Entrepreneur

Nine startups that raised more than $1 million this week


Whole Kids

Whole Kids co-founders James and Monica Meldrum with their kids Chloe and Sam. Source: Whole Kids.

Between crypto news, and the employee share scheme shakeup and entrepreneurial awards, the startup funding has still been coming thick and fast this week.

The big ticket was Brisbane-based SimPRO’s $350 million cash injection, but startups in the travel, healthcare and fintech sectors were also raking it in.

Here are some of the Australian startups that raised more than $1 million in new funding this week.

SimPRO: $485.6 million

Okay so it may not strictly be a startup anymore, but Brisbane-based field Software-as-a-Service (SaaS) company SimPRO has raised $485.6 million (US$350 million) this week, from K1 Investment Management and existing investor Level Equity.

The business has already used some of the cash to acquire Aussie job management software platform AroFlo and US time-sheeting platform ClockShark. Now, it will be investing in building out its field services management software and scaling its global operations.

Open Markets Group: $17.8 million

Open Markets Group (OMG) has raised $17.8 million for its tech platform providing the infrastructure that connects both pros and retail traders to investment tools and advice.

The investment marks an extension of OMG’s pre-IPO round, as the leadership team predict continued growth in 2022.

At the same time, OMG has also announced an acquisition, upping its 40% stake in equities tech company Cannon Trading to 100%.

Till Payments: $15 million

Fintech Till Payments has added an extra $15 million to its Series C round, including $5 million from Afterpay-backed VC firm Touch Ventures.

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In a statement, chief executive Shadi Haddad said the startup and Touch Ventures “share an incredibly complementary ethos and a vision for the future that is undeniably aligned”.

The fresh backing brings the latest round to a whopping $125 million — funding that will fuel the startup’s expansion into the US, the UK and New Zealand.

Till-Payments-Shadi-Haddad

Till Payments chief executive Shadi Haddad. Source: supplied.

Fin-Pay: $10 million

In Brisbane, another fintech has raked in $10 million in a seed funding round. Fin-Pay is a unified payments platform designed to help small businesses aggregate payments across various payment methods, such as buy-now, pay-later, SMS, QR codes and digital currencies.

Already up and running in Australia and the Middle East, the business is now set to expand into the European and Asia-Pacific markets in the next 12 months.

Zipline: $6 million

Zipline has secured $6 million in funding for its tech using kiosks to automate visitor compliance in healthcare and aged care settings — something that has become particularly pertinent since the onset of the COVID-19 pandemic.

The business has seen 300% revenue growth, recording more than $5 million in annual recurring revenue in 2020.

This funding will be used to accelerate that growth further, particularly across the hospital network, and to double its workforce from 40 people to 80.

Zipline-founder-Michael-Momsen

Zipline founder Michael Momsen. Source: supplied.

Preezie: $5.5 million

E-commerce sales assistant startup Preezie has scored $5.5 million in Series A funding, with Touch Ventures and TEN13 contributing to the raise.

Founded back in 2017, Preezie started gaining traction after making a small tweak to its offering. Now it’s working with more than 100 merchants around the world, and has seen 500% revenue growth over the past 12 months.

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The new funding is pegged for extending that market reach, and tripling Preezie’s Australian team over the next year.

Preezie-founders-Quoc-Nguyen-Michael-Tutek-Luke-Milkovic

Preezie founders Quoc Nguyen, Michael Tutek and Luke Milkovic. Source: supplied.

Riparide: $4 million

Accommodation booking platform Riparide has raised $4 million from Macdoch Ventures and Upswell Ventures, as the travel sector starts to come back to life.

With a focus on embracing nature and serenity, Riparide offers weekend escapes that also focus on fulfilment. In fact, customers have recorded an average ‘fulfilment’ score of 95%.

Having seen 300% revenue growth, year-on-year, the startup is now going international, starting with its launch in New Zealand.

Midnight Health: $4 million

Health insurer Nib has taken a 50% stake in digital health startup Mindset Health, investing $4 million in the business.

Midnight Health’s Youly women’s health platform, launched in February this year, offers online access to the morning-after pill, contraceptive pills and thrush, sleep and HSV-2 treatments. The company’s men’s health offering, Stagger, also launched in August.

The funding will be used to launch new product verticals, and for investment into marketing and customer acquisition.

Whole Kids: $1.2 million

Aussie B Corp Whole Kids has closed its Birchal equity crowdfunding round, raising $1.2 million from 486 investors — more than 200% over its minimum target.

Having raised another $1.2 million last year, co-founders Monica and James Meldrum have grown the business considerably, ramping up sales in Coles and Woolies, as well as in New Zealand’s Countdown supermarkets.

Earlier this year, the business also secured a partnership with Pinkfong, the Korean creators of YouTube sensation Baby Shark, to launch a range of Baby Shark-branded products.

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