This weekly feature from Dynamic Business runs down the week’s top funding rounds from Australia and the US. Check out last week’s biggest funding rounds here.
AI start-up Fivecast raises AU$30m Series A with US and AU investors
Australian AI start-up Fivecast has successfully raised AU$30m in its Series A investment round. Led by US-based cyber security VC firm Ten Eleven, the round also saw contributions from existing backers, including the CSIRO’s Main Sequence and the South Australian Venture Capital Fund.
Fivecast plans to use the funds to expand into key global markets, prioritising the US and UK, and to add new staff and enhance its product capabilities
Electric car-sharing platform Evee reaches crowdfunding target in record time
In just 124 minutes, Evee, Australia’s leading electric car-sharing platform, reached its minimum crowdfunding target of $300,000 during the private round of its Birchal equity fundraising campaign.
The platform’s popularity among electric car enthusiasts was so immense that Birchal convinced Evee’s CEO and Founder, Slava Kozlovskii, to open the offering to the public 24 hours early. As of March 29th, the campaign had raised $727,291 from 261 investors, with an average investment of $2,788 – significantly higher than Birchal’s average campaign contribution of $1,600.
Circle In has secured $2 million
Circle In, an employee benefits platform, has secured $2 million in funding led by Sydney-based venture capital firm, Alberts Impact Ventures. The investment will be utilized for the platform’s global expansion plans and to enhance its capabilities for working families and caregivers.
The funding round also saw participation from existing investors including Leigh Jasper, Carol Schwartz, Rob Phillpot, Andrew Sypkes, and Ben Thompson from Employment Hero. Additionally, female founder-focused investors Scale Ventures and LaunchVic’s Alice Anderson Fund also backed the fundraising efforts.
CO-architecture banks $330,000 pre-seed round
CO-architecture, a community platform for professional designers and creatives, has successfully raised $330,000 in a pre-Seed funding round.
The Western Australian startup secured the investment from Skalata Ventures, an early-stage venture capital firm based in Victoria, with additional support from several local angel investors such as Sandy Anghie, an architect and former Perth deputy lord mayor, and Peter Lee, a director at Hassell.
Global Crypto startups experience a significant drop in VC funding in Q1
According to recent reports, global cryptocurrency startups have witnessed a notable decline in venture capital (VC) funding in the first quarter of 2023, raising only $2.4 billion.
This figure represents a substantial decrease of around 80 per cent compared to the $12.3 billion raised during the same period last year.
Queensland SMEs advised to make the most of government funding: NRA
As the Queensland Government continues to inject steady funding into the economy, the National Retail Association (NRA) is urging small and medium-sized retailers to take full advantage of the opportunity before it winds back.
Greg Griffith, the NRA’s Chief Executive Officer, has commended the government’s commitment to providing hundreds of millions of dollars in grants and financial incentives, making the state an attractive destination for both people and businesses. The result of this is that an average of 2000 people are moving to Queensland each week.
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