that to over 2,000 EVs. Although the cars are second-hand, the Good Car Company offers battery warranties, servicing and roadside assistance, with the cheapest car priced at $20,000. Boundless, the investor behind the raise is backed and chaired by Atlassian founder Mike Cannon-Brookes. Their remit is investing in Aussie climate-focused start-ups, and The Good Car Company will be their first investment. Transport in Australia accounts for 18% of total emissions, and Boundless views EV adoption as a viable option for reducing Australia’s impact.

Go deeper: (Start-up Daily)

Infrastructure

🌊 GHD splashes $8M into Eco Detection, the water quality monitoring start-up pre-IPO

Eco Detection utilises military-grade technology and AI to monitor water in real time. Eco Detections platform can be used in various settings, including monitoring the quality of waterways near farming, urban waterways, wastewater treatment and mining environments. To stay compliant, many stakeholders need to understand how their activities affect the local environment. For businesses, it can be vital as securing licensing and permits can be expedited if they have up-to-date and accurate water monitoring information. Eco Detection has raised $8M in convertible notes from GHD as they gear up for an IPO. One to watch!

Go Deeper: (AFR)

HealthTech / Wearables

⌚ GVDP secures ~$3M to roll out their wearable devices

Founded by an Australian couple with three severely autistic boys, GVDP is a platform system that allows users to share their vital information. In short, the individual or a legal guardian can create a profile for themselves or their loved one. The profile could include medical conditions or things that could trigger behaviours. All this information is stored on a wearable device similar to a smartwatch. The system encompasses three different touch points. An app for first responders, an app for the general public and a wearable smart device that includes GPS. The GVDP system sounds complex, but when looking at it from an aged care system perspective, efficiencies can be found in every touchpoint a patient has with their carers. The capital will help with a trial in Queensland and Texas, with targets set for a global rollout soon.

Go deeper: (Ageing Agenda)

Transport & Flying Vehicles

✈️ Kite Magnetics flys away with $1.85M

The Monash University spinout, Kite Mechanics, has secured investment from the Climate Tech Fund, Galileo Ventures, Possible Ventures and Breakthrough Victoria. The company can be considered ‘deep-tech’. They’re developing technologies that will unlock the new age of electronic aviation. The tech boils down to materials improvements, enabling better electric motors. These motors will be lighter and more efficient than anything available currently. With enhancements to battery storage, engine efficiency and charging, electronic aviation may become a reality soon than most think.

Go Deeper: (Mirage News)

E-sports / Media

🕹️ Gamurs closes a $12M Series A

Gamurs, the esports and entertainment media network, has closed a $12M series A. The round was co-led by Elysian Park Ventures (associated with the LA dodgers) and Cerro Capital. Amongst them were Powerhouse Capital, Aura Ventures and Artesian. The media business grew significantly through 158% revenue growth the previous year. While the growth is impressive, some are due to acquiring smaller digital media platforms and providing them with better tools to scale. On top of being a media production company, Gamurs also works with advertising companies that are looking to reach the rapidly growing gaming audience to leverage their rapidly growing two-way marketplace. Presently, the company gets 55M readers monthly across its mastheads.

Go Deeper: (AFR)

AdTech

🗞️ TRENDii secures $2.9M in seed funding

The seed round led by Investible allows AdTech start-up, TRENDii, to continue its mission to enable customers to find the products they most desire. The platform can turn image and video content in our digital lives into instant shopping experiences. They deliver contextual advertising to readers through relevant and privacy-friendly advertisements. Already working with some major players in media, like the Daily Mial, News Corp and Area Media, TRENDii will look to secure more partnerships following the raise. The start-up has transformed significantly since its initial ideation, which targeted consumers through an application. Investors are more comfortable with the current business model, which is closer to a B2B platform that provides brands more value following changes to online cookies.

Go deeper: (Start-up Daily)

If you're a founder or investor who has just closed a round, please reach out!

Notice Board

• 🎪 Spark Festival is Australia’s event for startups, innovators and entrepreneurs happening both online and in person. 12-27 Oct. Check it out!

  • I'm particularly excited about Adam Spencer from Day One and his documentary on the history of the Australian Start-up ecosystem.

• Blackbird Sunrise Australia has announced their dates for November in Sydney. Check it out!

• The My start-up gig job boards just got updated to have job alerts. I once thought I'd create a job board for this newsletter but seeing how good this platform is, there is no point! Check it out! Over 3,000 jobs are currently listed here.

Accredited Tweeters

(KaaS) Knowledge as a Service

• 🏃‍♂️Cara, founder of Steppen on building in public and the power of habit formation. Check out the blog post here. Cara and her team are leveraging the power of behavioural science to build habits, in their case around working out. After reading this I took a moment to reflect on the habits in my life that add value and those that don't.

• 💰 The start-up funding database is maintained by Warwick Donaldson. While some VCs get pretty solid media coverage, it's pretty incredible how many other VCs and early-stage investing groups are active in Australia. Check it out here.

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