Seven Aussie startups that raised $16.4 million this week
There’s been another flurry of startup raises this week, most of which came in under the $5 million mark.
There’s been another flurry of startup raises this week, most of which came in under the $5 million mark.
The figures may be lower compared to last week’s massive $109.8 million (which included $50 million for one company alone), but the startups are equally impressive.
Here’s seven startup funding raises that we know of.
Thinxtra: $5 million
Massive Internet of Things (M-IoT) startup Thinxtra has locked in $5 million in pre-IPO funding from new and ongoing investors this week.
Founded by Renald Gallis and Loic Barancourt in 2015, Thinxtra’s devices were originally designed to monitor water tank levels, but the founders soon found the technology could be applied in other sectors too — from monitoring cattle, to managing inventories and even keeping track of shopping trolleys.
Now, the company provides end-to-end M-IoT solutions for a broad range of clients, including the likes of Coles, CouriersPlease, Optus, Loscam and Programmed, helping companies create additional revenue by using insights from untapped data.
Thinxtra is also the owner and operator of the only public 0G Network dedicated to the IoT in Australia, New Zealand, Hong Kong and Macau.
Back in 2017, Thinxtra secured $10 million from the Clean Energy Finance Corporation’s Clean Energy Innovation Fund, adding to $15 million already raised in seed and Series A funding.
The company says the new pre-IPO funding, which includes investment from Blue Ocean Equities, will be used to expand its investment and partner coverage across all its territories as it prepares to undertake a public listing this year.
Canopus Networks: $4.5 million
Sydney-based Canopus Networks has topped up its Series A round with an additional $4.5 million (US$3 million) investment from US VC firm Konvoy Ventures, and Konvoy managing partner Jackson Vaughan will join the startup’s board as an observer.
The new funding brings the analytics startup’s completed Series A round to US$10.6 million, and its total funds raised to US$12.3 million ($18.4 million), to date.
Canopus Networks was founded in 2018 by Vijay Sivaraman and Himal Kumar as a way to help telecommunications providers accurately measure the online experience for gamers and streamers.
The startup told SmartCompany its platform is already deployed in two “tier one networks” in Australia and New Zealand and is being trialled in “several large networks serving tens to hundreds of millions of subscribers in Asia”.
“Canopus will be using the funding to grow its market presence in the Americas, as well as for developing new products that enable a premium gaming experience,” the company added.
Mash: $2 million
In its first external capital raise, Mash, an online ecosystem for freelance creatives, has raised $2 million in pre-Series A funding from the Melbourne-based J Bell Family office.
Mash was founded in 2018 by Natasha Menon and Sarah Churchlow, who, until now, have bootstrapped the business.
The startup says it has been experiencing 90% year-on-year growth, as it works with global clients, including Netflix, Indeed and Accor, to bring together bespoke teams of creative freelancers to help organisations solve brand challenges.
Mash already operates across 28 countries and plans to use the funding to expand its leadership team across the Asia-Pacific, while also adding enhancing the platform’s technology.
Menon said in a statement that Mash needed to raise capital to meet the increasing demand for its service.
“The big creative agency model just isn’t working for clients or creatives. Brands that are looking to drive impact and results are seeking more efficient, transparent and effective creative solutions that integrate as part of their own business. They still want the global, big-picture thinking, but with a strong understanding of local markets and sensitivities, without endemic wastage,” said Menon.
“At the same time, senior creative professionals are embracing the flexibility of working how they want, on projects and brands that not only resonate with their personal values, but where their expertise lends to them delivering the greatest amount of impact.”
Beamible: $1.85 million
Workplace design platform Beambile, which offers solutions to resourcing challenges for organisations, has raised $1.85 million in seed funding, in a round reportedly led by Storytime Capital.
Beam co-founders Stephanie Reuss and Victoria Stuart launched the platform in 2021, with the original goal of improving workforce diversity, tackling employee burnout, and supporting hybrid work.
Writing for SmartCompany in 2020, before the global pandemic took hold, Reuss and Stuart spoke about the importance of flexibility, particularly as a means of reducing the gender pay gap.
“But this isn’t just about mums, and it isn’t just about women,” they wrote at the time. “Flexible working is more inclusive for everyone, especially carers, dads, professional athletes, regional workers — and talent are increasingly saying no to roles that don’t have it.”
Earthodic: $1.85 million
Also raising $1.85 million this week was Brisbane-based sustainable materials startup Earthodic.
The oversubscribed pre-seed round was led by Tenacious Ventures and Investible, which were joined by Twynam Group and USA-based Closed Loop Partners.
Earthodic, which was launched last year, has developed a bio-based coating solution for paper and packaging, called Paperbarc. The technology offers enhanced water resistance and strength to packaging materials, while also allowing the materials to be recycled and composted.
Read more here.
Citadel.run: $1 million
Fellow Brisbane startup Citadel.run plans to use its new funding to expand into the US and bolster its headcount.
Launched in 2022, Citadel.run is a cloud security and compliance platform for the AWS ecosystem.
The business has raised $1 million in seed funding, in a round led by Flying Fox Ventures. Also participating in the round was Archangel, 1 in 100 Ventures and Plerion Angels, according to The Australian.
Cleverbean: $200,000
Rounding out this week’s list is edtech Cleverbean, which has secured $200,000 in seed funding from Skalata Ventures, reports Startup Daily.
Founded by teachers Lucy Chambers and Alina Hunter, Cleverbean aims to combat teacher burnout with its library of evidence-based and research-backed learning materials for primary school students studying the K-6 Australian English curriculum.
The startup is reportedly also working on incorporating artificial intelligence into its platform to help teachers give immediate feedback to students.
“The nucleus of what we do solves three key problems — providing the best quality materials for teachers, making them lightning-fast to find, and ensuring that every student is being given personalised feedback,” said Chambers.
