G'day and welcome to Overnight Success! A big shout-out to the 90 new subscribers who’ve joined since the last edition.

A couple of exciting announcements for you, our faithful readers…

Get ready to party - register to attend our 1st Birthday Drinks! 🥳️ 

On the 16th of June, we’re hosting two events simultaneously in Adelaide & Melbourne (the hometowns of Gem & Will), with the help of our friends at Stone & Chalk. Links to register below👇 

• Adelaide event

• Melbourne event

Referral program glow up ✨ 

There’s never been a better time to tell your mates about Overnight Success because we’ve just ~upgraded~ our rewards program to include even more goodies.

It’s our way of saying thank you for spreading the word and keeping us going! Remember: your referral link is at the bottom of this email. [We just ordered way more stubby holders than anyone could ever need - please help us give them new homes!]

Already on the referral train? Don’t worry, we see you. Your referral count remains intact, and we’ll send through any rewards you’ve earned very soon!

Headlines

• 🏦 Following the latest budget, the Accelerating Commercialisation Program, the Entrepreneurs Programme, the Growth Services & Innovation Connections programs have been closed.

  • The new Industry Growth Program will likely replace the programs, which has $392.4M available for SMEs & start-ups.

• 🍝 Mr Yum & me&u confirm merger talks are on the menu.

  • The talks follow me&u’s recent raise with both companies laying off some staff recently.

  • Both start-ups have similar products with slightly different strategies. me&u targets larger pub groups, while Mr Yum targets hospo venues of any size with a focus more on marketing & customer experience features.

1. Start-up Retro & Crowdfunding: Australia's start-up raises with a smidge of context.

2. Aussie Raisins: Start-ups currently looking to raise funds.

3. Wins: Highlighting wins, big and small.

4. Notice Board: Signposting key events and opportunities.

5. Vibe Check: Water-cooler-worthy happenings you might have missed.

6. Accredited Tweeters: Snippets from mostly Aussie start-up Twitter.

7. (KaaS) Knowledge as a Service: Resources that make you smarter. Or for you to share with co-workers to make them think you’re smart.

⚡️Start-up Retro⚡️

SpaceTech

Arlula blasts off with a $2.2M Seed round to democratise satellite imagery

Sydney-based Arlula, which aims to democratise access to Earth Observation (EO) data via its platform, has raised a $2.2M Seed round. The round was led by Main Sequence Ventures, with participation from Black Nova. Co-founded by Sebastian Chaoui and Arran Salerno, who have been familiar with space, Chaoui led Australia's first mission to the ISS with his previous start-up, Cuberider. Arlula provides access to an archive of satellite imagery and an API for on-demand data retrieval from multiple different satellites. The fresh funds will be invested in the Geostack Terra platform and drive revenue growth on Earth.

Arlula's mission is to make EO data widely available, with the aim to assist data-driven decision-making cheaper. The platform hosts over a decade's worth of satellite images that can allow users to go back in time and measure change. This allows a deeper understanding of diverse global phenomena, from environmental degradation to urbanisation. The SaaS business has clients across various industries, with many using the platform to monitor large remote assets like mines or pipelines to monitor for degradation.

Due Diligence: Business News Australia

Banking / FinTech

Constantinople lands record $32M Seed round to offer 'Bank in a Box'

Sydney-based Constantinople landed a record-breaking $32M Seed round last May (2022) to start a new category of software that aims to replace the entire backend of a client bank. Square Peg led the raise with participation from Airtree Ventures & Great Southern Bank. The raise is the largest-ever Seed round in Australia. The platform aims to replace the infrastructure and operational aspects of banks, including customer experience, operations, servicing and compliance. Currently, Constantinople's services cover both retail and business banking. Its platform supports a full suite of customer products, including mobile and web apps, transaction and savings accounts, payments, debit and credit cards, and a range of secured and unsecured lending products.

The main drawcard for many current or aspiring banks is Constantinople's ability to cover all regulatory expectations. Apparently, many Australian banks are looking to transition to the platform. Several major banks recently invested heavily in software engineers to upgrade their backend and offer new services.

Constantinople will only charge its SaaS fee once the bank is live in the market. The start-up's founders, Macgregor Duncan and Dianne Challeno, are former Westpac executives who hope that the bank’s savings will be passed onto customers, but shareholders are the likely winners.

Due Diligence: Square Peg Investment Notes, AirTree Investment Notes & AFR

HealthTech / Marketplace / NDIS

Kismet raises a $4M pre-Seed round to enable NDIS participants to utilise their funding

Melbourne-based healthcare platform, Kismet, has raised a $4M pre-Seed round to expand its platform & marketplace. Kismet helps National Disability Insurance Scheme (NDIS) participants connect with over 27,000 providers and better understand their funding allowance. The round was led by AirTree Ventures, with participation from Black Nova, Flying Fox, and AirTree co-founder Daniel Petre. Additionally, Kismet will be addressing fraud and non-compliance issues within the sector; a growing concern with massive federal budgets in play. The start-up was founded by a team with previous success at the childcare management software company Xplor which also navigated the compliance-heavy world of childcare subsidies. Xplor was sold to a private equity firm for ~$100 in 2020. The government is keen to reduce fraud within NDIS, a problem that could save billions. Kismet uses digital check-ins to ensure services are completed, and customers attend the session. Kismet will also be able to ensure clients are aware of any under-utilised budgets and take advantage of more services. The platform enables NDIS plan managers to get an in-depth view of services used by clients and ensure they are aware of any bookings.

Due Diligence: itWire & AFR 

AI / HealthTech

AI-enabled Eyetelligence enables expansion with a $17.75M raise

Melbourne-based health tech start-up Eyetelligence has raised $17.75M in funding from New York investor Ascertain. Eyetelligence employs advanced AI technology for retinal imaging, facilitating the early detection of eye diseases and other conditions impacting the microvascular system. Eyetelligence is already commercialised in Australia, New Zealand, Europe, and Japan. The start-up's technology, similar to New Zealand's Toku Eyes, allows for earlier diagnosis of common eye diseases such as diabetic retinopathy, macular degeneration, and glaucoma.

Interestingly, the funding signifies Ascertain's first international investment; the firm is a partnership between Aegis Ventures and Northwell Health. Eyetelligence plans to rebrand as Optain for the US launch with its non-invasive technology to diagnose quickly and affordably. Eyetelligence currently sells to clinics with retinal scanners. The platform, which was trained on over 200,000 images and has been peer-reviewed for validation, then generates clinical reports that can be referred to GPs.

Optain CEO Jeff Dunkel sees the technology as a significant driver in transitioning healthcare from reactive to proactive, emphasising the immediate impact potential in ophthalmology by widening access to preventable eye disease screening and diagnostics.

Due Diligence: Startup Daily

FinTech

Finspo lands $2.55M to help make home loan applications easier

Melbourne-based digital mortgage broker Finspo has raised $2.55M to scale its platform and improve the home loan application process. Finspo grew its portfolio by acquiring Melbourne-based Lanteri Partners. The funding will be used to expedite product development and expand the team of mortgage specialists in response to rising demand. The company's platform, aimed at assisting Australians to acquire and manage home loans effectively, has experienced a 60% average quarterly growth rate in settlements over the past five quarters. The founding team stresses that they're former bankers who can help customers save as they deeply understand the space - it's not just marketing hype as Finspo CEO Angus Gilfillan was the former head of Consumer Lending at NAB.

Finspo passes savings onto customers with an end-to-end digital experience that can reduce significant admin costs. The platform also aims to help customers save money throughout their loans' lifespan. Recent additions include a new application tracker, which creates a collaboration space between customer and broker and a safe space to ask questions and finesse the initial application.

Due Diligence: Brokernews

Carbon Accounting

FLINTpro closes $13.5M Series A to expand Carbon Accounting Business into the US

Canberra-based carbon accounting and land analysis firm FLINTpro has raised a $13.5M Series A. The round was led by Understorey Ventures, with participation from Pollination, Persei Venture, Ananta-OM, and Synovia Capital. The funding will be used to expand FLINTpro's presence in the North American market, expanding on their foothold, which includes the US Forest Service and Shell. FLINTpro's SaaS platform amalgamates diverse carbon measurements into a single visualisation tool, enabling clients to track emissions accurately, validate sustainability claims, and develop actionable land-use transformation plans. The platform integrates multiple data streams, offering simplified natural capital reporting for impacts on greenhouse gas emissions, biodiversity, water, and soil.

The company's CEO, Dr Rob Waterworth, believes the platform offers a comprehensive solution for organisations struggling with inconsistent emissions data. The funding has been described as a "step change" for the business as it balances capital management in the maturing carbon market.

Due Diligence: Business News Australia

The Volte raises $4M Series A to continue growing circular fashion platform

Sydney-based The Volte, a luxury fashion rental marketplace, has raised a $4M Series A led by eBay Ventures. The round also added a strategic commercial partnership with eBay, supporting eBay's focus on re-commerce (the resale of pre-owned goods). The Volte allows "lenders" to rent out their fashion items to others, promoting sustainable fashion practices.

The raise follows a significant growth spurt, with month-on-month bookings doubling in 2023 and over 70,000 dresses listed by 300,000 monthly active users. Often, a single popular dress can attract hundreds of rental requests from other users, but the average is 9. The funding will further The Volte's ambition to disrupt the $420 billion fast fashion industry by encouraging quality over quantity.

Due Diligence: Business News Australia

If you're a founder or investor who has just closed a round, please reach out to us at [email protected]

Aussie Raisins

• Updater, a home relocation services platform, which was previously listed on the ASX is raising US$60M at a significant down valuation of US$260M. (AFR)

  • The raise is to help pay for a lucrative contract with the US military known as the HomeSafe Alliance.

  • Updater must spend ~$50M to build the software to afford it.

• Ultra Violette, the luxury SPF viral sensation, is looking to raise its first round 4 years after launch to capitalise on global expansion opportunities. (AFR)

Wins

• Sicona🔋The Wollongong lithium battery start-up this week unveiled plans to develop a plant in Shellharbour worth $50-60M. (Illawarra Mercury)

  • While Australia is a world-leading lithium producer, there have been concerns about the number of battery start-ups leaving the country for more lucrative opportunities overseas, particularly in the growing EV industry. (Energy Matters)

• Boa ♣️ Launched this week, backed by Mark Bouris (Yellow Brick Road), with a mission to “build the largest network of business owners in the country.” (Business News Australia)

• Samsara Eco 🌱 The start-up that uses enzyme-based tech to recycle plastics, textiles and other materials has partnered with activewear brand Lululemon to develop the what they’re calling the world’s first infinitely recycled textile, from apparel waste. Samsara Eco raised a $54M Series A in November last year. (Tech Crunch)

Notice Board

• Startup Striders - an (almost) national running group for start-up enthusiasts

  • What started as a small running group based on Melbourne, has now grown to a 300-strong running club with outposts also in Sydney, Brisbane & Adelaide.

  • Keen on joining? You’ll find the Strava group here! Runs happen every Saturday morning.

  • Best suited to: People who like networking with a side of sweat

• Startup Victoria’s Sydney Soiree - 1st June📍Sydney

  • Why are Startup Victoria hosting an event in Sydney I hear you ask? Well you’ll just have to come along and find out! Register here.

  • Best suited to: Founders, Investors, Service Providers & Start-up enthusiasts

• Monash University’s Startup Sprint - applications closing soon!

  • This 5-week program supports early-stage founders with a validated start-up idea to accelerate with access to an Entrepreneur in Residence, co-working space & access to other start-up experts. Learn more & apply by Monday 29th May here.

  • Best suited to: VIC-based Founders

Have something to put on the Notice Board? We're always looking for upcoming events & opportunities across the Aussie start-up ecosystem. Reach out to [email protected] to add yours!

Vibe Check

There were some people called out for bad behaviour this week…and we’re here for it! 👏

• Skalata Ventures’ Investment Associate, Claire Bairstow, told of her abhorrent experience of being trolled online by an unnamed man after she was unable to lock in a time to meet with him within 48 hours. (LinkedIn Post)

• Andre Eikmeier, founder of Good Empire & co-founder of Vino Mofo, was quick to go on the record with some fundamental corrections following the release of an AFR article penned by journo Joe Aston. Aston has previously been criticised by many in the ecosystem and was involved in a high-profile defamation case for his treatment of Elaine Stead. (LinkedIn Post)

Accredited Tweeters

KaaS (Knowledge as a Service)

• Gemma’s Pick 💁‍♀️  Forget the Funnel: Customer-Led Growth eBook + Workbook

  • I’m obsessed with this and if you’re a founder or growth leader, you should be too. The concept of Customer-Led Growth shouldn’t be a game-changing idea, but the way the authors lay out the practical steps to doing this in practice, is truly awesome. The accompanying (free) workbook takes so much of the work out of implementing the theory. If you’re not ready to commit to the read, listen to this podcast with one of the founders first.

• Will’s Pick 💁‍♂️ This Australian Generative AI start-up map (Airtable) shared by Annie Liao from Aura Ventures.

  • The Generative AI space is moving incredibly quickly, so it’s great to get a very high-level understanding of what’s being created locally.

Have we missed something? Got some feedback? We love emails, so send one over!

• 🦤 Find us on Twitter: Overnight Success, Will, Gem

• 👔 Holler on LinkedIn: Overnight Success, Will, Gem

• 💌 Email

• 🚀 Want to work with us? Contact us via email to learn about our sponsor & partner opportunities.

‘Til next time,

👋 Will & Gem