Six Aussie startups that raised $21.3 million this week

It’s Friday, which means we’re back with another Australian startup funding roundup! This week has seen $21.3 million raised across six startups, including cash for refillable drink dispensers, cannabis, psychedelics, no-code SaaS solutions and more.

Sitemate: $7.5 million

No-code SaaS startup Sitemate has raised $7.5 million in pre-series A led by Marbruck Investments and joined by existing investors, Blackbird Ventures and Artesian.

This follows a $5.2 million raise in August 2022.

The platform allows ‘built world’ companies to digitise operational procedures such as site reports and inspections, permits and site diaries. According to the company, roughly 75% of its customers have not previously used any digital tools before onboarding Sitemate.

According to CEO Hartley Pike, the business will continue to scale up internationally, which the fresh cash injection will assist with.

“We will be doubling the size of our GTM teams in Oceania, Europe and North America between now and the end of 2024 in line with what is working and showing strong unit economics.”

“Whilst fundraising for this round, we received term sheets from US investors for a full Series A. We decided to take a smaller amount given how capital-efficient the business is and to continue to build the engine. We’re approaching escape velocity, but we wanted to tweak and tinker with a couple of key levers before we really turn the taps on.”

Kashcade: $5.5 million

Kashcade has raised $5.5 million to provide non-dilutive capital to startups. The platform simplifies fundraising by integrating with financial systems like Xero and Stripe, allowing founders to apply for funds in just a few clicks and receive financing in under 48 hours.

The company was co-founded by ex-Apple engineer Patrick Nappa and ex-Commbank strategist Alex Simmons, and the round was led by Prandium Capital.

According to the business, its approach has led to 14 deals consisting primarily of $250,000 loans to tech companies with $1-10 million annual revenue.

Kashcade’s service also extends beyond funding, offering financial analytics to help founders understand their business performance.

Pyschae Therapeutics: $4.5 million

Psychae Therapeutics, a medtech startup focusing on botanic and psychedelic-assisted therapies has raised $4.5 million in pre-seed funding. This was led by the University of Melbourne’s Genesis Pre-Seed Fund and its new VC firm, Tin Alley Ventures.

The company was co-founded by associate professor Daniel Perkins and professor Jerome Sarris and it is working in collaboration with CSIRO’s Botanical Extracts Lab to develop novel psychedelic medicines.

The focus of these therapies is mental health conditions such as PTSD, anxiety, and addiction.

According to Psychae Therapeutics, the investment will go towards the medical registration of its pharmaceutical-grade treatments.

“World Health Organization data estimate that around one billion people are living with mental health disorders, which are often chronic and intransigent,” professor Sarris said.

“Innovative interventions which have the potential to transform the treatment of these conditions are urgently needed.”

MediCann Health: $1.5 million

MediCann Health closed its Birchal funding campaign on Thursday evening, with $1,496,752 across 1170 backers.

Established in 2019, it aims to improve the quality of life of people, and pets, with affordable cannabis products across a range of product categories. It also offers face-to-face and telehealth services.

Its short to medium-term goals include scaling up the business to include the launch of new THC oils and vape cartridges, product testing for a CBN and THCV range, and starting human trials for people with motor neuron and Parkinson’s Disease.

There are also plans to open a MediCann Dispensary in Western Australia.

Refilled: $1.3 million

Sydney-based reusable drink dispenser startup, Refilled, has closed $1.3 million in seed funding, with the round being led by Melt Ventures.

This investment is set to propel Refilled’s mission to revolutionise the Australian beverage industry by reducing plastic waste. The company aims to eliminate 100 million single-use plastic bottles from landfills by 2030.

Refilled stations offer an alternative to selling bottled and canned drinks. Instead, they offer a range of chilled still and sparkling drinks, including flavor options and health boosters like caffeine, vitamins, and nootropics.

The funding will be utilised to manufacture 100 such stations in the upcoming year, enhancing their presence in shared spaces like offices, gyms, co-working spaces, and universities.

Upworth: $1 million

Sydney-based Fintech startup, Upworth, has secured $1 million in its first external raise. The round was led by undisclosed angel investors.

The business was launched officially this week by co-founders Alexandre Chavotier, Carlos Rios, and Maxime Chaury.

According to Upworth, it aims to revolutionise personal finance management and financial literacy with its free consumer dashboard. This integrates a variety of features, including savings accounts, crypto wallets, loans and mortgages.

Utilising open banking and AI, it provides insights and tools for wealth building, including a feature for quick mortgage refinancing assessments. It has also developed Upworth Hive, a resource for personal finance knowledge, and launched the podcast Upworth Talks, featuring finance and investment experts

Upworth plans to introduce new features in 2024, including a financial roadmap for retirement and a fee scanner for reducing costs.