It’s public company reporting season, so there are plenty of tech firms posting their financial results this week. So today we have seven things you need to know:
1. Fintech startup Propspa is celebrating the closure of a $25 million funding round led by AirTree Ventures. The deal is the largest fintech VC funding investment in an Australian business, according to the booming startup. Read more on the small business lender and their plans for the new pile of money.
2. Freelancer posted a record result for 2016, growing revenue at the fastest rate since its IPO in 2013. Revenue rose 37% to $52.75 million while net loss was stemmed to $1.173 million, down from $2.8 million in 2015. Read more on the fortunes of the labour marketplace startup.
3. Kogan has boomed above expectations in its first year as a public company. The online retailer handed out a 3.9c per share dividend today, as well as upgrading the full year forecast, after the half year ending December saw a net profit of $3.7 million – double the previous year and smashing the prospectus forecast of $2.5 million. Read more here.
4. Just weeks after Telstra unveiled its Gigabit LTE network capable of 1Gbps, Optus has done the same. The telco announced that the Macquarie Park area in northern Sydney, where its headquarters is located, has become the first area for its 4.5G gigabit network to be lit up. The 10 square kilometre zone can now experience theoretical mobile internet speeds of up to 1.03Gbps. Read more here.
5. Vocus Communications showed off a 94.9% rise in net profit to $47 million for the half-year to December. Its acquisitions of M2 Group and Nextgen Networks multiplied its revenue five-fold to $886 million. Vocus has also increased its share of the NBN market to 7.8%, despite the entry of new competitors. Read more here.
6. Ford and Google have decided go without steering wheels and pedals in its driverless cars. And counter-intuitively, the reason is safety. Read more on the passenger behaviours Ford observed in testing that forced this move.
7. An online marketplace for surplus food has locked in $2.6 million of funding. Startup Smart reports that Yume, a platform for wholesalers, primary producers and manufacturers to flog off food products that are at risk of being dumped, attracted investment from the Fairfax and Myer families, Silver Chef owner Allan English plus other “high net worth individuals”.
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