Three Australian startups that have already raised millions this year
We’re only a couple of weeks into 2023 but the VC tap is already beginning to trickle with a few early startup raises being announced.
The lead up to Christmas saw a big end-of-year rush for VC investment. While we expected a bit of a lull at the start of the year, the 2023 startup cash tap is already beginning to trickle.
OpenSolar
Solar panel design startup OpenSolar has recently closed a $22 million Series B round led by Telstra Ventures. Joining Telstra’s investment arm is 2150 and Titan Grove.
Founded in Australia, OpenSolar now has a firm footing in the US market and has raised almost $38 million to date. The company’s free-of-charge design and sales software is geared towards solar power contractors. It connects professionals to hardware, finance and services all over the world so they can expand their businesses. It also offers low prices per watt as well as swift system installation within just a few weeks.
The company will use the funds to expand its software offerings as well as its contractor partnerships across the globe.
Loose Cannon
During the Consumer Electronics Show (CES) in Las Vegas last week it was announced that Aussie adventure-tech startup, Loose Cannon, had landed $12 million in Series A funding. The round was led by De Novo Ventures in the US and was joined by XT Ventures here in Australia.
The company initially launched on Kickstarter with its waterproof, hands-free walkie-talkie called Milo. The idea is for it to be used for group chats in the great outdoors, like when you’re skiing, hiking or on the water. But it has also seen interest from other industries where hands-free communication is beneficial. Despite having an initial goal of $100,000, Loose Cannon raised over $2.5 million.
According to the AFR, the fresh cash injection will be used to expand Milo’s features. Upgrades will be able to be implemented through mobile phone pairing.
Aussie Angels
This one is a little bit different! Aussie Angels is an investing platform for angel investors that don’t have the excess cash needed to start syndicates on their own. It was launched by Cheryl Mack in 2021 after she discovered that many contacts wanted to engage in co-investments but the process was complicated and expensive.
Aussie Angels takes care of these issues without any upfront charges.
The seed round was led by Euphemia (via Up co-founder Dom Pym) with $1.4 million and was joined by AirTree Ventures, Rampersand and Black Nova.
