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Funding

Runway May 24: The 7 startups revealing venture raises this week

- May 24, 2024 2 MIN READ
Sam McConkey and Cale Donovan
Bare cofounders Sam McConkey and Cale Donovan
Welcome to Runway, Startup Daily’s weekly round up of capital raising in the ANZ startup ecosystem.

This week it’s also worth noting a VC banking big bucks with LaunchVic investing $900,000 in Paul Little’s early-stage fund Skalata to back around 30 new Victorian startups.

Meanwhile, here’s who banked

Bare Funerals

Founded Perth, 2019

Doing

Friends Cale Donovan and Sam McConkey set out to bring affordability, innovation and flexibility to funerals

Banked

$1 million in media-for-equity deal

Investors

Scaleup Mediafund (a media consortium that includes News Corp, Nova Foxtel and oOh Media!)

For

Marketing – the startup now has a $1m ad budget to play with.

Previous rounds

$10 million Series A in mid-2022 and $15m in total. Investors include OIF, Athletic Ventures, Who Gives A Crap founder Simon Griffiths and former basketballer Andrew Bogut.
More about it here.

Humii

Founded Wollongong, 2021

Andy Evans and Mareile Osthus

Humii cofounders Andy Evans and Mareile Osthus

Doing

Cofounded by former Deloitte director Andy Evans and Mareile Osthus, ex The Iconic, Humii brings mystery shopping to online retail to give ecommerce companies insights and feedback on the customer experience.

Banked

$300,000

Investors

Skalata

For

To expand the platform’s offering and engage with more retailers and brands.

More about it here.

WeMoney

Founded Perth, 2020

Doing

Fintech for Gen Z and Millennials using Open Banking to help them reduce debt and improve financial wellbeing

Banked

$3 million, with plans for $10m raise flagged

Investors
The fintech said “from existing investors”. Previous backers include Perth billionaire Laurence Escalante and US VC Dream Ventures, WA’s Betterlabs and Full Circle VC.

For

For growth, having recently signed a partnership deal to offer Mastercard’s Open Banking Solutions to its customers.

Previous rounds

$7 million in June 2022, and a $2.5 million Seed raise in late 2020 at launch.

CLT Toolbox

Founded Melbourne, 2022

Doing

The proptech startup built software for structural engineers in the construction industry to design using cross-laminated (ie manufactured) timber products, which have lower carbon footprints.

Banked

$1 million bridge round

Investors
Giant Leap, Archangel Ventures, Adrian Hondros, Ecotone Ventures and Harrison Rose.

For

International expansion into Europe and the US and design software improvements.

Previous rounds

A $1.5 million Seed round in October 2023, valuing the business at $8.5m.

Clean Slate Clinic

Founded Sydney, 2020

Doing
A telehealth startup offering a $3500 12-month program to detox from alcohol, as well as cannabis, at home.

Banked

$1.6 million Seed round, its first external raise

Investors
Snow Foundation, Australian Medical Angels, Scale Investors, Modibodi founder Kristy Chong, Chum Darvall, and Roger Allen

For
Developing new methods of home-based withdrawal and recovery models to deal with other drugs.

SpatialGPT

Founded Melbourne, 2024

Doing

Generative AI across several technologies, including 3D startup Jigspace, to help organisations transform how spaces are constructed, managed, and used.

Banked

$5.1 million

Investors
InnovateGPT, AI venture studio

For

Construction industry, offering a suite of AI-powered copilot solutions to optimise construction workflows. It will then expand into education, healthcare and retail to address how spatial environments in those industries are used.

Great Wrap

Great Wrap founders Jordy and Julie Kay

Founded Melbourne, 2019.

Doing

Victorian-based compostable stretch wrap made from potato waste as a plastic alternative for food and pallet wrapping.

Banked

$5 million in debt, equity and government funding

Investors
New: Australian Open winner Aryna Sabalenka, RCV Partners + $2.5m from the Belgian govt

Follow on from: Barrel Ventures, Platinum Mile,Thomas Foods, Giant Leap & Startmate

For

Scaling up sales having signed a new distribution deal.

Previous rounds

$11 million Series A in July 2022