Ten Australian startups that raised a combined $88 million this week
We may not have seen $100 million deals this week, but the volume of smaller raises coming through indicates a strong startup ecosystem.
It’s been another bumper week in Australian funding, with ten startups announcing funding rounds ranging from $1 million to $25 million.
Just weeks ago, we reported on an eight-day period that saw more than $1 billion invested into Australian startups.
That marked a maturation of the Aussie startup scene, with businesses founded some years ago hitting their stride in a big way, raking in $100 million-plus and securing sky-high valuations to match.
While in the past spates of big-money raises have been counterbalanced with relative drought at the seed and series-A end of town, that seems to no longer be the case.
This week, the numbers may not be as high, but the sheer volume of smaller raises coming through is perhaps even a stronger indicator of the health of the ecosystem.
The fact that Aussie VC firms have money to invest at all stages can only be a positive thing, and we’re also seeing more and more evidence of successful founders investing in new ventures as angels.
What is troubling is only two of these startups have a woman co-founder.
According to data from Cut Through Venture, in September this year 27% of deals in Australia and New Zealand backed startups with at least one woman co-founder.
Those businesses secured 34% of the total funding, and secured rounds 33% larger, on average, than those with less diverse co-founding teams.
Businesses run by all-women teams, however, accounted for just 10% of the deals and 4% of the funding.
Here are ten startups that raised more than $1 million this week, for a combined total of $88.18 million.
Enosi: $1.48 million
Energy traceability startup Enosi raised just shy of $1.5 million for its tech allowing businesses and individuals to see where their energy is coming from, and how much they’re paying, at any given time.
Build AI: $1.9 million
Build AI has raised $1.9 million, including from big-name construction firms, for its predictive management tech designed to help reduce losses related to dips in productivity.
Kester Black: $2.1 million
Consumer brand Kester Black has successfully completed its equity crowfunding campaign on Birchal, raising $2.1 million from 1687 backers.
While the beauty brand may not use tech in the same way as others on this list, its new funding will help expand its e-commerce offering and shows the momentum in equity crowdfunding is continuing.
Farmbot: $2.7 million
Agtech startup Farmbot raised $2.7 million in a round led by Telstra, for its remote monitoring tech helping improve water management and minimise wastage on farms.
Perx: $3 million
Perx has raised $3 million in seed funding, led by AirTree Ventures, to expand its digital health tech into the US. The startup’s behaviour change platform is designed to help people with complex health conditions us digital daily treatment plans.
Reejig: $6 million
AI-enabled workforce intelligence platform Reejig has secured $6 million in Series A funding for its tool giving leaders visibility of the skill sets of its staff, helping them better manage hiring, re-skilling, and ultimately, retaining staff.
RedEarth: $12 million
RedEarth Energy Storage has secured $12 million in pre-IPO funding for its Personal Power Plant technology, which allows homeowners to store their own solar energy and even make money from it.
EncompaaS: $14 million
Enterprise compliance software-as-a-service startup EncompaaS has raised $14 million for its tech offering up automated governance information across both on-premise and cloud-based applications. The funding will allow the business to take its AI-driven tech global.
FrankieOne: $20 million
Melbourne ID and fraud-protection startup FrankieOne has raised $20 million in Series A funding, including from DJs The Chainsmokers and the founders of Robinhood and Monzo.
The round was led by AirTree Ventures and Greycroft, and also included backing from a ream of VC firms, such as 20VC, Reinventure, Tidal Ventures, APEX Capital Partners, and Mantis VC.
Packform: $25 million
Packaging marketplace startup Packform has raised $25 million, as the COVID-19 pandemic and the shift to e-commerce has brought packaging to the front-of-mind for more business owners.
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