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Funding roundup March 14 – March 18: Linktree enters unicorn club with $149m raise, Construction tech firms Mastt and Varicon raise $9.5m and $2.25m, respectively, and Bridging loan specialist Bridgit secures $7.7m 

Dynamic business brings you the key startup fundraising rounds from this week:

Construction tech firm Mastt raises $9.5 million as it builds on overseas expansion plans 

Construction technology startup Mastt has raised $9.5 million less than 12 months after its seed round, as it aims almost to double its headcount and continue expansion abroad. 

The round was led by VC firm OIF Ventures, with participation from Assignar co-founder and CEO Sean McCreanor, Assignar Chief Revenue Officer Chris Peterson and Mastt’s chief technology officer David Jablonski.

Existing investors Artesian, Significant Early Venture Capital, Investible and Gravel Road Ventures, the venture fund of Aconex co-founders Rob Phillpot and Leigh Jasper, also contributed to the heavily oversubscribed round.  

Linktree raises $149 million led by Index and Coatue 

Linktree announced $149 million funding led by Index Ventures and Coatue at a USD$1.3 billion valuation. The company’s fast-paced growth trajectory to 24 million users in the past year ensured follow-on from previous investors, AirTree Ventures and Insight Partners and new participation from Greenoaks Capital. 

Linktree will use its new funding to focus on additional geographic expansion, recruitment, revenue streams and add value for its creators and brands via new tools and partnerships.

Bridging loan specialist Bridgit secures $7.7m 

Bridgit (formerly TechLend), a loan specialist, is set to announce a $7.65 million funding round. The funding round attracted the attention of Our Innovation Fund (OIF Ventures) and Perennial Partners, who’ve previously backed companies including fintech including Zip.

The funding will allow Bridgit to fill in a growing gap in the bridging sector, with big banks less and less willing to offer short-term loans for downsizing, sea or tree changes, and more. The expansion of Bridgit’s capabilities recently comes off the back of the news that one of Australia’s largest bridging loan providers, Adelaide Bank, will now only provide loans to existing customers, leaving many out in the cold.

Construction tech startup Varicon secures $2.25 million Seed round

Varicon, a Tasmanian startup, has raised $2.25 million in seed funding for its construction cost management software. 

The round was led by Sydney VC Black Nova, with participation from Andrew Sypkes, Galileo Ventures, Artesian, and strategic industry players Slattery Construction chair Josh Slattery, Tidal Ventures co-founder Murray Bleach Aconex co-founder Leigh Jasper, and BlackCap Construction Group founders.

Health startup Medinet with $10 million

Medibank Private, a health insurance fund, has made a $10 million investment in the telehealth app Medinet. The funds will go toward scaling and developing the platform’s technology. 

Medinet, founded in 2019 by a group of health care professionals, is now used by an estimated 10,000 Australians every day in collaboration with GP clinics across the country.

Kinde banks $10.6 million seed round

Kinde, a Sydney-based tech startup, has raised $10.6 million in seed funding. 

Blackbird Ventures led the round with support from Californian VC Felicis Ventures, which has previously invested in local tech companies Canva, Culture Amp, and Dovetail.

SpaceDraft raises $1.5 million Seed round

SpaceDraft, a Perth-based visual logistics startup, has raised $1.5 million in a Seed+ round. The new funding comes from angel investors Dr Tim Haggett, Grant Grosser, and Larry Lopez, bringing the total funding to $2.7 million in three years. 

The funds will be used by the cloud-based web application to expand nationally, grow its team, and enter several new industries.

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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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