The startups that raised fresh funding this week are scaling software for theme parks, powering aircraft with hydrogen, building an alternative to Facebook, and providing companionship to aged care residents with a robot called Abi.
Take a look at eight Australian startups that raised more than $94 million this week.
Melbourne-based software startup Roller leads this week’s funding news, thanks to $78.5 million (US$50 million) in funding from lead investor Insight Partners.
Founded in 2011 by brothers Luke and Mark Finn, Roller provides a centralised platform for theme parks and other entertainment venues to manage ticketing, point-of-sale, bookings and more.
According to Roller, more than 1500 leisure and attraction venues in 30 countries use the platform, and the startup’s revenue has grown by more than five times in the past three years.
The significant raise follows a $28.2 million funding round in December 2022 and a $7 million Series B round in 2018 and will allow the startup to invest further in its existing global platform.
Rachel Geller, managing director at Insight Partners, will join the Roller board as part of the investment, which will be subject to approval by Australia’s Foreign Investment Review Board.
Sydney-based aviation startup AMSL Aero has secured $5.43 million in funding from the federal government-backed Australian Renewable Energy Agency (ARENA) to continue developing its hydrogen-powered aircraft designed to help first responders and emergency personnel help more people living in regional and remote parts of the country.
AMSL Aero describes the aircraft, named Vertiia, as the world’s most efficient long-range, zero emissions vertical take-off and landing (eVTOL) aircraft.
The funding from ARENA will be used to develop a hydrogen fuel cell system to power Vertiia, for a range of up to 1,000 kilometres. The aircraft will be then made available for use by air ambulances, emergency services, and passenger and cargo transport.
AMSL Aero was founded by CEO Andrew Moore in 2017 and the startup previously participated in the Muru-D accelerator program.
In a statement, Moore thanked ARENA for backing “companies like ours who are committed to clean technology that will benefit society and our planet” and said the new funding will accelerate the startup’s work.
“It will mean that patients and passengers will have earlier access to the aircraft as a result and will play a key role in decarbonising air transport in Australia and abroad,” he added.
Alternative social media platform Lounge, which was co-founded by an Aussie expat, has also raised this week, locking in $4 million in seed funding in a round led by local VC Square Peg.
Lounge’s pre-ssed investor Carthona Capital also participated in the round, along with private investors.
The platform is described by its founders Australian Jack Symonds and Englishman Wulfie Bain as “somewhere between a WhatsApp group and a subreddit”.
Instead of having a newsfeed like Meta’s Facebook, Lounge says its community platform focuses on “facilitating connections between real people and communities”.
The platform is being targeted at younger generations and hopes to counteract the negative effects of other social media platforms on users’ mental health. It is being used at major university campuses in the UK and Ireland, along with some early usage in Australia, New Zealand and South Africa.
Symonds, who is now based in London, said the connection with Square Peg’s investors was immediate.
“There was an instant respect and cultural fit that has continued and improved since the first meeting,” he said in a statement.
In the same statement, Square Peg partner Dan Krasnostein said the startup is “extremely high calibre, moving incredibly fast, and they are winning market share every day”.
Craft brewer Philter Brewing plans to use the more than $2 million it has raised through equity crowdfunding to update its brewing capacity, increase distribution of its beers in key markets and expand its retail footprint.The brewer’s Birchal equity crowdfunding campaign closed on Thursday evening, with 1296 investors backing the company, which launched in 2017 with its XPA.
In the time since, Philter Brewing says it has recorded average revenue growth of 43% per annum.
Founded by Michael Neil and Stefan Constantoulas, Philter supplies to pubs and bars, including those in the Merivale, ALH and Solotel groups, as well as more then 200 retail outfits, including independent stores and leading chains BWS, Liquorland and Dan Murphys.
The business also operates the Philter Public Bar and Restaurant in Marrickville in Sydney’s Inner West.
Blacknova VC, Salus Ventures and CoVentures VC had led an oversubscribed $2 million seed funding round for Phantm, a startup that helps companies reduce their use of plastics.
Phantm has already begun working with prominent local and international brands, including MECCA, Starbucks Australia and Norwood Industries.
The startups aims to provide an “independent pathway” for businesses to reduce their plastic use and adopt natural materials, by making better-informed decisions about their packaging and products.
“We’re in the midst of a plastic crisis, and recycling alone cannot solve it,” said co-founder and CEO Elliot Costello in a statement.
“The market has been demanding alternatives, and it’s time to embrace the range of different materials that can replace petrochemical plastics so that we can finally turn virgin plastic off at the tap. The enthusiasm from investors across the country is really exciting and shows the dedication to deplastifying Australian businesses.”
AI robotics startup Andromeda Robotics has also raised fresh capital this week, completing a $1 million funding round led by Galileo Ventures.
Founded by Grace Brown and Tasnim Ahmed, Andromeda has developed a humanoid companion robot called Abi, which is now being trialled on-site at residential aged care facilities owned by Allity in Queensland, New South Wales, Victoria and South Australia.
The startup, the idea for which was first developed by Brown while at university, is also reportedly working with aged care provider Baptcare in Victoria and Tasmania and has plans to trial Abi in children’s hospitals at the start of 2024.
The robot Abi is 120cm tall and according to this Startmate article, was inspired by Baymax from Disney’s Big Hero 6. The robot uses computer vision and chatbot technology to interact with residents in a relaxed manner and give hugs on demand.
Andromeda Robotics has previously participated in Startmate’s Winter22 Accelerator and in 2021, co-founder Grace Brown won Vogue Australia’s Future Innovators Award.
A startup hoping to shake up the world of continuous professional development for accountants has secured $700,000 in seed funding from Antler, LaunchVic’s Alice Anderson Fund and angel investors.
Co-founded by Joyce Ong, Tax Nuggests Academy offers gamified courses, which independent practitioners run on a revenue-sharing basis.
Professional development training is largely dominated by the big accounting member organisations and lacks innovation, Ong told the Australian Financial Review.
“Learners are completely disengaged. They’re just doing it to tick a box,” she said.
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Eloise is an experienced business journalist and editor, who has held senior editorial roles at SmartCompany since 2014. Prior to joining SmartCompany, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry. Eloise has degrees in media and communications, marketing and business management, and political science. You can follow her on LinkedIn, and Twitter at @ellykeating.
