Eight Aussie startups that have raised $75.6 million in the past two weeks
Six Aussie startups raised serious money this week, plus two more from last week which adds an impressive $42 million to the total amount raised.
This week’s collection of funding rounds shows the variety of ways Australian startups are raising capital: from existing shareholders at the big end of town, to community-driven equity crowdfunding campaigns.
Keep reading to find out more about six startups that raised serious money this week, plus two more from last week that adds an impressive $42 million to the total amount raised.
Midnight Health: $24 million
Healthcare startup Midnight Health has $15 million in fresh funding from its majority shareholder NIB, with an additional $9 million in further investment expected to follow in the 2024 financial year, bringing the startups Series B funding round to $24 million.
NIB invested $12 million in Midnight Health in August 2022 and the latest capital injection takes its total investment in the startup since 2021 to $40 million. Following the closure of the Series B investment, the ASX-listed insurer will hold 77% of Midnight Health.
Founded by Nic Blair and Matt Anderson, and launched in February 2021, Midnight Health provides consultations, electronic scripts, and pharmacy deliveries to patients across its three brands: hub.health, Youly.com.au and Stagger.com.au. According to the company, it has served more than 850,000 customers in its two-and-a-half years.
“This latest investment will allow us to accelerate growth, develop new services and bring our innovative healthcare solutions to more patients across Australia as we work to change the way care is delivered,” said Blair in a statement.
“We’re really proud that we reach a large number of people who live in remote regions across Australia and don’t always have access to a GP.
“Midnight Health brings equity to people around healthcare, whether they live in the bush or a big capital city.”
The company plans to use the new funding to help it scale and develop its IT and service platforms further.
Sicona Battery Technologies: $22 million
Wollongong-based startup Sicona Battery Technologies has $22 million in Series A funding which it plans to use to accelerate its commercial development plans in the US.
Founded in 2019 by Christiaan Jordaan and Andrew Minet, Sicona is developing low-cost battery minerals technology that can be used in lithium-ion batteries in electric vehicles.
The new investment was led by Indian firm Himadri Speciality Chemical Ltd, Australian venture capital firm Artesian, and Electrification & Decarbonication AIE LP, which is a fund managed by Waratah Capital.
Other investors participating in the round included Riverstone Ventures, Chaos Ventures, Investible Climate Tech Fund LP, and Club Investible.
“Welcoming one of the leading global specialty chemical companies as a strategic investor in our Series A round allows us to accelerate our mission of becoming a major producer of cost-effective silicon composite anode materials,” said Jordaan in a statement.
“Himadri has a multi-decade track record of manufacturing materials at scale and their expertise and inputs will be a major asset to us in the next phases of our growth plans.”
Sicona completed a $3.7 million pre-Series A round in August 2021, and a $1 million seed round in July 2020.
Splend: $20 million
Australian vehicle subscription startup Splend has secured $20 million from the Clean Energy Finance Corporation (CEFC) to electrify its fleet and speed up the decarbonisation of cars on Australian roads.
The CEFC said the funding, announced last week, will allow Splend to double its electric car fleet to about 1,000 vehicles.
It comes 14 months after the startup raised $150 million, which was also earmarked to allow the startup to expand further and increase its fleet of EV vehicles.
The Aussie-founded, London-based startup was founded in 2015 by CEO Chris King. Splend is a subscription-based business that provides cars to rideshare and delivery drivers, along with vehicle financing tailored to the sector.
The company raised $3 million in a Series A round in 2017, followed by subsequent private funding in 2018 and 2020.
Frntlne: $4.6 million
Melbourne-based edtech startup Frntlne has secured $4.6 million in seed funding to continue building its TikTok-inspired online training platform for frontline staff in the retail, hospitality, and pharmaceutical industries.
Frntlne was founded in 2021 by CEO Mark John. The platform aims to engage frontline workers, particularly those aged 15-25, in product-based training by using what it calls “TikTok-style” videos, which help staff improve customer experiences and convert sales.
The funding round was led by RealVC, with Investible and Navitas founder Rod Jones’ family office, Hoperidge Capital, also participating.
The startup is advised by Dr Mathew Knowles PhD, father of singers Beyoncé and Solange, and the business is working with a number of high-profile clients, including Coles, L’Oreal, P&G, Swisse, Mumm Champagne, and Bondi Sands.
WeVolt: $2 million
EV charging startup WeVolt has also raised $2 million in pre-seed funding. The ‘people-powered’ charging network was launched in Perth in 2022 to help fill the current public EV charging infrastructure gap in Australia.
The app-based platform provides EV users with information regarding public chargers in their area — including real-time data such as location, availability, and pricing.
The software also enables charge point owners to self-manage the use of their chargers and receive real-time payments.
According to WeVolt CEO, Jagroop Gill, the software is in the final stages of beta testing and has begun receiving transaction fees from chargers in Perth.
Seabin: $1.17 million
Eco-startup Seabin has once again successfully completed an equity crowdfunding raise, this time securing $1.17 million from close to 1200 investors.
Founded by Pete Ceglinski and Andrew Turton in 2015, Seabin originally produced floating rubbish bins designed to clean debris from seawater by catching plastics and other pollutants in a mesh bag.
The startup has since pivoted its business model and now generates revenue by creating data from cleanup and then selling it to corporates as impact data. The company already has contracts with the NSW government, waste management, and some private sector clients and it plans to use the funds raised to scale up its impact.
This is not the first time Seabin has partnered with Birchal. In May 2021, the startup raised $1.2 million via an equity crowdfunding campaign on the platform, after also crowdfunding $1.7 million in February 2020.
Pleasant State: $1.06 million
Ethical home cleaning startup Pleasant State has also found success with a Birchal equity crowdfunding raise this month, raising $1.06 million from 724 investors in a campaign that finished on Thursday.
Pleasant State was founded by Queensland entrepreneurs Ami Bateman and Sian Murray in early 2020. The company makes non-toxic and zero-waste dissolvable cleaning bars and in 2022 was awarded one of the Trans-Tasman Innovation and Growth Awards, presented by the Australia New Zealand Leadership Forum (ANZLF)
In the space of two-and-a-half years, Pleasant State products have made their way into more than 20,000 homes, and the business says it has saved more than 150,000 plastic bottles from entering landfill. It plans to use the new funding to establish itself as a sustainable and ethical home care leader in Australia, secure key retail partnerships, and expand internationally.
Like Seabin, Pleasant State has also previously run a crowdfunding campaign, raising more than $80,000 via an Indigogo crowdfunding campaign at the end of 2020 to fund new product development.
Cassava Bags: $761,496
Rounding out the trio of Birchal campaigns that closed on Thursday is Cassava Bags, a Sydney-based startup that has created a net-zero range of plastic-free, non-toxic bags made from cassava starch derived from the cassava root vegetable.
The startup, which was founded by Chun Lau, Telusa Mapapalangi, and Bruce Rossi, raised a total of $761,496 from 519 investors via the equity crowdfunding platform.
It comes one month after the startup beat out 900 others to win Bupa’s Eco-Disruptive Sustainability Award 2023 for its plastic-free bags that dissolve in hot water in seconds and break down in the earth within months.
As well as producing retail bags made its unique bio-resin, Cassava Bags also makes bin liners, pet waste bags, mailers, and disposable cups with lids. The company has plans to add straws, takeaway containers, and cutlery to this product range.
