Five Australian startups that raised at least $38.2 million this week
As we cross the threshold into February, we have five Aussie startups that have raised at least $38 million this week.
January has shown a strong start to the investment year, and this week is no different. As we cross the threshold into February, we have five Aussie startups that have raised at least $38 million this week. The reason we can’t be more precise? One of them hasn’t dropped the investment number yet.
Amber Electric: $29 million
Amber Electric led the charge (sorry) this week with a $29 million Series C round, valuing the company at an estimated $120 million. This funding is set to fuel Amber’s expansion in Australia and its entry into international markets, focusing on battery and EV automation technology.
Leading the investment was New Zealand’s Gentrack with a notable $12 million, joined by Rubio Impact Ventures, Commonwealth Bank, NRMA, Alberts, Square Peg, and Main Sequence. This follows Amber’s $20 million Series B in 2021.
Amber plans to collaborate with Gentrack, integrating its automation software with Gentrack’s billing and customer care platforms. This partnership aims to strengthen both companies’ global utilities market presence.
Known for providing real-time energy pricing and automation technology, Amber has doubled its customer base to 30,000 in just six months. The funding will accelerate Amber’s domestic growth, enhance its EV-to-grid products, and support the licensing of its technology internationally.
ProcurePro: $6.15 million
Brisbane-based Procure Pro recently completed its first external funding round, successfully raising $6.15 million. The round was backed by AirTree and industry expert Leigh Jasper’s VC fund Saniel Ventures. This capital will drive ProcurePro’s expansion in the UK and fortify its position in Australia and New Zealand.
Established in 2021, ProcurePro streamlines construction procurement with a digital platform that consolidates various processes, significantly reducing procurement time. Co-founders Tim Rogers and Alastair Blenkin have led the company’s rapid growth, including a recent expansion to the UK, where they secured projects worth $600 million.
The startup has achieved notable success, saving 200,000 hours in construction admin and being used in over 1000 projects valued at $30 billion. Investor Leigh Jasper commended ProcurePro’s innovative approach and impressive market penetration, highlighting its role in enhancing efficiency and decision-making in construction projects.
Yume: $2 million
Food redistribution startup Yume has raised $2 million in seed funding, led by Investible, bringing its total funding to $7 million at an undisclosed valuation. Founded in 2016 by Katy Barfield OAM, Yume aims to reduce food waste in Australia by connecting surplus food from manufacturers to businesses and charities.
Yume’s platform automates food sales and donation processes, streamlining workflows for manufacturers and providing data to enhance revenue and minimize waste. The platform has collaborated with Unilever, Kellanova (Kellogg’s), and Mars Food and Nutrition, redistributing nearly eight million kilograms of surplus food, equating to significant environmental benefits.
Founder and CEO Katy Barfield emphasised Australia’s food waste problem and Yume’s role in addressing it. The latest funding will support technology and team investments, focusing on product and technology hires. While Yume plans international expansion, it is currently strengthening its Australian presence.
Alt.Leather: $1.1 million
Melbourne’s Alt.Leather, a plant-based leather startup, has raised an oversubscribed $1.1 million in seed funding.
The round was led by Wollemi Capital Group and supported by LaunchVic’s Alice Anderson Fund, Startmate, and The Austin Group.
Alt.Leather’s product is unique as it is animal-free, plastic-free, and made from agricultural waste, challenging the $70 billion plastic leather industry with sustainable Australian ingredients. The company’s goal is to offer an eco-friendly option to traditional animal and petroleum-based leathers, meeting the demand for sustainable and circular economy solutions.
The seed funding will advance Alt.Leather’s development, including filing a provisional patent, producing samples with Australian brands, and enhancing research and development.
Nbryo: ????
Lastly, we have a bit of an interesting one.
Tenacious Ventures has announced an investment into Nbryo — a startup that is said to be revolutionising beef and dairy production with bio-digital technologies.
By accelerating genetic improvement, Nbryo is said to enable livestock producers to achieve in seven days what would traditionally take seven years. This innovation meets the growing global demand for efficient and sustainable livestock production.
Nbryo’s technology suite includes genetic selection, embryo production, transfer processes, and advanced data analysis. It also has a focus on traits like lower methane emissions, enhanced productivity, and environmental sustainability.
Nbryo is Tenacious Ventures’ fourteenth investment… but it hasn’t said how much it actually handed out. The figure isn’t listed in either the investment notes or in the LinkedIn post written by Tenacious co-founder and general partner, Sarah Nolet. SmartCompany contacted Tenacious Ventures for comment.
So for now, there’s a bit of a question mark over this one.
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