Dynamic Business brings you the key startup fundraising and M&A rounds from this week:
Navii to give away $3m in digital support tools for small businesses through the Digital LaunchPad Program
Navii is giving over $3 million in digital support tools for small businesses through a new government-backed Digital LaunchPad Program, with 500 small businesses receiving 12 months of expert support and coaching.
Navii is also offering over 10,000 digital tools and course packages for free. SMEs are invited to share their digital journey thus far, including why they require assistance, to be considered for Navii’s Digital LaunchPad Program, valued at over $1,200 per applicant.
Accepted applicants will receive a 12-month subscription to expert coaching, support, and practical online courses designed specifically for small businesses looking to improve their online presence, social media, online search profile, and digital marketing.
Australian small businesses looking to access Navii’s free government-backed Digital LaunchPad Program, worth over $1,200, can apply here.
Supabase raises $80M Series B for its open-source firebase alternative
Supabase, which bills itself as an open-source alternative to Google’s Firebase, announced that it had raised an $80 million Series B round led by Felicis Ventures. Coatue and Lightspeed also contributed to this round, bringing the company’s total funding to $116 million.
Supabase intends to double its team with this new funding to build its platform and go-to-market strategy.
Property fund EG launches $100m Proptech Incubator EGX
EGX, a technology incubator aimed at helping build the future of the property and real estate industries in Australia and New Zealand, was launched by managed property fund EG.
EGX, founded in 2021, already has a portfolio investment of AUD 100 million and is currently supporting three innovative and high-growth companies in the Proptech market, including digital twins, data analytics and intelligence, sustainability, and others.
Yellow Canary secures $11m to combat wage theft crisis
Yellow Canary, a Sydney-based regtech provider, has closed an $11 million funding round to expand operations and capitalise on businesses’ need to comply with tightening regulations.
Parc Capital, a venture capital firm, led the round. The funds raised will accelerate the company’s growth plans, accelerate the development of new products, and investigate international expansion opportunities.
Chainalysis raises new funding to double its valuation to $8.6 billion
Chainalysis, a blockchain data platform, announced today a $170 million Series F financing led by GIC, Singapore’s sovereign wealth fund, raising its valuation to $8.6 billion.
Accel, Blackstone, Dragoneer, and FundersClub increased their investments in the company, and Bank of New York Mellon and Emergence Capital also participated.
Chainalysis is now the largest enterprise SaaS company in the cryptocurrency industry. The funds will be used to continue investing in product innovation and expanding its global operations to meet customer demand as the asset class gains mainstream acceptance.
Australian travel tech Designer Journeys raises $3.5m for expansion
Designer Journeys, an Australian travel marketplace, is set for rapid expansion following the successful completion of a $3.5M capital raising from new and existing investors led by the Royal Automobile Club (RACV) Limited.
Telco Swoop secures funding for its $3.4 million projects to boost connectivity in WA’s agricultural regions
Swoop, a fixed wireless and wholesale infrastructure service provider, has successfully secured funding for its $3.4 million projects to improve broadband services in the farming regions of Harvey, Brunswick, and Busselton in south-west Western Australia as part of the Federal and Western Australian governments’ multi-million-dollar package to boost regional connectivity.
Swoop has received funding from the Federal and Western Australian governments as part of the Regional Connectivity Program Round 2. The new fixed wireless service and network improvements will benefit approximately 8400 businesses and residential properties.
Carma secures US$52m (A$75m) in Series A funding
Carma, an Australian online used car marketplace, has announced the completion of a US$52 million (A$75 million) Series A funding round led by General Catalyst Partners and Tiger Global.
Carma previously secured the largest seed round in Australian history, with Tiger Global investing US$20 million (approximately A$28 million) in March 2021. The company has now raised more than A$100 million in funding.
Along with Tiger Global, Carma welcomes General Catalyst as a lead investor. General Catalyst is another global proponent of the online used car business model, an early backer of Vroom, Cazoo, and Spinny (India) and an investor in Kavak (South America).
Previously, General Catalyst invested in Australian success stories such as Canva, BigCommerce, and Buildkite. Adam Valkin, Managing Director of General Catalyst, will join the Carma board. Entrée Capital and Avenir Growth, both of which have backed online used car portals in Europe and India, have also joined the round. Five V Capital and Terrace Tower Group are two Australian investors.
Beverage maker The Good Seed raises $750K investment through crowdfunding
Through private and equity crowdfunding investment rounds, the Good Seed raised $750K in just 24 hours on Birchal. They’ve sold over 85,000 cans since its launch in November 2021, making it one of Australia’s fastest-growing consumer packaged goods (CPG) brands.
They expanded distribution to South Australia even as they were preparing to raise capital. The funds will increase production, hire employees, expand marketing, and develop new products.
Katanox raises $5.7 million
Katanox, a travel accommodation distribution and fintech platform, has raised $ 5.7 million in funding from a group of financial, hospitality, and tech entrepreneur family offices to overhaul and reconfigure B2B distribution in hospitality.
Juan Pablo Ortega, co-founder of Rappi and Yuno, current co-founder and CEO of Founda, and Bas Blommaart, founder of hospitality tech iTesso, are among the investors.
CyberArk Ventures launches with $30 million funds to fuel innovative cybersecurity technologies
CyberArk, the global leader in identity security, today announced the launch of CyberArk Ventures, a $30 million global investment fund aimed at empowering the next generation of disruptors to solving complex security challenges with innovative technology.
Initially, CyberArk partnered with four venture capital firms: Venrock, YL Ventures, Team8 Capital, and Merlin Ventures. Aside from funding, CyberArk Ventures offers portfolio companies go-to-market assistance, access to CyberArk technology and CyberArk Labs research, engagement with CyberArk leadership, and networking opportunities with prospective partners and customers.
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