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Funding roundup October 4 – October 8: Shopback secures A$55m, Lawpath raises $7.5m to help SMEs and VentureCrowd and Josephmark partner to scale startups

Dynamic Business brings you the key start-up fundraising rounds from this week:

EncompaaS secures $14m cap raise for global expansion

EncompaaS, an enterprise compliance SaaS company, has closed a $14 million capital investment led by CVC Emerging Companies, Future Now Capital, and Marshall Investments. 

The SaaS entrant will now continue to develop and market its range of cloud-based enterprise content management and compliance tools globally. 

EncompaaS is a new SaaS compliance technology that provides intelligent, automated information governance across on-premises and cloud content repositories and cloud application services.

Lawpath raises $7.5m

Lawpath, an online legal platform for small businesses, announced an AUD $7.5 million funding round as it prepares to expand into New Zealand and South-East Asia to assist more small businesses to access legal solutions at one-tenth the cost of traditional services. 

The Gonski family, Justin Ryan, Chairman of Adore Beauty, Barry, and Darren Smorgon’s Sandbar Investments, and Tony Faure, chair of both Ooh! Media and Readytech, are among the new investors in the round.

US-based investors have also participated in the round, including Khai Ha, Director of LegalZoom, and Gonzalo Troncoso, Founding Partner of Kobe Bryant’s VC Fund, Bryant Stibel. They join returning investors such as Adcock Private Equity and LegalZoom, who led Lawpath’s last round in 2019.

Shopback secures A$55m in Q1’21 funding round

ShopBack, APAC’s leading rewards and discovery platform, announced a A$55 million funding round to support its rapid growth in Australia and the region. The syndicated round, which is set to finish in March 2021, was submitted with regulatory officials earlier this week after the Australian Foreign Investment Review Board granted authorization (FIRB). 

Participants in the financing include Temasek, East Ventures, EDBI, Indies Capital, and Australia-Singapore-based January Capital. Since its establishment in 2014, ShopBack has raised more than A$200 million, and it sees Australia as one of its main development regions.

ShopBack has around 30 million users in Asia-Pacific and has generated more than A$10 billion in income for over 5,000 merchant partners since its launch.

VentureCrowd and Josephmark partner to scale startups

VentureCrowd, Australia’s equity crowdfunding platform, and venture studio Josephmark have forged a relationship to assist early-stage Australian startups in fast scaling by connecting them with users, customers, talent, and investors. 

The joint venture will offer early-stage business founders a full set of growth services, including Josephmark’s brand, product, growth, and venture strategy, and rollout services, as well as investment support and financing through the VentureCrowd platform. 

It will also develop a cutting-edge new digital platform to facilitate contacts and collaboration opportunities among VentureCrowd’s 63,000 qualified startup investors and early-stage creators.

Indian adtech co Profitwheel secures $3m

Profitwheel, a Mumbai-based adtech business, has raised $3 million in a seed fundraising round headed by Netcore Cloud. Angel investors such as Enam Group’s Vallabh Bhansali, Tata Group’s KRS Jamwal, Indiamart’s Dinesh Agarwal, and others participated in the round. 

Profitwheel is a customer data-driven SaaS firm that advises ecommerce clients on the most effective methods to engage their most valuable consumers through digital advertising.

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