Seven ANZ startups that raised $27.4 million this week
Xefco, Hometime, Matrak and Enviz are among the Australian startups that raised millions in funding this week.
This week’s startup funding round-up includes innovators in sustainable manufacturing, construction, proptech and alternative protein spaces.
Take a look at seven Australian and New Zealand startups that collectively raised $27.4 million this week.
Xefco: $10.5 million
Leading this week’s funding round-up is sustainable manufacturing startup Xefco, which has raised $10.5 million in seed extension funding in a round led by the CSIRO’s deep tech investment fund, Main Sequence.
Also participating in the round were Breakthrough Victoria, Virescent Ventures, Investible and Voyagers Climate-Tech Fund.
Xefco was founded in 2018 by Tom Hussey and Brian Conolly with a mission to reduce the environmental impact of textile production.
In particular, Xefco is focusing on the high use of water, and prevalence of wastewater, in the industry.
“Dyeing and finishing makes up around 36% of the carbon footprint of the supply chain, which is around 3% of global emissions. It also consumes a huge amount of water, which leads to significant wastewater, a significant wastewater issue that makes up around 20% of industrial water pollution globally,” Hussey told SmartCompany earlier this week.
“Our technology eliminates water pollution from the process and also reduces energy by around 90%.”
Hometime: $10 million
Airbnb property management startup Hometime has raised $10 million in new funding, in a round led by Fifth Estate Asset Management, according to the Australian Financial Review (AFR).
The startup, which was founded in 2016 by William Crock and Dave Thompson, is also reportedly close to signing off on a debt deal in the coming weeks.
Crock and Thompson founded the startup after operating their own Airbnb rental property and identifying a need for a tech platform that could help manage bookings, pricing, cleaning, linen and photography.
Hometime inked a partnership with Airbnb in 2018 to provide management services for Airbnb hosts, and now also acts as an online marketplace for short-term homestays.
According to the AFR, the startup manages around 2000 properties in 35 locations and has annual revenue of more than $28 million.
Previous backers include NAB Ventures, ASI Growth Partners, Asia Principle Capital and OneVentures. In 2019, the startup raised more than $12 million in debt and equity funding, over two rounds.
Following the latest funding round, Dane Roberts from Fifth Estate Asset Management and Craig Burton from Upswell Ventures will join the Hometime board.
According to reports, Hometime is now expected to explore an acquisition-led growth strategy.
Matrak: $2.9 million
Melbourne-based construction startup Matrak has raised $2.9 million in Series A funding to coincide with the opening of its first international office in China.
The funding round was led by G&M Capital and included participation from Sydney VC Our Innovation Fund, former Aconex chairman Simon Yencken and other unnamed investors.
Matrak was founded in 2018 by Shane Hodgkins and Brett Hodgkins, and now has more than 400 construction projects in its network.
The startup, which counts the likes of Multiplex, Lendlease, BlueScope and Toll in its network, helps manufacturers, suppliers and builders to track construction materials, allowing them to streamline and reduce risk in their supply chains.
It wants to do this on a global scale, and as part of this, has opened operations in China.
CEO Shane Hodgkins said participating in the Austrade Landing Pads program made securing overseas funding easier and it was through this program that Matrak connected with G&M Capital.
“We’re thrilled to have G&M and our existing investors support our international expansion,” he said in a statement.
“Construction is global, and building our team closer to our major manufacturing customers will derisk critical supply chains, and unlock more sustainable procurement worldwide,” said Hodgkins.
Matrak previously raised $3 million in convertible note funding in 2019.
Enviz: $1.5 million
Proptech startup Enviz has this week unveiled a new brand and a $1.5 million capital raise.
Formally known as EnvisionVR, the startup was founded in 2019 by CEO Michael Shaw and David Esber.
It uses augmented reality (AR) and virtual reality (VR) to allow users to virtually explore unbuilt properties on a real scale as if they were physically walking through the space.
The tech is aimed at property developers, sales agents and buyers, and features virtual property tours, floorplans, and digital assets with stock management and CRM tools.
The funding round, which was completed at an undisclosed valuation, comes from a “mix” of investors, including Michael and Henry Holm of Balmain Private. It follows a $2.6 million capital raise in December 2023.
The new funds will be used for the rebranding of the business, as well as market expansion and automating the startup’s product offering.
Kashcade: $1 million
Digital lender Kashcade has secured $1 million from existing investor Prandium Capital and a number of high-net-worth investors, as it prepares to move into R&D lending.
It will make this move with a new $22 million debt warehouse facility funded by Rixon Capital, according to Startup Daily.
Founded in 2023 by Alex Simmons and Patrick Nappa, Kashcade has until now specialised in providing non-dilutive capital to founders. Its move into R&D lending will see the fintech work with companies that want to borrow against future R&D tax incentive refunds.
Kashcade says it will also be using the new funds to improve its automated financial analysis software, which can reportedly approve loans within 48 hours.
The startup previously raised $5.5 million in debt and equity funding in November 2023.
Jooules: $908,000 (NZ$1 million)
New Zealand-based alternative protein startup Jooules has raised $908,000 (NZ$1 million) in funding from Sprout Agritech LP.
Founded in 2021 by David McLellan, Jooules plans to use the funds towards commercialising its gaseous germination technology, which effectively converts CO2 emissions into ingredients-based protein.
“In laboratory settings, we have proved the ability to harness the power of ancient microbes through gaseous fermentation to produce functional food-grade protein from carbon dioxide,” he said in a statement.
“Our ingredients-based protein will be nutritionally dense and resilient with major ethical benefits when you consider that we will be able to carbon capture emissions streams from other industries.”
Jooules estimates its production techniques would use around 600 times less water, and 99% less land, compared to traditional ways of producing protein.
It plans to use the funding round to grow its technical team and will initially target the APAC region. It is also working with Crown research entity SCION to help fast-track product development using specialist equipment.
Skyportz: $606,394
A startup that wants to build a network of vertiports for air taxis across Australia has successfully completed an equity crowdfunding campaign via Birchal this week, raising more than $600,000 from 407 investors.
Led by former Victorian MP Clem Newton-Brown, Skyportz plans to use car park rooftops for these vertiports and according to its Birchal campaign page, it has already locked in exclusive options on “hundreds of sites” via a deal with Secure Parking.
The company also has an agreement with private developer Pelligra Group and a strategic partnership with Electro.Aero.
Skyportz wants to position itself as a facilitator between real estate owners and operators in the electric air mobility sector. It plans to generate revenue by partnering with landowners and entering into revenue-sharing agreements with air taxi operators.
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