This weekly feature from Dynamic Business runs down the week’s top funding rounds from Australia.
Medigrowth secures $3.44 million in funding
Medigrowth, a fully authorized Australian biotechnology company specializing in medicinal cannabis, has successfully raised a total of $3,447,393.81 through its equity crowdfunding campaign conducted on the Birchal platform.
The campaign broke records by amassing more than $1.2 million within the first 24 hours, fueled by the interest of 6,000 individuals—marking the highest engagement for any campaign in 2023. This achievement positions the campaign as the third-largest equity crowdfunding endeavor in Birchal’s history.
Dunzo nears conclusion of $100 million series G funding round
Dunzo is in the final stages of negotiations to secure $100 million in a Series G funding round, primarily sourced from its existing investors such as Lightbox and Lightrock. The funding mix for this round will predominantly consist of equity capital, potentially complemented by a smaller proportion of debt financing.
Metro successfully raises A$67 million in equity
Metro, a prominent Australian non-bank lender specializing in commercial asset finance, has effectively concluded a $67 million institutional equity placement.
Following an earlier announcement about securing a $500 million debt funding agreement earlier in the year, this placement will fortify Metro’s financial standing and facilitate the expansion of its novated lease and consumer lending operations.
Pendula expands into Europe and ASEAN with A$14.5 million funding round
Pendula, a leading provider of customer retention technology, has announced the successful completion of a funding round amounting to A$14.5 million. This investment round welcomed UK-based primary investor Octopus Ventures, alongside established supporter MA Growth Ventures.
Pendula’s innovative customer retention software, powered by advanced analytics and generative AI, aims to guide businesses through anticipated global economic challenges by reducing churn and optimizing customer lifetime value. The raised funds will enable Pendula to extend its global footprint, establishing new international offices in London and Singapore, thereby fostering growth in both the ASEAN and European markets.
Hysata, Green Hydrogen Startup, secures $24 million for electrolyser manufacturing plans
Hysata, a New South Wales-based startup in the green hydrogen sector, has secured a substantial funding amount of $23.9 million. This financial support comes from the Queensland and federal governments, providing a substantial boost to Hysata’s efforts to revolutionize renewable energy production through electrolyser technology.
Queensland Investment Corp contributes to $64 million funding round for HR startup One Model
An expatriate entrepreneur from Queensland, who achieved success by establishing HR data analytics startup One Model in the United States, has garnered backing from the Queensland Investment Corp (QIC) as part of a Series B funding round totaling US$41 million (equivalent to A$64 million). This support underscores the state government’s commitment to nurturing innovative startups.
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