It has been a notable week for VC funding, though not quite as significant as the previous one. It is pleasing to note that more female founders have secured funding, including Butter, an insurance tech platform, and Sortd, an online shopping disruptor.
However, despite this progress, the latest Cut Through Venture newsletter suggests that there is still a long way to go. In November, 44 deals were closed, totaling $638 million, which we have covered in our weekly funding reviews. Unfortunately, only 8% of these investments went to female founders, with their overall participation in the deals reaching just 25%.
This is especially disappointing considering that November was the strongest month for Australian investments since Q1. Let’s hope that upcoming figures will show greater diversity.
Butter Secures $1.3 Million in Funding
Butter, an insurance tech startup, aims to revolutionize the industry by making it more engaging and accessible to young Australians. Recently, the company secured $1.3 million in pre-seed funding, with Flying Fox VC, Quokka Ventures, and FB10X adVentures leading the way.
With the fresh funding, Butter plans to launch its platform before Christmas, using some of the capital.
Sortd Raises $1.26 Million in Funding
Antler, along with private investors including Darryl Garber of ELMO Software, has invested $1.26 million in Sortd, a female-founded business.
Sortd has created a platform that enables users to save and compare online shopping items from a single portal, avoiding the need to open multiple tabs, a common frustration for many shoppers.
Vaxxas Secures $34 Million in Funding
Vaxxas, a biotech firm that developed a needle-free vaccine platform, raised an impressive $34 million, making it the most significant funding round of the week.
Existing investors OneVentures and UniQuest Pty Ltd led the funding round, with participation from new investors from the Vaxxas board of directors and management team, as well as a group of individual angel investors.
The funds raised will finance clinical programs, including a needle-free COVID-19 vaccine trial, and support the company’s first manufacturing lines and early commercial production.
Apromore Raises $15.8 Million in Funding
Apromore, a software startup originating from Melbourne University, has successfully raised $15.8 million, led by Salesforce and GBTEC.
The company uses process mining technology to help businesses optimize and streamline their internal processes. With the new funding, Apromore plans to expand its operations globally and invest in product development to further improve its offerings.
Zetifi Secures $12 Million in Funding
Zetifi, a connectivity startup based in Wagga Wagga, has raised $12 million in Series A funding, with Telstra and Graincorp as lead investors.
The company plans to use a portion of the funds to increase its headcount to meet growing demand. Additionally, Zetifi is considering expanding its operations into the United States and Canada.
Trendspek Raises $6.3 Million in Funding
Trendspek, an infrastructure monitoring startup, has successfully raised $6.3 million in Series A funding led by Taronga Ventures, with participation from Firemark Ventures.
The company uses drone technology to create detailed 3D models for real estate and asset inspections. With the new funding, Trendspek plans to expand its team and support global growth.
Operative Intelligence Raises $5 Million in Funding
Operative Intelligence, a customer service AI platform, has raised $5 million in seed funding led by Bonfire Ventures, with participation from Wonder Ventures.
The company’s AI platform helps customer service professionals resolve customer issues and improve the overall customer experience. The funding will be used to further develop the platform and expand the company’s reach.
Additive Assurance raises $4.1 million in funding
Additive Assurance secures $4.1 million in funding, with SCV leading the round and Hostplus participating. The Melbourne-based quality assurance startup will use the funds to establish a QA centre in its headquarters, expand its team globally, and support its growth strategies. Additive Assurance’s focus is on QA for additive manufacturing. Existing shareholders IP Group Australia and Monash Investment Holdings also participated in the funding round.
FORMM secures $600,000 in funding
The digital consulting firm FORMM has raised $600,000 in pre-seed funding from individual angel investors. The company aims to assist small and medium-sized enterprises (SMEs) in exploring and expanding their digital capabilities using a startup mindset to improve their business. Currently, FORMM is actively recruiting to expand its team.
Loving Earth secures $485,000 through Birchal crowdfunding platform
Melbourne-based food and beverage startup Loving Earth has raised $485,000 through individual investors on Birchal. The family-owned and operated ethical plant-based chocolate maker deals directly with its organic cacao farmers, paying them an above-fair trade price. Loving Earth’s chocolate is not only 100% natural but also vegan, gluten-free, sugar cane-free, soy-free, and produced in a solar-powered factory. The startup will use the funds to continue its mission of creating sustainable and ethical products while expanding its market reach.