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This Month

Singapore-based Rohit Agarwal says Peak XV’s partners have travelled to Australia monthly this year to get to know Aussie start-up founders.

The $1.3b fund targeting Aussie start-up founders

The VC firm formerly known as Sequoia India is looking to place more bets on Aussie founders looking past the collapse of grocery delivery start-up Voly.

  • Tess Bennett
Jan Pacas, founder of All G Foods, has spun out his plant-based meat business and merged it with Fenn Foods.

Plant-based meat start-up consolidation begins with merger

Two rival plant-based meat manufacturers have merged, the first deal in an expected wave of consolidation.

  • Jessica Sier
Jonathan Barouch’s company Local Measure has grown rapidly since a pandemic product pivot.

High-profile founders cash in as tech investor confidence returns

Big funding rounds are returning to the Australian tech centres and Local Measure and Darwinium are the latest to raise without hurting their valuations.

  • Paul Smith and Tess Bennett
Rayn Ong has already received $1 million back from his $250,000 investment in Blackbird’s first fund, but says he still has about $7.45 million of ‘on paper’ value still to receive.

Good luck, rich parents and Canva: how Blackbird made millionaires

The names of some of those making a fortune from Blackbird’s first VC fund are surprising. One of them, Rayn Ong, says his good fortune was ‘life-changing’.

  • Paul Smith

Call centre AI pivot (and AWS surge) helps Local Measure raise $7.9m

The Funded blog is the new home for news on the tech deals that are done in Australia, as soon as we hear about them.

  • Updated
  • Paul Smith
Sam Bankman-Fried, co-founder of FTX, arrives at court in New York. Scandals have taken some shine off cryptocurrencies.

How SBF ‘spent billions’ in customer funds before FTX collapse

Court documents show Sam Bankman-Fried and his associates spent voraciously on investments, donations and real estate even in the crypto exchange’s final months.

  • Yueqi Yang
Patrick Grove heads up one of South-East Asia’s leading internet groups, Catcha.

Patrick Grove-backed proptech seeks equity injection

Street Talk understands commercial property marketplace Sidespace is seeking a $2.5 million cash boost from new and existing investors. 

  • Sarah Thompson, Kanika Sood and Emma Rapaport
Employment Hero co-founders Ben Thompson and Dave Tong have attracted more big US investment, and plan to crack the UK.

Employment Hero secures $263m in year’s biggest capital raising

The human resources technology firm has shrugged off depressed private tech market sentiment and is now valued at just shy of $2 billion.

  • Paul Smith
Adore Beauty founder Kate Morris says super funds can shift the underinvestment in female founders.

Kate Morris’ goal is to make 10 other women ‘really wealthy’

Th Adore Beauty co-founder says the way to get serious about addressing under-investment in female fund managers and founders is the $3.5 trillion superannuation industry.

  • Jemima Whyte
AirTree Ventures partner Craig Blair said the firm had policies in place to manage conflicts between its funds.

AirTree bought and sold Canva in deal at market peak

The venture capital fund bought with its 2021 fund and sold from its 2014 fund at a $US39 billion valuation – a third higher than Canva is worth now.

  • Nick Bonyhady
Gregg Taylor joined Salter Brothers in March 2022.

Salter Brothers hit the market with new tech fund

Gregg Taylor’s new wholesale equities fund is targeting $50 million in commitments to funnel into private and listed multi-stage tech companies.

  • Sarah Thompson, Kanika Sood and Emma Rapaport
Canva, led by co-founder and chief executive Melanie Perkins, has been one of the biggest successes for Australia’s venture capital sector.

Canva won’t list before 2025, but investors will still get rich soon

The graphic design software company is such a success that guessing when its IPO will be held has become a parlour game for the Australian technology sector.

  • Nick Bonyhady
Mike Cannon-Brookes’ Atlassian splashed out big money to buy Loom last week.

When Atlassian buying your start-up for $1.5b is a mixed bag

The Aussie software giant paid a fortune for a video-messaging tech firm on Friday. But what was behind the deal, and was it a good idea?

  • Nick Bonyhady
Skykraft CEO Dr Michael Frater.

Big money is back as space tech start-up raises $120m

Skykraft, which is building satellites to communicate with aircraft in flight anywhere in the world, has closed one of the year’s biggest investments.

  • Paul Smith
Josh Foreman, founder and CEO of Indebted.

Digital debt collector counts benefits of a cost-of-living crisis

Perennial-backed InDebted has made its first acquisition since 2021 as a rise in people defaulting on payments sees it approach profitability for the first time.

  • Tess Bennett
Tracey Warren, the chief executive of F5 Collective, says tougher policies are needed to make it transparent about who venture capital funds invest in.

VCs could be told to reveal gender, sexual orientation of their picks

Australian venture capital firms talk a good game about promoting diversity through their investments, but the stats show most don’t follow through.

  • Tess Bennett
Queensland Treasurer and Minister for Trade and Investment Cameron Dick.

Venture capitalists Queensland-bound after govt investment fund rammed

Funds could also apply for up to $500,000 in operating expenses to establish themselves in God’s Country (aka Queensland).

  • Sarah Thompson, Kanika Sood and Emma Rapaport
Milkrun founder Dany Milham’s nous for branding gave his company a huge public profile. But the business lost millions.

Milkrun investors to get back less than 20¢ in the dollar

The company went into liquidation with enough money to repay all its suppliers, staff and landlords, unlike some start-ups that end up depending on the taxpayer.

  • Updated
  • Nick Bonyhady

Forrest, Denholm families unite to create more female millionaires

Aliavia Ventures co-founder Marisa Warren says women in venture capital are still underrepresented at the general and managing partner level.

  • Tess Bennett
Dovetail raised capital when term sheets were very “founder friendly”.

Aussie start-ups face ‘much harsher’ terms from US investors

Tougher term sheets from international investors are pitting founders against their existing investors, whose stakes could become worthless.

  • Jessica Sier