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Biggest stories from mid-May to mid-June 2024

Scaling Up
  • Xero’s earnings swing back to profit of $N174m ($160m) over the past 12 months. This follows a “minority” $US25m ($38.2m) stake in Australian unicorn human resources start-up Deputy last month
  • Canva held their Canva Create event launching their enterprise product with a cringey rap that was a massive marketing win and compared to the dance on stage at Microsoft Windows 95 launch
  • Labor shelves overhaul of ‘sophisticated investor’ test which would have made it harder for retail investors to access risky products such early stage start ups and VC
Some M&A
  • Hospitality tech platforms HungryHungry and MOBI have announced a merger ahead of an expansion into new markets. Late last year, Mr Yum and me&u complete merger.
  • Bugcrowd, the crowdsourced white-hat hacker platform, acquires Informer. Follows their $102m raise earlier this year
AI Everywhere
  • OpenAI annualised revenue is $3.4 Billion, double last year, and signed 100K PwC workers to ChatGPT’s enterprise tier as PwC becomes its first resale partner and OpenAI’s biggest customer to date.
  • Nvidia keynote and product announcements led to it becoming a US$3 trillion company passing Apple in market cap as second-most valuable public US company, briefly
  • Apple WWDC keynote launched AI = Apple Intelligence, the personal intelligence system for iPhone, iPad, and Mac – became biggest company in the world overtaking Microsoft but nudged back to 2nd
  • Elon Musk’s xAI raises $6B


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.

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