There’s no denying that when it comes to startup funding rounds, the bigger the numbers, the more attention they get.
But while we like to celebrate the multimillion-dollar Series A, B and C raises by some of Australia’s most innovative companies, here at SmartCompany we’re equally passionate about speaking to founders who are at the earlier stages of their startup journey.
So as we reflect on the funding landscape over the first half of the 2024 calendar year, here’s a look at seven standout startups that have successfully raised early-stage funding.
We have a feeling this is only the start of things to come for these founders.
Many robotics experts enter the field to solve cutting-edge problems. Grace Brown, founder of Andromeda Robotics, is something of an exception.
Her startup, and its humanoid robot, Abi, are working to solve the age-old problem of loneliness and companionship in the aged care sector.
Andromeda Robotics’ units are infused with AI tech and custom ‘personalities’, allowing them to interact with residents for social and cognitive support.
The startup this month booked a $3 million seed round, led by Purpose Ventures, following $1 million in pre-seed funding from Galileo Ventures in late 2023.
Fashion brands have embraced digital platforms into their design workflow, but emulating the precise weight, drape, and texture of fabric remains a real challenge.
Enter Bandicoot Imaging, an Australian startup pledging to create three-dimensional digital twins of real-world fabric.
The pitch: technology allowing users to create a digital textile by simply uploading a photograph, making it easier and more efficient for brands to design and display their wares.
The Sydney-based venture booked a $1 million pre-seed round in February.
Alternative protein startups are abundant in Australia, with a focus on meat replacements and consumer-ready products.
The Leaf Protein Company is taking a slightly different path, pledging to transform an enzyme found in common green foliage into an emulsifiable, gellable, and foamable protein.
That might not sound appetising at first, but the need for plant-based ingredients in the broader food and beverage industry means The Leaf Protein Company is garnering considerable attention.
It booked an $850,000 pre-seed round this month, courtesy of the University of Melbourne’s Genesis pre-seed fund, Breakthrough Victoria, LaunchVic’s Hugh Victor McKay Fund, and Loyal VC.
Rachelle Dunstan, Matthew Morrison and Gregor Whyte founded Kite Therapy to help families access support for children with autism and developmental delays.
Its model promotes telehealth consultations between trained therapists and families, helping young ones with communication, social, motor and behaviour skills through custom assistance plans.
Kite Therapy hopes to alleviate the financial and logistical challenges facing many families seeking support, as allied health professionals can be costly and difficult to access, especially in regional Australia.
The startup booked a $750,000 pre-seed funding injection in May.
The round was led by Flying Fox Ventures, with support from LaunchVic’s Alice Anderson Fund, and Startmate and angel investor Josh Masters, the former senior director of strategy at disability startup Hireup.
Bazaa hopes to combine the bargain-trawling excitement of Facebook Marketplace or Gumtree with the curation and authenticity of a trusted antiques dealer.
The digital marketplace was co-founded by Aria Wigneswaran, former general manager for Depop in the APAC region, and Thibault Henry, the co-founder of rapid grocery delivery startup Voly.
It allows verified sellers to offload their pre-loved goods, and buyers to peruse a quality selection of vintage furniture, art, and homewares, all in one place.
Bazaa has amassed $650,000 in pre-seed funding from a cluster of personal investors in March and intends to add extra VC funding this year.
Climate startup CarbonHQ is building a project management platform for businesses involved in the carbon credits market.
Having a solid grasp on carbon credits is increasingly important, especially for growing businesses.
But existing carbon workflows are messy, reliant on imperfect technology like emails and PDFs, and fail to keep all sectors of a business on the same page, CarbonHQ argues.
The startup accrued $600,000 in pre-seed funding from early-stage venture capital funds Galileo Ventures and Investible in February.
EdTech startup Maxme offers ‘human skills’ through its training platform, targeting clients from the corporate sector all the way to secondary schools.
Where other training platforms focus on traditional skills or disciplines, Maxme prioritises what you might know as ‘soft skills’ — the non-technical skills that help individuals, groups, and organisations work to the best of their ability.
As of June, Maxme has helped to train 5,000 employees and hundreds of students.
Its potential earned the attention of LaunchVic’s Alice Anderson Fund, which helped to deploy a $400,000 investment.
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Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
