Startups are driving innovation across Australia and New Zealand, and the latest funding announcements showcase the diverse and ambitious tech ecosystem powering the region.
Here are the top funding highlights of the week:
Balmain Invests $3.2M in Caruso
Caruso, a modern unit registry and fund administration software company founded in 2023, has secured a $3.2 million investment led by Balmain, a key player in Australia’s private credit sector. This follows a $3 million raise last year, led by Icehouse Ventures with support from GD1, Chris Heaslip (Pushpay founder), and the Rae family (Gull Oil).
LambdaTest Secures $38M to Transform QA
LambdaTest, a cloud-based testing platform, has raised $38 million in a funding round led by Avataar Ventures, with Qualcomm Ventures also participating. This brings the total raised to $108 million. The investment will help advance LambdaTest’s AI-driven innovation, KaneAI, which revolutionizes quality engineering in web and mobile software. Founded in 2017, LambdaTest has previously secured nearly $70 million from top investors including Sequoia Capital India and Premji Invest.
Old Young’s Distillery Raises $1.42M Despite Tough Market
James Young of Old Young’s Distillery has raised $1.42 million from 394 investors via equity crowdfunding platform Birchal. Despite a tough economic climate, the distillery’s campaign saw the average investment rise to $3,602, 125% higher than the typical Birchal raise.
Startup Muster Report: Deep Tech Gains Ground in Australia
Startup Muster’s 2024 report reveals that 93% of deep tech startups align with the National Reconstruction Fund priorities, compared to 56% of non-deep tech startups. Key sectors include AI, medtech, decarbonisation, and advanced manufacturing, with a reported addressable market of $441 billion. Federal grants are crucial for deep tech startups, with 32% leveraging them, compared to just 11% in other sectors.
Fleet Space Reaches $800M Valuation After $150M Series D
Fleet Space Technologies, a South Australian satellite developer, has raised $150 million in a Series D round, valuing the company at over $800 million. The round was led by Teachers’ Venture Growth, with support from Blackbird Ventures, Hostplus, and other investors.
Terria Raises $3M in Seed Round After Spinout from CSIRO
Geospatial startup Terria has raised $3 million in a Seed round after spinning out from CSIRO. Backed by deep tech VC Main Sequence, Terria specializes in creating digital twins for spatial data, aiding in urban planning and environmental monitoring. The funding will support its global expansion.
GoodWork.ai Raises $4M to Revolutionize Retail Analytics
AI startup GoodWork.ai has raised $4 million in Seed funding led by Square Peg. The company is developing real-time analytics for retailers to optimize performance, incorporating factors like promotions and weather. Founded by veterans from Boston Consulting Group, GoodWork.ai aims to transform retail trade performance analysis.
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