The tech startups that raised new funding this week span every industry from debt collection and fitness to hospitality, immigration, legal documents and even democracy.
Read on to find out more about six Australian startups that raised millions of dollars this week.
Debt: $60 million
I would like to thank Josh Foreman, the founder and CEO, for his help. Source: Provided.
This week’s funding round is led by fintech startup Indebted, which has completed a $60 million funding event and aims to expand into new markets, undertake further merger and acquisition activity, and further develop its products. There is.
The round was led by Airtree, a prominent local VC firm, and valued at more than $350 million in debt.
Other major investors include Australian Retirement Trust and Premier Capital Partners, with existing shareholders Reinventure, Cartona and Perennial also contributing to the round.
Indebted confirmed to SmartCompany that approximately $10 million of the Series C round consisted of secondary sales to early investors and employees completed through SecondQuarter Ventures.
This round is also Indebted’s second largest funding to date.
The fintech previously raised $22.5 million in mid-2022 at a valuation of $200 million. The announcement of this funding round coincided with news that the company had laid off 17% (40 people) of its staff.
In a statement filed with Smart Company, Indevted said the new funds are not needed to fund existing operations and will instead be used to grow the business. The company announced in February this year that it had reached operating profit and had a compound annual growth rate of 110%.
Indebted was founded in 2016 by CEO Josh Foreman, and its platform is designed to provide a better alternative to traditional debt collection agencies through the use of technology and data.
Foreman said Tuesday that the new funding will allow the company to expand into areas where there is “significant demand.”
“We plan to launch operations in the UAE and Mexico next month, followed by the use of new capital to expand our presence in Europe and South America,” he said in a statement.
“While our vision is global, we are extremely proud that this funding is comprised almost entirely of Australian capital and will accelerate InDebted into its next chapter. Gaining support from Airtree, one of Australia’s largest and best-known venture funds, along with existing investors, strengthens our belief in our mission to change the world forever, and our proven ability to make it happen. I’m excited about it.
Evolt: $20 million
Gold Coast-based technology company Evolt has raised $20 million ahead of an initial public offering scheduled for next month.
Founded in 2015 by sports promoter Ed Zroudis and fitness entrepreneur Kelly Wideman, Evolt offers body scan machines that can measure body composition, including muscle and fat levels. This data can be tracked and analyzed through the company’s app, which also provides dietary and health recommendations.
According to the Australian Financial Review (AFR), the convertible note funding round was led by Bell Potter, with existing investors Washington H. Saul Pattinson, Legal Partners and Perennial.・Participation of partners was also included.
Evolto reportedly makes most of its revenue by providing machines to gyms such as Anytime Fitness, Curves, and BodyFit Training, but it also sells the business’ medical services through clinics that prescribe weight loss drugs like Ozempic. The area is said to be expanding.
“People will join a gym to change their body composition in some way,” Zroudis said, according to AFR.
“People want to lose weight and tone their bodies or gain muscle mass, and Evolt essentially measures that and tracks them along the way,” Zoroudis said.
Evolt is currently scheduled to begin an investor roadshow ahead of its listing on the Australian Stock Exchange.
Restoke.ai: $5.1 million
LR: Assaf Stizki and Ken Brand, co-founders of Restoke.ai, and Johnny di Francesco, founder of Gradi Group. Source: Provided.
A Melbourne-based startup that claims to be saving restaurants and cafes thousands of dollars a week also raised funding this week, securing $5.1 million in a round led by prominent VC firm Rampersand.
Restore.ai was founded in 2020 by Assaf Stizki, a former chef and restaurant owner, and Ken Brand, an advanced machine learning specialist.
The startup is on a mission to transform the operations of hospitality venues across the country with an artificial intelligence-powered platform designed to assist with everything from food costing, inventory, team management, and accounting. I am.
The platform can integrate with existing restaurant management systems and provides real-time insights to help operators find ways to save costs and realize growth.
Rampersand was joined in the founding round by Mandalay Venture Partners, Archangels, and US-based investors BC Growth and Stage2 Capital.
In a statement provided to SmartCompany, Restoque said the majority of the new funding will go toward expansion in the U.S. market.
The technology is used in more than 2,000 cafes and restaurants across Australia, New Zealand, Singapore and the United States, and Stizki says some of these stores have seen 1% within four weeks of using the Restoke platform. They say they saved more than $8,000 per week.
“Owners often have to wear multiple hats and tend to focus on their passion, usually food, rather than key business metrics,” he said in a statement.
“Often, you first discover financial problems after meeting with your accountant at the end of the quarter, by which time it is often too late to address them.”
Andrew Poesaste, a partner at Rampersand, said the Restoke team is “not just offering another software solution” to the hospitality industry.
“They are pioneering the groundbreaking category of restaurant intelligence and are redefining how the industry operates. They have the potential to transform the industry on a global scale and are now leading the way in this revolution. “We are poised to do so,” he said in a statement.
Mary Technology: $1.35 million
mary technology team. Source: Mary Technology
Sydney-based Mary Technology has raised $1.35 million for its AI-powered legal technology platform.
As Startup Daily reported, Mary Technology focuses on the process lawyers use to create a chronology of client documents for a case.
The startup aims to transform one of the most time-consuming parts of case preparation into a 15-minute process, with the results available for lawyers to review.
The funding comes from lead investor Empress Capital, as well as Gilbert & Tobin CEO Sam Nickless, The Fund, Sydney Angels, Lendy Group co-founders Mark Karadzic and Martin Provided by Lamb et al.
Mary Technology was founded in 2023 by former lawyer Rowan McNamee, engineer Daniel Lord-Doyle and digital producer Harry Raworth.
The startup was previously selected for the Lander + Rogers Law-Tech Hub and took first place at the AI Build Club’s Demo Day.
“We understand the importance of tools that provide immediate solutions in a simple and easy-to-use way,” co-founder Rowan McNamee said, according to Startup Daily.
“Our unwavering focus on perfecting the timeline for lawyers is what truly sets us apart, and this round of funding will enable us to tackle this problem even faster. I’m excited about it.”
The startup says it plans to use the funding to grow its team and expand into the United States.
Matilda Transition: $1 million
Damian Png and Niamh Mooney, founders of Matilda Migration. Source: Provided
Immigration startup Matilda raises $1 million in pre-seed funding from a roll call of early-stage investors to build a platform designed to transform the visa application process and make migration easier and less stressful. Secured.
Matilda was founded by two experienced entrepreneurs, Niamh Mooney and Damian Png. Mr. Mooney is a former corporate attorney who also founded Skin Software, Eucalyptus’ third telemedicine brand. Png has worked as a management consultant at Boston Consulting Group, a program director at Techstars, and a senior leader at H3D.
Funding for the new venture comes from lead investor AfterWork Ventures, with Wollemi, Everywhere VC, Co-Ventures and Startmate also participating in the round.
In a statement to SmartCompany, Matilda said the funding would accelerate the development of the platform, which was built on the “notoriously complex, painful and long process” involved in relocating to Australia. The aim is to streamline what the company represents.
The startup plans to achieve this by combining technology and the expertise of migration agents to create a “seamless and supportive migration journey.”
Automation will be introduced to handle most repetitive tasks involved in visa applications, allowing immigration agents to assist applicants at key moments in the process.
“It will never completely replace immigration agents and lawyers,” Mooney said in a statement.
“Navigating Australia’s immigration system is complex and many people still prefer to have a trusted advisor help them. Matilda will be a two-tiered service: easy customer self-service; Intimate guidance from experts for customers who want it.”
Demtech.Ai: $325,000
Apurva Chiranewala and Avijit Michael, founders of Demtech.ai. Source: Provided.
Sydney-based startup Demtech.ai has raised $325,000 in pre-seed funding to help build democracy-focused AI solutions.
US-based advocacy organization MoveOn.org led the funding round, with participation from OPEN (The Online Progressive Engagement Network) and Rohini Nilekani Philanthropies.
Co-founder Apurva Chiranewala told SmartCompany this week that the startup has also secured written commitments for future funding from OPEN.
Chiranewala, a serial entrepreneur and former executive at Block Earner, Sendle, and eBay, founded Demtech.ai in March 2023 in collaboration with civic leader Avijit Michael.
The startup provides AI-driven tools to global nonprofits and civil society groups to help power advocacy campaigns, increase citizen participation, and improve democratic decision-making. Its flagship product is BeCause, an app platform that can be customized for citizen mobilization groups.
“The capital injection will further develop our platform, expand its capabilities, support our global network of nonprofit organizations, and provide even more powerful tools for those who work tirelessly to uphold our democratic values.” ” Chiranewala.
Demtech.ai aims to launch the platform in early 2025 once the development phase is complete.
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