Quantum computing to quesadillas: 2024’s biggest capital raises
It was a tough yr for a lot of Australian startups, as traders turned their consideration to worthwhile companies and positive bets in an unsure financial surroundings.
However some homegrown ventures nonetheless landed main funding offers, serving to them develop quantum computing options, insurance coverage know-how, and in a single occasion, burritos.
Listed below are the highest capital raises of the yr, ranked by greenback worth.
1. PsiQuantum
Quantity raised: $940 million
When? April
In a troublesome surroundings for enterprise funding, one startup stood out: PsiQuantum, which secured a mixed $940 million funding from the federal and Queensland governments.
Based by Australian physicists Jeremy O’Brien and Terry Rudolph, together with Dr Peter Shadbolt and professor Mark Thompson, PsiQuantum has a easy purpose: creating the primary “helpful” quantum computer systems.
In fact, finishing that activity is less complicated mentioned than performed. The federal government funding will help in that purpose — and hopefully carry a few of the financial advantages of quantum computing to Queensland, the place PsiQuantum will set up its regional HQ.
The funding is projected to end in 400 new native jobs, on prime of the 280 positions present positions throughout the Silicon Valley-based enterprise.
2. Guzman y Gomez
Quantity raised: $335 million
When? June
Spherical: IPO
Sydney-born restaurant chain Guzman y Gomez raised $335.1 million in its June ASX IPO, a powerful end result for the Tex-Mex slingers.
That on the spot pop noticed Guzman y Gomez soar to a $3 billion valuation shortly after hitting the bourse.
Quantity raised: As much as $300 million
When? June
Monetary companies firm Betashares notched the #3 spot with an invesment valued at as much as $300 million, contributed by Singapore’s Temasek.
Betashares is a well-liked retail funding platform providing Australians entry to ETFs and shares traded throughout the ASX.
It counted $38 billion in funds beneath administration in June, and moved into the superannuation sector in August by way of the acquisition of Bendigo Tremendous.
The deal will help Betashares because it expands into worldwide monetary companies markets, and grows the record of services and products it gives to purchasers.
4. Hysata
Quantity raised: $172 million
When? Might
Spherical: Sequence B
Hysata is creating electrolyser know-how that effectively converts water to ‘inexperienced’ hydrogen, a substitute for pure fuel and fossil gas sources.
The Wollongong-based startup argues vitality consumption is the principle bottleneck stopping even higher ‘inexperienced’ hydrogen manufacturing, and that its answer is less expensive than present choices.
That imaginative and prescient satisfied the traders, led by bp’s enterprise arm, to speculate closely into Hysata by way of its US$111 million Sequence B spherical.
5. Bugcrowd
Quantity raised: $156 million
When? February
Spherical: Sequence E
Bugcrowd takes a novel strategy to cybersecurity: it grants companies entry to a community of trusted, moral hackers, who stress-test their digital methods and report vulnerabilities.
The 12-year-old enterprise, based in Sydney, secured a $156 million Sequence E spherical led by American traders Basic Catalyst, Costanoa, and Rally Ventures.
Chatting with SmartCompany on the time, CEO Dave Gerry mentioned growing cybersecurity threats imply prospects are spending large on its companies.
“Prospects are spending greater than they ever have,” he mentioned.
“They’re including to their packages.
“And I feel for us, it’s a sign that they’re really getting the worth that we predict we’re offering.”
6. Fleet Area Applied sciences
Quantity raised: $150 million
When? December
Spherical: Sequence D
Fleet Space Technologies was in full flight this December, reserving a $150 million Sequence D funding spherical to help its forward-thinking satellite tv for pc methods.
The startup’s ExoSphere system intends to make use of satellites for 3D subsurface imaging, with the purpose of creating mineral prospecting extra environment friendly.
Fleet Area Applied sciences states the correct identification and extraction of crucial mineral deposits will probably be important for the online zero transition.
The newest spherical was led by Lecturers’ Enterprise Development, with contributions from present traders Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Enterprise Companions, and Alumni Ventures.
7. Cowl Genius
Quantity raised: $120 million
When? Might
Spherical: Sequence E
Former Smart50 winner Cover Genius is an insurance coverage know-how unicorn, permitting international manufacturers like Uber, eBay, and Ryanair the flexibility to supply insurance coverage to their very own prospects.
Based in Sydney and now based mostly in New York, Cowl Genius successfully celebrated 10 years of operation with a $120 million Sequence E spherical.
It was led by VC Spark Capital, with contributions from present traders Daybreak Capital, King River Capital and G Squared.
8. Honey Insurance coverage
Quantity raised: $108 million
When? April
Spherical: Sequence A
Insurance coverage startups go back-to-back on the highest ten record for 2024, with Honey Insurance securing a $108 million Sequence A spherical in April.
Honey Insurance coverage makes use of a mix of in-home good sensors, satellite tv for pc imaging, and synthetic intelligence to create insurance policy that transcend typical set-and-forget insurance policies.
The startup’s purpose is to create personalised insurance policy that reward policyholders extra successfully once they cut back their danger profile.
The spherical was one of many largest Sequence A investments booked by a neighborhood tech firm.
9. HammerTech
Quantity raised: $105 million
When? July
Spherical: Sequence B
HammerTech, a startup providing compliance and security monitoring methods for building companies, raised $105 million this July in a Sequence B spherical.
The startup says its platform permits companies to transcend historic damage and incident experiences, in favour of dashboards that present proactive knowledge on employee coaching and compliance checks.
Its platform has been utilized in greater than 20,000 initiatives worldwide, with greater than 3.6 million employees inducted by way of HammerTech so far.
US-based Riverwood Capital led the increase.
10. Samsara Eco
Quantity raised: $100 million
When? June
Spherical: Sequence A extension
Recycling pioneers Samsara Eco landed a $100 million Sequence A extension, supporting its improvement of enzymes able to chewing by way of essentially the most cussed plastics.
Samsara Eco’s patented system is targeted on plastics like nylon 6,6 and polyester, each of that are present in family items and clothes objects.
The issue is these plastics typically find yourself in landfill; Samsara Eco’s methods flip these plastics into supplies able to getting used within the creation of recent plastics.
Present investor Temasek, the Singapore-owned funding agency, led the increase, with additional contributions from Important Sequence, backed by Australia’s personal CSIRO.
Different new and returning traders included Wollemi Capital, Hitachi Ventures, Titanium Ventures, activewear large Lululemon and DCVC.
11. Q-CTRL
Quantity raised: $86.3 million
When? October
Spherical: Sequence B extension
Q-CTRL helps the quantum computing sector by creating software program enabling these pioneers to get essentially the most out of cutting-edge know-how.
Its $86.3 million Sequence B extension introduced the general worth of that funding spherical to $166 million.
SmartCompany‘s personal Tegan Jones spoke with Q-CTRL CEO Michael Biercuk concerning the increase and the way it will energy the startup; you’ll be able to learn extra here.
12. SafetyCulture
Quantity raised: $75 million
When? September
Office compliance platform (and HammerTech competitor) SafetyCulture secured $75 million in recent funding this September.
It was led by Airtree Ventures, marking the most important single preliminary funding within the VC agency’s historical past.
Earlier traders Blackbird and Morpheus Ventures additionally chipped in, and Hostplus and HESTA made their very own contributions.
Chatting with SmartCompany, founder Luke Anear mentioned the funding will assist SafetyCulture construct options for multinational enterprises and take into account the usage of AI inside its methods.
The deal affirmed SafetyCulture’s valuation at $2.5 billion.
By no means miss a narrative: signal as much as SmartCompany’s free daily newsletter and discover our greatest tales on LinkedIn.
