Six Aussie startups that raised $34.2 million this week
From biotech to NDIS support and even a celebrity chef-backed food platform, this week’s startup raises are a varied lot.
From biotech to NDIS support and even a celebrity chef-backed food platform, this week’s startup raises are a varied lot.
And after last week’s collection of smaller-sized raises, this week we saw two startups secure funding rounds above $10 million.
Here’s five Australian startups, and one New Zealand one, that have raised millions this week.
ImmVirX: $15 million
Newcastle-based biotech startup ImmVirX has secured a $15 million cornerstone investment from One Ventures, as part of its plans to raise a total of $25 million.
According to the Australian Financial Review, the larger funding round would value the company at $75 million, with ImmVirX planning to use the funds to help it complete human tests for a virus that targets and kills colorectal, gastric and ovarian cancer cells.
The same team of doctors was behind Viralytics, a biotech that developed a melanoma-targeting virus, which was acquired by pharmaceutical heavyweight Merck for $502 million in 2018.
ImmVirX was founded by members of the former Viralytics team in 2019 and they raised a $22 million seed round in 2021.
Nutromics: $11 million
Also in the medical space and raising millions this week is diagnostics startup Nutromics, which has $11 million in fresh funding for its wearable ‘lab-on-a-patch’ tech.
The oversubscribed, pre-Series A round was led by two high net-worth family offices, according to a statement from the company.
Nutromics’ first product is a DNA-based sensor platform for diagnostic monitoring that allows clinicians to receive personalised insights from the wearer in real time.
The startup previously raised $20 million in 2022 in a round led by Dexcom Ventures, and last year was one of six startups selected for the Victorian government’s 30X30 program to uncover the state’s next unicorns.
The company says it wants to emulate the success of other Australian medtech success stories, including Cochlear and ResMed. Dr Chris Roberts, the former CEO of Cochlear and non-executive director and executive vice president at ResMed, has also joined the Nutromics’ board of directors as non-executive chairperson.
“We’ve been laser-focused on rapid progress at Nutromics. Our first in-human clinical studies are underway, and we’ve made notable strides with the development of our first product,” said CEO and co-founder Peter Vranes.
This investment is a vote of confidence demonstrating that not only do investors resonate with our vision, but also, they believe that we can get our ‘lab-on-a-patch’ technology to the market.”
Nuheara: $4.4 million
Perth tech company Nuheara’s mission to democratise hearing aids appears to be on track, with the ASX-listed company this week announcing it has secured another $4.4 million in funding to accelerate its US expansion plans.
In November 2022, Nuheara gained approval from the Food and Drug Administration (FDA) to sell its over-the-counter (OTC) HP Hearing PRO device in the US, and the company said the funds will bolster its commercialisation plans in the “highly attractive US market”.
The funds have been raised by a share placement, which was largely supported by the company’s three largest shareholders, Realtek Semiconductor Corp, Farjoy and Salter Brothers.
“We see huge potential for Nuheara’s medical device in the very attractive US market, as well as other international markets,” said co-founder and managing director Justin Miller in a statement.
“This placement allows us to accelerate growth initiatives to grow sales and customer receipts as the points of sale in the US continue growing, and we receive follow-on orders from the retail chains we are partnering with.”
Autism 360: $2 million
Autism management platform Autism 360 has secured $2 million in funding from pre-IPO investor Bombora Investment Management, in a deal that the AFR says values the startup at $34 million.
Autism 360 was founded by Ash Bhattacharya and Shaeri Datta in 2018. The digital platform, which is a provider on the National Disability Insurance Scheme (NDIS), is designed to help families manage their child’s needs.
The new funding is expected to be directed towards the startup’s sales and marketing, both in Australia and in international markets, including the US. According to the AFR, the profitable company has grown its subscription-based revenue by 65% in the past financial year.
Cogo NZ$1 million
While carbon footprint management startup Cogo is based in New Zealand, it operates in Australia and counts Australian banks Westpac, CommBank and Suncorp among its partners.
This week Cogo revealed that it has secured another NZ$1 million in funding from impact investor Soul Capital’s $20 million fund.
The funding is earmarked to help Cogo expand further internationally. The startup is already operating in 12 countries, including Australia, the UK, Netherlands, Japan, Singapore and Canada, and will look to push further into North America, South-East Asia, and other territories with Soul Capital’s help.
Cogo”s business model is based on partnering with banks to provide carbon emissions data for banking transactions, such as spending on electricity and fuel, for both businesses and individuals. It currently works with 16 banks globally.
“Carbon footprint integration is fast becoming a strategic priority for businesses, as customers seek ways to make more sustainable buying decisions and reduce their impact on the climate. Cogo has developed ‘the right product; at the right time’ as we reach the collective realisation that we only have one planet; and that its future depends on what we do today,” said founder Ben Gleisner in a statement.
Gather: $797,500
Private chef platform Gather, which counts celebrity chef Curtis Stone among its backers, has raised nearly $800,000 via the equity crowdfunding platform Microwd.
Gather was founded in 2018 by Jodie Mlikota, Nicky Jurd and Kaj Haffenden as a platform to connect chefs with dinner party hosts who weren’t so keen to do the actual cooking.
Since then, the startup has recorded more than $5 million in sales and partnered with Curtis Stone to expand into the US, where it currently operates in California and Texas.
Gather launched its campaign on Microwd — a platform dedicated to showcasing women-led companies — in March with a minimum fundraising goal of $500,000. In total, it raised $797,500 from 88 different investors.
It plans to use the funding to further expand into the US, add to its meal-prep product, and bolster its in-house B2B and tech teams.
The Queensland-founded startup previously raised $600,000 in seed funding in mid-2020 in a round led by ACAC Innovation, which also included participation from FNQ Angels and the Queensland Government’s Business Development Fund.
