Atlassian co-founder Mike Cannon-Brookes has backed Sydney-based fintech startup Brighte, leading the way in a $4 million Series A funding round through his private investment company Grok Ventures.
Former Macquarie manager Katherine McConnell left the bank in 2016 to become the first female founder of a lending business in Australia. She self-funded her start-up, effectively becoming micro-banker for home improvements, with a focus on energy efficiency.
Brighte uses a smartphone app to approve on-the-spot finance for home improvements such as solar panels, home batteries, and even roofing from approved vendors via unsecured zero interest finance agreements.
The business is just 10 months old but already has more than 1000 customers with an average loan size of $10,000.
The latest $4 million investment follows a $3.5 million seed funding round last year.
Cannon-Brookes sees McConnell’s as a way to transform household energy using solar and batteries.
“Brighte is a fantastic way for Australians to get the latest renewable energy innovations into their home,” Cannon-Brookes said.
“Australia is one of the sunniest countries on the planet – it’s a no-brainer that we can lead the charge globally on clean, affordable energy and Brighte is a great way to help make that happen.”
McConnell says the funds will be used to build the team and further develop the platform.
“Having an investor of the calibre of Mike Cannon-Brookes is a gear-change for Brighte and will mean we can accelerate making it easier for Australians to make their homes more energy efficient,” she said.