Venture capital firm Right Click Capital has compiled the list of the 10 highest capital raises by Australian startups in 2017 for Business Insider.
Right Click Capital partner Ben Chong said that Australia saw 71 private investments and acquisitions in the year to June 30, racking up $564.1 million worth of deals.
That total amount is slightly down from the same time last year, with Chong attributing this to “more investments tipped into early-stage ventures” and predicting the overall dollar figure to stay lower for the rest of the year.
“This may shift in 2018 as startups begin to mature and require additional capital,” he said.
10. GreenSync raised $11.5 million
The federal government’s Clean Energy Finance Corporation directly tipped $5 million into the January capital raising round for this electricity grid tech startup. The January deal saw that matched by the Southern Cross Renewable Energy Fund, which the government also contributes to, alongside Softbank China Venture Capital. The remaining $1.5 million came from private investors.
9. Airwallex raised $17.4 million
The Melbourne payment fintech attracted some of the biggest names in the sector – like Mastercard, Sequoia Capital China and Tencent Holdings — for its blockbuster capital raising round in May. The startup is in the enviable position of having access to a licence in China to conduct international transactions – something that not even Western Union has been able to do.
8. Prospa raised $25 million
The online lender claimed in February that its $25 million funding round led by AirTree Ventures was the biggest fintech investment from a VC in Australia’s history. AirTree managing partner Craig Blair declared it the “coming of age of the fintech sector in Australia”, while Prospa co-founder and executive officer Beau Bertoli was good enough to tell Business Insider readers his three secrets to taking a startup to the top.
7. Deputy raised $US25 million
January’s series A was not just a landmark for the Sydney staff management software startup, but it was also the biggest single investment for US venture capital firm OpenView. OpenView managing director and now deputy board member, Daniel Demmer, said at the time that co-founders Steve Shelley and Ashik Ahmed had built “a truly extraordinary platform that automates a broken and manual workflow for hundreds of thousands of users around the world”.
6. Culture Amp raised $26.4 million
Californian firm Sapphire Ventures led the June series C round for the Melbourne human resources tech company, with the VC’s principal Kevin Diestel joining the startup’s board. Culture Amp founder and chief Didier Elzinga said at the time that the new money was a “validation of our vision”.
5. HealthEngine raised $26.7 million
The Perth medical booking tech firm said in April that it would use the series C funding to expand internationally. Sequoia India led the round, while Sydney’s Alium Capital, Go Capital, Carsales.com.au founder Greg Roebuck and the founders of e-commerce outfit Lux Group also chipped in.
4. Unlockd raised $30.7 million
The Melbourne mobile advertising tech startup secured the massive series B so that it could launch into new Asian markets – a continent that it has already had some success in. The company even lured the woman who set up Twitter’s Asia business, Aliza Knox, to do the same for its business that gives mobile users credit in return for viewing ads on lockscreens.
3. ROKT raised $34.5 million
The marketing tech startup initially revealed in February that it had secured $US15 million, but further investment saw it close its series B in June for $34.49 million. The firm, which counts eBay, Ticketmaster, Gumtree, Dominos, Emirates and Kogan as customers, is led by former Jetstar boss Bruce Buchanan.
2. Saluda Medical raised $53 million
The Sydney startup, which develops “closed-loop neuro-modulation” devices that relieve back pain, raised a massive series D thanks to new investor Action Potential Venture Capital, which led the round. The med tech company is creating “the first intelligent Evoke Spinal Cord Stimulator (SCS) System”, which uses the patient’s own “neural fingerprint” to automatically adjust the dose of electrical stimulation.
1. PEXA raised $64.7 million
Registry firm Link Group’s $64.7 million investment into online conveyancing provider PEXA is the highest capital raising round for an Australian startup this year. The deal made Link the second biggest owner after Macquarie Group, and valued PEXA at $779.5 million. PEXA chief Marcus Price told the AFR in June that the firm would look to IPO sometime between September this year and the same time in 2018, to give existing shareholders a chance to exit.
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