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Funding roundup June 28 – July 2: Recapping a busy week for startups

The resurgence of COVID-19 cases and a talent shortage have incited panic in the business world. But despite the general uncertainty, it has been an eventful fundraising week, with few startups participating in big rounds.

The headlines were dominated by Gilmour Space, a Queensland-based space company that raised funds to take Eris, a small 25-meter rocket that can deliver a payload of up to 215 kilograms, to space.

Here are the week’s major fundraising rounds by Australian startups:

Gilmour Space – $61 million

Gilmour Space fundraiser was the week’s highlight after raising $61 million as part of its Series C round. The latest funding brings the total funds raised by the company to $87 million.   

The round was participated by US-based Fine Structure Ventures, Australian venture capital firms Blackbird and Main Sequence. 

Since launching its first hybrid rocket in mid-2016, Gilmour Space has achieved a series of significant technology milestones in orbital-class hybrid propulsion technologies.

In recent months, the company has also secured launch contracts with Australian and international customers, including US-based Momentus, Sydney-based Space Machines Company, and South Australia’s Fleet Space Technologies. 

Mindset Health – $6.7 million

Australia-based digital hypnotherapy startup — Mindset Health secured $6.7 million in funding to scale its tech solution coverage.

The financing round was led by Y Combinator, Gelt VC, and Giant Leap VC, among other angel investors from the USA and Australia. The company said it will use funds to expand further and develop additional programs aimed at women experiencing menopause, depression, and chronic pain.

Mindset Health develops evidence-based hypnotherapy programmes. Its programs address several health conditions, including stress, anxiety, irritable bowel syndrome, negative thinking, and chronic pain.

JigSpace – $6 million

Melbourne- based Jigspace raised about $6 million in a Series A round this week. The funding round was led by VC firm Rampersand and existing investors — Boost VC, Investible, Vulpes, and Roger Allen’s Patagorang Investment Group.

The four-year-old venture, which only launched its product 12 months ago and featured in Apple’s iPhone 12 showcase in October 2020, now has four million users. It now counts Volkswagen and Verizon among its customer base.

The company said it would use the funds to accelerate its global expansion and improve its augmented reality 3D product.

QPay – $1.15 million

Student-focused fintech QPay secured $1.15 million through an equity crowdfunding campaign. The company raised funds from 745 investors and beat its initial target of $500,000.

The Sydney-based QPay is backed by Australia’s most prolific VC firms, including Blackbird Ventures and Steve Baxter’s TLI investments. The company said it is looking to ramp up its operations to seize opportunities in the disrupted university sector.

In a separate announcement, the fintech startup announced a strategic alliance with Volt to expand and grow its services on campuses internationally.

QPay, which was founded in 2014 by Andrew Clapham, Muhammad Satti, and Zaki Bouguettaya, was featured on Shark Tank in 2018 when it received $380,000 from Naomi Simson and Steve Baxter. The company offers university student-focused software that offers cashback and awards.

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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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