Eight Aussie startups that raised $36 million this week

The startup funding announcements are coming thick and fast as we draw closer to the end of the financial year.

This week we’ve counted eight Australian startups that have together raised more than $36 million in sectors including home lending, agtech, logistics software, alternative protein production and sustainable clothing.

Keep reading to find out more.

Bridgit: $14.6 million

Home lending fintech Bridgit leads this week’s funding round-up with a $14.6 million Series A round, led by OIF Ventures.

At the same time, Bridgit has also announced it has taken on $125 million in debt financing led by an unnamed global bank to help it continue to offer flexibility for Australian homebuyers.

Founded in 2021 by Aaron Bassin and Nick Jacobs, Bridgit seeks to help users buy their next home before selling their current one, with regulated, same-day bridging loans of up to $4 million.

The startup said in a statement it plans to use the Series A funding to continue optimising its digital lending platform, which is currently facilitating more than $600 million in short-term loans annually.

In a statement provided to SmartCompany, co-founder and CEO Aaron Bassin described home ownership as “a big part of ‘the Aussie dream’”  and said homeowners deserve “more options and flexibility when considering their next steps”.

“Buying now, selling later gives homeowners a way to jump on property opportunities without getting caught in the sell-buy limbo,” he said.

“We set out to help homeowners take their desired next steps, without the inconvenience of selling first, by ultimately unlocking the equity tied up in their current home.”

Atticus: $10.8 million

Verification software startup Atticus has raised $10.84 million in new funding from Skip Capital and Blackbird Ventures, having bootstrapped its way to profitability since it was founded in 2017.

Atticus plans to use the minority investment to help it continue to grow sustainably, while also expanding its product offerings and international reach.

Founded by former corporate lawyer Saul Wakerman and software engineers Misha Wakerman and Mitchell Brunton, the Atticus platform is designed to help corporates and law firms fact-check critical documents, including prospectuses for IPOs, ESG statements and annual reports.

The goal is to help firms save time that would otherwise be spent manually reviewing documents, while also reducing the risk of human error.

In a statement provided to SmartCompany, Atticus said it has doubled its revenue annually since 2021 and is working with around 90% of the Australian corporate legal market. Among its high-profile clients are law firms King & Wood Mallesons, Gilbert + Tobin, Herbert Smith Freehills, Ashurst, Clayton Utz, and Allens. 

“Atticus was founded to create a faster and more accurate way to solve the time-consuming and mundane process of legal verification of critical corporate and legal documents, mitigating core compliance risks for our global clients,” explained Atticus CEO Thom Mackey. 

Skip Capital co-founder and CEO Kim Jackson said the level of excitement being shown for Atticus by its customers is “incredibly rare” and is a result of the time the startup is saving clients, as well as how easy it is to use.

“This excitement is a testament to a high-performing team with a deep understanding of the problem,” said Jackson in the same statement. 

“Given the tidal wave of regulatory, compliance, and ESG governance requirements, we believe that Atticus is a vital player in helping companies and legal teams deal with these mounting challenges.” 

Farmbot $4.6 million

Also raising capital this week is agtech startup Farmbot, which has closed a $4.6 million bridge funding round to help support its expansion in the US.

Existing shareholders Telstra and Macdoch Ventures participated in the round, which initially targeted $3 million, along with a number of new investors, including high-net-worth individuals from the US ranching sector.

Founded in 2014 by Andrew Coppin and Craig Hendricks, Farmbot, or Ranchbot in the US, has developed an IoT and precision agriculture solution platform for farmers to monitor their water ecosystems in real-time, and in turn, make better decisions about how to allocate and use resources and assets.

The latest funding follows a $5 million Series A+ round in December 2022 and a Series A round in 2021.

The startup wants to expand beyond water management to include tools for broader farm infrastructure and natural capital assets like soil, pasture and biodiversity.

Read more.

Hard Fizz: $2.5 million

Alcoholic drinks brand Hard Fizz has completed a $2.5 million capital raise to help it capitalise on the demand for its products, which have recently been added to shelves in Coles Liquor, BWS and Dan Murphy’s stores across the country.

Founded in 2020 by international DJ Paul Fisher, social media influencer and podcaster Chloe Fisher, Wade Tiller and growth marketing expert Joel Scott, Hard Fizz also plans to use the new funding to support brand awareness campaigns, such as its recent partnership with global golf tour LIV Golf.

The funding round was led by Tom Paton of Conargo Capital, and included participation from Lance East Office, the family offices of billionaire gaming entrepreneur Laurence Escalante. 

In a statement provided to SmartCompany, CEO Wade Tiller said the new investors will bring valuable “strategic insights” and contributions to the business, with Paton also joining the Hard Fizz board.

“This investment into Hard Fizz provides an opportunity for us to amplify our brand awareness through unique marketing initiatives, as well as meet the increasing customer demand for the Hard Fizz products via our new retail channels,” added Tiller. 

Hard Fizz was advised on the capital raise by FMCG advisory business Ranged, and the deal represents the first successful capital raise process for Ranged under its new corporate advisory arm.

Switchboard: $1.5 million

Supply chain startup Switchboard has bagged $1.5 million in new funding from a host of local early-stage venture capital firms, reports Startup Daily.

Among the VCs backing Switchboard are Archangel, AfterWork, Investible, Skalata, Startmate, TEN13, and The Fund.

Switchboard was launched by founder and CEO Hugh Dixson in 2022 to help companies of all sizes digitise their logistics.

Dixson has previously worked at logistics startup Ofload, as well as Uber and Boston Consulting Group, and says this experience has given him deep insight into how supply chains could be vastly improved, particularly for SMEs that may not be able to afford the high costs involved in integrating IT systems.

“Fast-paced businesses often allow manual processes to reign supreme – taking calls and scribbling down notes, then catching up on emails and systems later. Even with the best of intentions, operational efficiency is always compromised,” he said, according to Startup Daily.

Companies can use Switchboard to optimise their truckloads, reduce costs, produce more precise demand forecasts, and automate their communications with customers, suppliers, logistics providers and trading partners.

“As little as a 5% reduction in supply chain costs can double net profits for these organisations,” Dixson said.

The Leaf Protein Company: $850,000

Melbourne-based startup The Leaf Protein Company has secured $850,000 in new funding to help it produce an alternative to protein from regular green foliage.

The startup was founded in 2020 by CEO Fern Ho and chief scientific officer Connor Balfany and focuses on an enzyme known as Rubisco, which is found in leaves.

The Leaf Protein Company plans to process this enzyme into emulsifiable, gellable, and foamable protein, which could then be used as a plant-based ingredient for the food and beverage industry.

The funding round was led by the University of Melbourne’s Genesis pre-seed fund, in collaboration with Breakthrough Victoria, and also included investment from LaunchVic’s agtech-focused Hugh Victor McKay Fund and Loyal VC.

The funding will go towards hiring the startup’s first employees, fine-tuning its pilot plant, and refining its protein production methods before sending out completed goods to customers.

Read more.

MyPremo: $1 million

A Perth startup that has partnered with prominent artist Ice Cube to give recording artists an alternative way to sell their music has secured $1 million in funding via equity crowdfunding platform Birchal.

Some 680 investors backed MyPremo through the equity crowdfunding campaign as it seeks to help artists who are dissatisfied with the lack of money they can earn via the dominant streaming platforms.

Founded by Cody McDowell and James Gillies, MyPremo allows artists to sell their content directly to the public and keep 80% of their earnings, according to a statement provided to SmartCompany.

The launch of MyPremo’s direct-to-consumer model, which is open to content creators of all genres, comes after a recent report from Creative Australia that found close to half of Australia’s professional artists earn less than $10,000 a year from their creative work, while two in five are not meeting basic living costs.

“So many artists look at how much money is being made by their counterparts on X-rated platforms such as OnlyFans, and wondering why there isn’t a ‘clean’ platform that allows them to sell their content to their superfans,” said McDowell in the statement.

“Well now there is — and they will never be surrounded by X-rated content that compromises their artistry.”

MyPremo also allows artists to provide exclusive extras for their ‘superfans’, including first releases and live performances.

Bhumi: $244,502

Melbourne-based home and lifestyle brand Bhumi has also completed a successful equity crowdfunding raise via Birchal this week, securing $244,502 from 258 investors to continue its quest to put an end to fast fashion.

Bhumi was launched in 2018 by husband-wife duo Vinita and Dushyant Baravkar and produces organic cotton bedding, bath, basics and apparel products. It has recently expanded into two physical retail stores, having previously operated purely online, and has, to date, generated over $15 million in sales.

The brand has been bootstrapped until recently and the funds raised via Birchal will be added to more than $1.2 million that has been raised or committed to by other investors.

Speaking to SmartCompany, Vinita and Dushyant said Bhumi’s goal for its Birchal campaign was “to not only raise capital but also to engage our community of supporters and advocates”.

Read more.

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