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Splend CEO Chris King. Credit: supplied

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.

Number 8 bio raises $1.8m in pre-seed funding

The Australian bioengineering company, Number 8 Bio, announced today that it has successfully secured AUD$1.8 million in pre-seed funding. The funds will be utilized to leverage the potential of biology in developing innovative cow feed additives aimed at reducing agricultural emissions and enhancing yields.

Notable participants in the funding round include Main Sequence, CSIRO’s deep tech fund, Possible Ventures, UNSW Founders, and Bioplatforms Australia.

Australian Impact Growth Fund launches $50m capital raise

Dragonfly Enviro Capital, an Australian sustainable fund manager, has initiated a capital-raising campaign for its Impact Growth Fund with a target of $50 million. The fund has already secured $7.5 million and has invested in promising high-growth companies.

Investments made by the fund include Pacific Bio, Downforce, Our Trace, the Water and Carbon Group, and Red Earth Energy Storage, all of which are recognized as cutting-edge sustainable innovations propelling Australia towards a more sustainable future.

Pet Wellness Company Lyka raises additional $25m in series B funding

Lyka, a leading pet wellness company, has secured an additional $25 million in follow-on funding for its Series B round, bringing the total raised in this round to $55 million. The latest investment was led by Itai Tsiddon from LGVP, generating increased interest within investment circles. This significant funding will support Lyka’s ongoing growth and expansion plans.

Australian Startup JDoodle secures $3.2m in seed funding

JDoodle, an Australian startup that has gained traction with its online platform attracting 800,000 monthly users globally, announced today a successful seed funding round raising $3.2 million. Main Sequence led the investment.

The funding will enable JDoodle to expand its operations with a strong local team in Australia.

EMVision secures $1.75 million

MVision, a pioneering Australian company specializing in the development of portable brain imaging technology for stroke diagnosis, has achieved a significant financial milestone.

The company recently secured a noteworthy sum of AUD$1.75 million as part of the esteemed Modern Manufacturing Initiative.

Clean Energy Finance Corporation commits $20m funding to Splend

Splend, Australia’s largest vehicle subscription provider for rideshare drivers, has secured $20 million in funding from the Clean Energy Finance Corporation (CEFC).

This financial backing will facilitate the addition of approximately 500 electric vehicles (EVs) to the country’s rideshare fleet, leading to a cleaner and more sustainable transportation ecosystem. The CEFC’s investment aligns with the national goal of decarbonizing the vehicle fleet and rideshare market.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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