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Weekly Funding Roundup

This weekly feature from Dynamic Business runs down the week’s top funding rounds from Australia, India and the US. Check out last week’s biggest funding rounds here.

Solvo launches after securing $3.5 million in funding

Solvo, a new finance app that provides crypto-interested investors with a more simple and transparent approach to accessing high-quality crypto products, has announced the debut of its new app and initial features. Index Ventures, CoinFund, and FJ Labs contributed $3.5 million to the company’s inaugural funding round.

Two-year-old TRENDii raises $2.9m

TRENDii, a two-year-old ad-tech company, has announced a seed financing of A$2.9 million. Investible and a key media partner are leading this cash campaign. TRENDii collaborates closely with Daily Mail, Are Media, News Corp, and PopSugar, and it looks forward to extending its relationship portfolio to create shared value for eCommerce and publisher businesses throughout the world.

Checkmate lands a $7.75 million Seed round

Checkmate, an Australian startup operating in the United States, has raised $5 million (A$7.75 million) in a seed round. Fuel Capital, a US venture capital firm, led the funding round. Kevin Johnson, former CEO of Ebates at Rakuten, NFL star Joe Montana’s Liquid 2 Ventures, Ancestry CEO Deborah Liu, Firstbase CEO Chris Herd, XMTP cofounder Shane Mac, f7 Ventures, Blackbird, Scribble Ventures, Hyper, Susa Ventures, Wischoff Ventures, Exits Capital, and Night Capital are among the other investors.

6clicks banks $10 million Series A

Centerstone Capital, a specialist VC focused on tech-enabled startups for the professional services industry founded by former Deloitte global chief strategy officer John Meacock and Deloitte global strategy and innovation MD Luc Maasdorp, led the $10 million Series A round led by Melbourne regtech 6clicks. RainMakr, WeAre8, and Clear Dynamics are also part of the company’s portfolio.

Hanwha Energy Australia raises $150 million 

Hanwha Energy Australia Pty Ltd has raised AU$150 million in funding to accelerate the development and expansion of its revolutionary renewable energy business model in the Australian energy industry. Hanwha Energy Australia, in collaboration with its retail energy businesses Nectr, integrates utility-scale renewable energy generation, rooftop solar and home batteries, retail energy, finance, and technology to provide Australians with a one-stop shop for all of their energy needs. 

A consortium of financial organisations, including Woori PE Asset Management, the Korea Development Bank (KDB), and KDB Capital, invested.

Scale Venture Partners closes Fund VIII with a $900 million investment

Scale Venture Partners, a venture capital firm based in Foster City, California, closed its Fund VIII at $900 million. 

XP Health has raised $17.1 million in Series A funding

XP Health, a digital visual benefits platform provider based in San Carlos, CA, has raised $17.1 million in Series A funding. The round was led by HC9 Ventures, Valor Capital Group and ManchesterStory. Additional investors include Core Innovation Capital, GSR Ventures, Canvas Ventures, Plug and Play, CameronVC, Ken Goulet, Kevin Hill, Jeff Epstein and Brett Rochkind. This recent funding round followed a $5.5 million raise in 2021.

Aikon Secures $10 Million in Series A Equity Financing 

Aikon, a Web3 onboarding solution provider based in San Francisco, CA, has raised $10 million in Series A funding. The round was led by institutional blockchain investment firm Morgan Creek Digital. Also in this round, Blizzard the Avalanche Fund joined as a strategic investor and partner. 

Sitetracker has raised $96 million in Series D equity and debt financing

Sitetracker, a Montclair, New Jersey-based deployment operations management software provider for critical infrastructure providers, has raised $96 million in funding. Energize Ventures led a new round of equity funding totalling $66M, and BridgeBank, a subsidiary of Western Alliance, provided a $30M revolving credit facility.

Meesho Gets $192 Mn From Parent Entity

Meesho has received $192 Mn from its parent entity, Meesho Inc amid the festive season sale.  Meesho had last raised $570 Mn in a funding round led by Fidelity Management and B Capital Group in September 2021.

Mojocare Secures US$20M in Series A Funding

Mojocare, a Bengaluru, India-based full-stack health and wellness clinic, raised US$20.6 million (INR 160 Cr) in a Series A funding.  The round was led by B Capital’s Ascent Fund and existing investors Chiratae Ventures, Sequoia India’s Surge, and Better Capital. The funding round also saw participation from some of India’s top angel investors like Mr. Vineet Jain (MD, Times Group), Kunal Shah (Founder, CRED), Ankit Nagori (Founder of Curefoods), Adrian Auon (Founder and CEO, Forward), Sajid Rahman (Founder and CEO, Telenor Health), Ravi Bhushan (Founder and CEO, Brightchamps), and Vivekananda HR (CEO and Founder, Bounce). 

Elucidata Bags $16 Mn To Scale SaaS Platform Polly

Delhi-based biomedical data startup Elucidata has raised $16 Mn as part of its Series A funding round led by investment firm Eight Roads Ventures. The round also saw F-Prime Capital, IvyCap Ventures, and Hyperplane Venture Capital participation.

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Dynamic Business brings you the key startup fundraising from this week: 

Adobe acquires Figma for $20 billion

Software giant Adobe will purchase startup Figma for almost $20 billion in its largest transaction to date. The agreement will allow Adobe to enhance its products for creative workers.

During the pandemic, demand for Figma, which allows customers to collaborate on software as they built it, increased as more individuals worked remotely. Figma’s backers include venture capital firms Kleiner Perkins, Index Ventures and Greylock Partners.

Sonder raises AU$35m in Series B funding

Sonder, a leading wellbeing and safety company, has today announced closing an AU$35 million Series B funding round. Blackbird Ventures led the oversubscribed round, with participation from new investors, including SEEK Investments and SecondQuarter Ventures, and existing investors.

Alongside Blackbird’s investment, Niki Scevak, Blackbird’s partner and co-founder, will join Sonder’s Board.

Kaloom Secures $21 million in Funding 

Kaloom announced it secured an additional USD 21 million from the Quebec government and current investor, Alternative Capital Group (ACG), who matched the government of Quebec’s investment.

This latest investment will support Kaloom’s go-to-market strategy and extend its current heterogeneous hardware strategy by supporting additional platforms like SmartNICs and Servers. 

Suzuki invests in Australian tech, Applied EV

Applied EV has closed the first tranche of two-part funding round, raising AUD $21M at a valuation of AUD $170M. Global automotive giant, Suzuki, has taken a strategic stake in the company. St Baker Energy and Innovation Fund is also a significant investor in this round. 

Applied EV is an Australian Technology company that has developed a vehicle control system based entirely on software known as the Digital Backbone for use in electric vehicles dedicated
to autonomous driving applications.

Agtech startup Lleaf raises $3.5 million

Lleaf, a Sydney-based agtech business, has secured $3.5 million in a seed round for its light-emitting plastics for indoor agriculture.

The financing was led by Danish investment firms ALFA Ventures and 2 Degrees, with participation from The University of New South Wales and Cicada Innovations, where Lleaf is situated.

HealthMatch lands $10 million Series C

HealthMatch, a clinical trials access startup, has raised $10 million in Series C funding. Folklore Ventures, the company’s original backer, led the round.

Square Peg Capital made an $18 million Series B investment in December 2020 and later invested in Series C. In late 2019, Square Peg also led a $6 million series A round.

OccuRx raises $16 million for kidney disease trial

OccuRx, a biotech startup, has secured $16 million to fund clinical trials for its oral medication to treat chronic kidney disease (CKD), a primary cause of death. Brandon BioCatalyst and Uniseed led the financing, which included a $1.5 million grant from biomedical incubator CUREator.            

New funding opportunities open for sustainable start-ups

Through the launch of the 2022 eco-Disruptive initiative, start-ups in Australia, New Zealand, and Hong Kong will have the opportunity to receive money from Bupa to create pilot solutions that benefit the environment and people’s health. 

The eco-Disruptive programme, now in its second year, connects start-ups with specialised Bupa teams while providing selected start-ups with roughly $40,000 in early funding to create radical solutions to the most pressing challenges facing our world.

Selected start-ups will also compete for more than $300,000 in funding to further develop their product.

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Dynamic Business brings you the key startup fundraising from this week:

Hello Clever

How much:  AUD $4.5million

Participants: Led by Vectr Fintech Partners with participation from CrossFund, Yolo Investments, Magnivia Ventures, Son Tech Ventures, Boson Ventures and notable angels such as Ken Cheung (former Founding Head of Asia Pacific – Facebook and Instagram and Co-Founder of OurSong with John Legend), Daniel Johnson of Mercurien Insurance and Bosco Tan.

Hello Clever was designed to support Aussie millennials and generation Z to track their income and spending while using their own money to make payments as an alternative to credit-based Buy Now Pay Later (BNPL) services.

Intellischool 

How much: $3.3 million

Participants: Led by Sydney VC EVP and supported by social impact investor Save the Children Impact Investment Fund, edtech ventures Schoolbox and Curio Ventures, and personal backing from several edtech entrepreneurs. 

Lumachain

How much: $28.3 million

Participants: Led by the CSIRO’s innovation fund, Main Sequence Ventures, having initially bootstrapped for 15 months.

Supporting small businesses to work well mentally 

The government is supporting small businesses to create safe and mentally healthy workplaces so employees can thrive.

Minister for Small Business Jaala Pulford and Minister for Workplace Safety Ingrid Stitt today launched the Labor Government’s Workwell Toolkit for Small Business, a free online service with practical ideas and information to prevent mental injury in the workplace.

The toolkit has specifically been revamped for small businesses to include case studies and policy templates to promote mental wellbeing.

Funding To Accelerate Life-Changing Medical Research

With more grants to fast-track research breakthroughs, the government is backing Victorian scientists to combat global health challenges, including ovarian cancer.

Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford today announced the 21 recipients of the fifth round of the Labor Government’s Victorian Medical Research Acceleration Fund (VMRAF).

The program supports both early-stage research and projects that are ready for commercialisation.

Researchers across 15 of Victoria’s medical research institutes will use the $3.4 million in grant funding to accelerate projects that address a range of health concerns such as dementia care, diabetes, IVF treatments and breast cancer.

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Dynamic Business brings you the key startup fundraising from this week:

https://out.fund/au/

How much: $200 million

Participants: Led by Force Over Mass, PostFinance, 1818 Venture Capital and Tribe Capital.

Outfund is a revenue-based finance provider. It will use the funds to offer enlarged lending rounds to more small to medium-sized enterprises (SMEs), with a commitment to lend £500 million ($AU870 million) to e-commerce and subscription-based businesses across the globe, including Australia, over the next 12 months.

https://www.hibob.com/

How much: $214 million

Participants: Led by General Atlantic, and with participation from Bessemer Venture Partners and other insiders.

Series D followed HiBob’s $150 million series C 10 months ago. HiBob is now valued at $2.45 billion. Series D was led by global growth investor General Atlantic, with participation from Bessemer Venture Partners and other existing investors.

The newest angel networks are Cut Through Angels, Climate Angel Network and Playbook Angel Network; each will receive grants of up to $300,000.

https://biza.io/

How much: $7.5 million 

Participants: Led by OIF Ventures and Jelix Ventures in the first raise for the Brisbane fintech after five years of bootstrapping.

Biza helps banks, financial institutions, energy retailers and others in the CDR space with Software-as-a-Service solutions for both data holders and recipients.

https://supie.co.nz

How much: NZ$3.9 million

Supie opened its latest funding round in June through Snowball Effect. Snowball Effect is New Zealand’s leading online investment marketplace and helps high-growth Kiwi companies raise capital from private investors, family offices and the public.

Angel investment groups help Victorian startups grow

Three new angel investor networks backed by the Andrews Labor Government through LaunchVic are set to unlock as much as $9 million in the early-stage capital market over the next two years. 

Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford announced $900,000 in grants from the Labor Government’s agency LaunchVic overnight while at the Victorian Startup Ecosystem Gala. The grants will help the angel groups to establish operations in Victoria and invest in more than 40 up-and-coming local startups.

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Dynamic Business brings you the key startup fundraising from this week:

InstantScripts 

How much: $5 million

Participants: Venture fund Bailador Technology Investments.

Sitemate

How much: $5.2 million

Participants: Led by Blackbird, with participation from existing investors Shearwater Capital and angels, including Eucalyptus founder Tim Doyle and Propellor Aero founder Rory San Miguel.

OneVentures raises for new $200m credit fund

Venture capital fund OneVentures is set to raise up to $200 million for a new venture credit fund amid an influx of interest from start-ups and investors 

The fund will be the second venture credit offering from OneVentures, which launched its first $100 million fund in 2019. OneVentures’ loans are typically over a three or four-year period. Cheque sizes averaged $5 million from its first fund, and its new fund will be able to write loans of up to $15 million.

Good & Fugly raises $528k through a crowdfunding campaign on Birchal

Food rescue startup Good & Fugly has raised $528,628 through its recent crowdfunding campaign on Birchal. After an unprecedented EOI response, over 650 savvy investors jumped on board to own a piece of the rebellious startup taking on the supermarket giants. 

Good & Fugly launched in 2020 to make saving the planet affordable, convenient, and delicious. 

KnowBe4 Announces the Establishment of KnowBe4 Ventures 

KnowBe4 Inc has announced the formation of KnowBe4 Ventures, its venture arm focused on the human layer of cybersecurity. Two existing leading cybersecurity venture funds – Elephant and Ten Eleven Ventures – are partnering with KnowBe4 on the initiative. 

KnowBe4 Ventures will invest in companies that address the human layer of cybersecurity or have an integration case with KnowBe4’s products, are actively raising and have a lead investor identified, have a product in the market and initial customer traction, and have a compelling financial strategy, unit economics and long-term growth potential. 

KnowBe4 Ventures’ portfolio companies include Adlumin, LUMU Technologies and EasyDMARC. 

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Dynamic Business brings you the key startup fundraising from this week:

Change Financial

How much: $5.7 million

Participants: new and existing investors

 Hysata (Series A)

How much: $40 million

Participants: Virescent Ventures led the funding round on behalf of the Clean Energy Finance Corporation (CEFC) (Aus), with participation from Kiko Ventures (UK), IP Group Australia, Vestas Ventures (Denmark), Hostplus (Aus) and BlueScope (via its ventures arm BlueScopeX TM) (Aus).

LYRO Robotics (pre-Series A)

How much: $1.5 million

Participants: Artesian/Boab AI and AgFunder joining the original investor, Japan’s Toyo Kanetsu.

LYRO has created the world’s first self-driving robot, capable of picking up fragile fresh produce from a conveyor belt and packing it into boxes. 

Sitemate

How much: $5.2 million

Participants: The round was led by Blackbird, with participation from existing investors Shearwater Capital and angels, including local tech founders Tim Doyle of Eucalyptus and Rory San Miguel of Propeller.

AirTree launches the 2022 Explorer Program to facilitate greater support for ANZ founders

AirTree has opened applications for the second batch of its Explorer Program as part of an ongoing effort to establish and nurture the next generation of Angel Investors and founders in Australia and New Zealand. 

In addition to world-class insights and education on angel investing, Explorers have access to one of the strongest angel networks in ANZ and coveted access to AirTree’s Investment Committee meetings to experience firsthand the process and considerations guiding one of Australia’s leading early-stage VC firms.

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Dynamic Business brings you the key startup fundraising from this week:

Great Wrap (Series A funding)

How much: $24 million

Participants: The $11 million equity round involved Darren Thomas, W23, Grill’d Innovation Fund, Giant Leap, Small Giants, Thai Wah Ventures, GroundSwell, Trail Mix Ventures and Springbank Collective, plus a raft of other impact investors from Australia, the USA and Singapore. 

The investment has been amplified by $13 million of non-dilutive capital from DLL Group, Rabobank’s asset financing arm.

Great Wrap is on a mission to remove the 150,000 tonnes of plastic stretch wrap sent to Australia’s landfill each year. Great Wrap has just received its B Corp Certification and was awarded in the AFR Sustainability Leaders List as Category Innovator. 

Fitstop

How much: $3.3 million

Participants: Lift Brands\

The homegrown athlete-inspired fitness franchise has continued to attract high-profile athletes as owners and inspired over 17,000 members, built from creating a dedicated fitness community seeking performance-based training. Fitstop partnered with Vytality Group, which will see 80 locations open in the Sydney market over the next five years.

Servicely

How much: $1.2 Million

Participants: Investors include a combination of high-net-worth individuals and a family office.

At the core of the Servicely low-code service management platform is a proprietary AI engine that Observes and Learns how work is being done by staff to be able to Augment and automate work as the system gets smarter.

KOBA Partners with Birchal 

KOBA has announced they are opening a crowdsource funding round in partnership with Birchal

KOBA has launched their connected pay-per-KM car insurance product throughout Australia and is growing its customer base 70 per cent month-on-month, with drivers paying from 3¢ per KM they drive. To date, KOBA has successfully raised $1.75 million from Birchal, angel investors and insurance-specific funds, including Hunter Equity Group and Insurtech Gateway. 

To learn more about KOBA and join the cap table, visit the Birchal site or pre-register at www.kobaInsurance.com.au

Human

How much: $10.15 million

Participants: The raise was led by Airtree Ventures, supported by Skip Capital, the family VC of Kim Jackson and her husband, Atlassian co-founder Scott Farquhar.

Human believes that people need a simpler way to access medical information and research, and real-time health data that could help is currently being lost.

Local Threads (pre-seed round)

How much: $500,000 

Participants: The round was led by Dr Qin Ding, co-founder of EMQ, a data cloud warehousing platform, with support from angel investors Alex Yin, founder of fashion brand UOOYAA, and Eric Liam.

Local Threads is the largest marketplace for ethical fashion from Australia’s best independent brands. 

Findex raises capital for Botanical Water Technologies (BWT)

How much: 15 million

Findex is a privately-owned provider of integrated financial advisory and accounting services in Australia and New Zealand

UK-based BWT has created the process of harvesting water naturally stored in plants, creating the world’s first plant-based water. Partnering with Fujitsu, they are building the Botanical Water Exchange (BWX), a blockchain-based water trading platform that provides full transparency of the entire supply chain and connects producers and consumers efficiently. 

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Dynamic Business brings you the key startup fundraising from this week:

LYRO Robotics (Pre-Series A)

How much: $1.5 million

Participants: Artesian/Boab AI and AgFunder joining the original investor, Japan’s Toyo Kanetsu.

LYRO Robotics offers robotic-packing as-a-service for Queensland farmers, helping to reduce initial capital costs for transitioning to automation. It is planning to fulfil orders for more than 20 robots after raising $1.5 million in pre-Series A funding.

InternMatch (Series A)

How much: $10 million

Participants: Led by Canberra, property developer Doma Group, with the company’s advisory firm, Henslow, also chipping in alongside existing investors.

InternMatch is a global EdTech platform and community focused on employment and career outcomes

BlendAI

How much: $1.5 million 

Participants: Led by Sydney-based venture fund EVP.

BlendAI simplifies and centralises online advertising for e-commerce stores. 

AirTree launches the 2022 Explorer Program to support ANZ founders

AirTree has opened applications for the latest cohort of its Explorer Program as part of an ongoing push to help create and nurture the next generation of Angel Investors and founders in ANZ.

In addition to world-class insights and education on angel investing, the program gives access to one of the best angel networks in ANZ and Explorers get coveted exposure to AirTree’s Investment Committee meetings to see firsthand the process and considerations guiding the investment decisions for one of Australia’s largest early-stage VC firms. 

To remove financial barriers, the Explorer program is completely free and has a referral system whereby AirTree will write a check on behalf of an Explorer if they refer a deal they invest in. 

Applications close July 22, 2022 – for more information visit www.airtree.vc/explorer-program

VentureCrowd raises a record $65 million for ventures in FY 2022

Australia’s digital investment platform for alternative assets, VentureCrowd, has invested $65 million across 70 different venture capital and property development projects in FY 2022 bringing the total raised on the platform to date to just over $247 million.

VentureCrowd’s plans over the next 12 months include expansion into South East Asia, the next generation of their technology platform, and a concentration on WealthTech as millennials and Gen Z inherit the largest intergenerational transfer of wealth in modern history. 

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Dynamic Business brings you the key startup fundraising from this week:

Sidekicker

How much: $20 million

Participants: SEEK investments

Sidekicker provides a better way for casual and temporary staff to work with businesses across the following industries: Hospitality, Events, Mobility, Promotions, Retail, Horticulture, Warehousing, White Collar and Aged Care. 

Upcover 

How much: $4.7 million

Participants: Backed by venture funds Antler and BetterLabs, and a host of industry heavyweights

Upcover is democratising the outdated and stagnant SMB insurance industry by allowing any business, brand or online marketplace to become monetise their audiences and become distributors of insurance policies.

TEN13 doubles investor network to 550 syndicate members

On its way to $100 million in funds under management, TEN13 expands its investor network to 550 syndicate members.

Rubber Monkey

How much: $2.5 million

Participants:  Snowball Effect 

Rubber Monkey is a one-stop shop for specialist audio, visual and photography products, with more than 94,000 items listed on the site, and branches in Auckland, Wellington and Sydney.

Cloutly (Pre-seed)

How much: $500,000

Participants: The round was led by Unify Ventures, with participation from Palm Beach Ventures (PBV), amid a cast of new investors and advisors that includes Mike van der Heijden (Portal Ventures), Jason Atkins (Cake Equity, PBV), George Hartley (Bluethumb, Smartrmail) and Chad Stephens (1Form, Fillr).

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