Three Aussie startups that raised $36 million this week
January continues to be a strong one for startup raises, with VC cash being injected into skincare, deep tech and workplace wellness.
January 25, 2024
Another week, another round of funding deals for Australian startups.
As we discussed last week, we’ve seen a strong start to the year with a casual $94.5 million raised in the first couple of weeks of 2024. And that momentum is still going strong, with an additional $36 million across three startups. Not bad for a short week.
Sonder: $16 million
Leading the charge this week is workplace wellness tech start-up Sonder raised $16 million in a Series B extension round. According to the Australian Financial Review, the company is now said to have a pre-money valuation of $235 million.
The round was led by SEEK Growth Fund, with participation from existing investors including Blackbird, Saniel Ventures, and Scott Bailey — Sonder’s first angel investor.
Initially focused on international student safety, Sonder pivoted during COVID-19 to offer employee-focused mental and physical health services. The company recently appointed Inese Kingsmill, Hipages group chair, as its chairman and includes Blackbird’s Niki Scevak on its board.
In 2022, Sonder’s revenue nearly doubled to $15.4 million, despite a $21.9 million loss due to increased expenses in marketing and product development. After raising $35 million in share capital that year, Sonder aims for profitability in its local operations within the next 12 months.
The latest funding will support growth in Australia, New Zealand, and the early stages of UK expansion, demonstrating the company’s resilience and growth potential in a challenging tech investment environment.
Ultra Violette: $15 million
Melbourne SPF and skincare brand Ultra Violette has secured $15 million from US-based Aria Growth Partners to expand into North America.
Bootstrapped since its 2018 launch, this is the first time the brand has taken on external investment, with Aria as the sole external investor.
By October 2020, Ultra Violette had achieved over $2.5 million in revenue and has since continued to grow by over 100% annually. Co-founders Ava Chandler-Matthews and Rebecca Jefferd aim to establish Ultra Violette as a global leader in the premium SPF space, leveraging their expertise in combining sunscreen functionality with cosmetic appeal.
The brand, initially focusing on the Australian market, has successfully entered 28 international markets, including Europe, the UK, Asia, and the Middle East, with notable stockists like Harrods and Liberty London. Ultra Violette’s growth strategy includes launching in Sephora Canada and enhancing product development and team expansion.
VAPAR: $5 million
Deep-tech startup VAPAR has secured $5 million in fresh funding to help it expand into North America.
As exclusively reported by SmartCompany earlier this week, the strategic expansion follows the startup’s success in Australia, New Zealand and the United Kingdom.
VAPAR was founded in 2018 by CEO Amanda Siqueira and chief technology officer Michelle Aguilar. The startup has developed water and sewerage pipeline maintenance software, which has incorporated AI right from the start.
The funding round was led by PureTerra Ventures, a Dutch water technology specialist, and included participation from Autodesk, Halma Ventures, Access Capital Ventures and Metagrove Ventures. Existing investor Sprint Ventures, which backed VAPAR in its $2.5 million seed round in 2022, also contributed.
