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Credits: FLK IT OVER

Funding roundup May 30 – June 3: Eden Brew, Managed App, Fliteboard, and more

Dynamic Business brings you the key startup fundraising and M&A rounds from this week: 

Eden Brew 

How much: $6.9 million

Participants: Initial investment from the venture capitalist arm of CSIRO, Main Sequence, with funding from the US-based Digitalis Ventures.

Eden Brew began operations last year, claiming to have pioneered a method of producing dairy milk through precision fermentation rather than the typical four-legged bovine provider.

Managed App 

How much: $5.3 million

Participants: Led by REA Group and Momentum Markets

The funds will be used to grow Managed App’s sales, marketing and development team, as it looks to double its user base over the next 12 months. 


How much: Undisclosed

Round: Series B funding  

Participants: Led by Victor Smorgon Partners, a privately-owned, boutique investment manager, alongside Afterpay’s Anthony Eisen, VC investor Josh Liberman and golfer Adam Scott, with funds to take the feat of industrial design.


How much: $3 million

Participants:  Savant Wealth Management

Founded in Sydney, Australia, Lumiant is specifically designed to deepen client relationships and help financial professionals communicate their unique value while delivering tailored financial advice.​

Investment to boost women-led startups

How much: $10 million

Participant: Carla Zampatti Fund 

Female founders will be enabled to create their own enterprises as part of the NSW Government’s 2022-23 Budget.

Torca Constructions PTY LTD

How much: seeking to raise a total of $9.5 million in funds by the issue of loan notes.

Managed App

How much: $5.3 million

Participants: REA Group and Momentum Markets

Founded in 2017 by Nick Bouris and Thom Richards, Managed App is the first and only automated payment platform for property management.


How much: $8 million in a Seed round 

Participants: Led by US-based VC Stage 2 Capital and Sydnery’s OIF Ventures, with several angel investors also chipping in, including Twitter global product lead Oji Udezue and Archangel Ventures Partner Rayn Ong.


How much:  $2.13 million

Participants: Dave Southern, Founder of Charter Hall property fund management, two 

SaaS focused technology funds from US and Asia, and C-Suite executives from Australian and Asian Property Groups, including Far East Consortium (one of Asia’s largest property developers). 

Unit4 Announces Acquisition of Scanmarket

Scanmarket, a global seller of cloud Source-to-Contract software, has been acquired by Unit4, a leader in enterprise cloud products for mid-market people-centric organisations.

Software Combined acquires four software companies for expansion

While valuations are taking a hit everywhere Software Combined has finalised the acquisition of four companies, keeping the owners/ managers in place and is supporting them to further through strategic guidance and access to capital to expand their established software businesses.

The acquired software businesses: Streamtime, Scope Systems, Energy Inspection and MacroView operate in the creative, mining, energy and document management sectors and collectively generate EBITDA of over $11 million.

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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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