↗️ Victoria is up. Funding is down ⬇️
🚀 LaunchVic says Victoria’s startup ecosystem has grown to more than $100bn in value.
✄ Cut through venture released their annual ‘state of startup funding’
– No new unicorns in 2023. $3.5 billion was invested in Australian start-ups across 413 deals, down 53%
🎢 One word sums up the industry in 2024: Rollercoaster!
💰 Funding for startups:
– Bugcrowd snaps up AU$156M! Early startmate cohorts.
– Gold Coast-based Gilmour Space Technologies has raised $55 million in a Series D
– Energy disrupter Amber Electric raised $29m
– SEEK, Blackbird-backed wellness start-up Sonder raised $16m
– Hatch – ‘Seek for Gen Z’ start-up raises $7m for AI-powered job matching
💵 Funding for funds:
– Bupa launches $20m CVC to back the next generation of health tech start-ups
– The Queensland government’s new venture capital development fund has backed five VCs: Antler, Five V Capital, Main Sequence, Mandalay Venture Partners and Salus Ventures, with a combined $130 million investment.
🪝Acquisitions are in… but many with undisclosed sum NASDAQ listed Autodesk acquires Australian construction tech Payapps (construction payment management solutions).
Rokt to Acquire AfterSell – a Shopify partner that helps ecommerce merchants upsell and cross-sell to expand SMB offering. Undisclosed sum. Open banking startup Adatree acquired by payments fintech Fat Zebra. Undisclosed sum.
It’s not all up and to the right 🥹
❌Afterpay’s brand will be discontinued in the U.S. later this year after its $39 billion acquisition in 2021. As part of it cost-cutting drive, Afterpay’s parent company Block has also laid off more than 1,000 staff globally.
🔮 Back to the future
🚕Uber has announced plans to launch a phone-booking ride service. They said not everyone “is able or comfortable using apps”. Back to pre-2012 era.
Global news
📈Jeff Bezos sold $6.2b in Amazon stock last week
ABOUT
Tobi Skovron and Gavin Appel spearhead our monthly vlog – a must-watch for those seeking insights into the local startup and VC sphere. Captivating audiences with their infectious enthusiasm for the startup and venture capital landscape, Tobi and Gavin unpack the latest trends and events.
The vlog consistently delivers high-quality, engaging content, covering everything from fundraising, M&A, product launches, new venture funds, and more. Tobi and Gavin rapidly explore each topic, while making complex concepts accessible. It’s an indispensable resource for those hungry for knowledge about the local startup and VC scene.
Gavin is the Founder and CEO of Ignition Lane, where he advises founders and leaders growing tech companies. He has 25 years of experience in the technology industry across startups, corporates and venture capital. Gavin was a founding VC Partner at Square Peg, an SVP of Product and Technology at Experian, and was one of the first employees and CTO at Hitwise – a venture-backed startup that was acquired for US$240m in 2007.
Tobi is the CEO and co-founder of CreativeCubes.Co, and has over 20 years of entrepreneurial experience across Australia and the U.S.
