💌 Aussie Startup & VC Summary | 26th April, 2025

G’day and welcome to your weekly edition of Overnight Success - your download on all the important things that have happened in the Aussie startup ecosystem. 🚀 

I’ll be at Sunrise this week! If you’re heading in, feel free to reach out to say hello!

👀 Headlines 👀 

📌 Coalition pledges to double the ESVCLP thresholds to stimulate VC investment, while Fintech Australia calls for clarity on ESVCLP eligibility (Smart Company)

• If elected, the Liberal Party plans to expand the Early‑Stage Venture Capital Limited Partnerships (ESVCLP) scheme, raising the eligible company asset cap from $50 million to $100 million and the VCLP cap from $250 million to $500 million. The changes are designed to stimulate domestic VC investment.

• The Coalition also aims to index ESVCLP and VCLP thresholds, ensuring their relevance over time..

• Even with these proposed changes, FinTechs still largely remain ineligible for ESVCLP eligibility due to vague restrictions on financial services activities, such as lending and insurance.

• FinTech Australia CEO Rehan D’Almeida penned an open letter with over 100 signatures, urging both major parties to clarify ESVCLP eligibility and support fintech innovation. The letter stated that such reforms benefit the broader economy and should transcend party lines.

🧼 Square Peg backed Zero Co to shut down while solvent after failing to find a path to profitability (Startup Daily, AFR)

• The refillable cleaning products startup, backed by Square Peg and nearly 4,000 crowd funding investors, will shut down after six years in operation. In total, Zero Co raised over $13M in funding. 

• Despite early traction and high-profile backing, the business struggled to scale sustainably, with product issues compounding in its final year.

• The ForeverFill packaging, a paper-based system launched in 2023, led to product failures and refunds, ultimately derailing a hoped-for turnaround. The business remains solvent and will return the remaining funds to shareholders, with support from major investors.

• Founder Mike Smith says he will keep working toward removing one billion plastic bottles from oceans globally.

🤝 StrongRoom AI nears sale as debt transferred to another entrepreneur (Capital Brief)

• Most of StrongRoom AI’s secured debt has been acquired by entrepreneur Joe Zhou, whose pharmacy tech businesses could benefit from a strategic acquisition.

• To summarise for those who have been living under a rock, the startup was placed into administration after investor EVP accused the founders of misrepresenting finances, including counting grants and share payments as revenue.

• One week, StrongRoom AI was valued at $70 million; the next, it was losing $ 800,000 a month. Despite claiming profitability and $8 million in ARR, StrongRoom reportedly had a severe cash burn, forcing staff cuts and a rushed sale.

• Nich Burch, Director of Burch & Co, wrote about the saga from a legal perspective and what founders should take away from it. (Startup Daily)

⚡️ Startup Retro ⚡️

Superpower raises $47M Series A at $300M valuation for subscription-based health application

Founders: Max Marchione, Jacob Peters and Kevin Unkrich

Superpower, the San Francisco-based Health Tech company with an Australian co-founder, recently secured a $47 million Series A funding round, led by Forerunner Ventures, which elevated its valuation to over $300 million. ​Others in the Series A round include Day One Ventures, Opal Ventures, Valia Ventures, Visible Ventures and Winklevoss Capital. 

The startup also has a slew of notable angel investors, including Evan Moore, the co-founder of DoorDash, who invested in the pre-seed. Celebrities getting involved in the series A include Vanessa Hudgens, Steve Aoki, Logan Paul and Giannis Antetokounmpo. 

Founded in 2023 by Jacob Peters, Max Marchione, and Kevin Unkrich, each with personal stories of medical system failures. Superpower combines lab data with medical records, wearables, and genetics. It uses AI to offer users personalised health insights, action plans, and concierge-style care through a hybrid team of doctors and AI. The startup markets they have 150,000 people signed up for a waitlist.

In January of this year, Superpower acquired Feminade, a digital health startup that helps women optimise their hormone health. Feminade offered a urine hormone profile mapping and a doctor's consultation. 

Superpower offers a subscription-based "health super app" priced at $499 per year. The service provides users with biannual comprehensive blood tests, analysed for various health biomarkers. Based on these analyses, users receive personalised health insights and recommendations, aiming to promote longevity and proactive health management. ​ The platform also includes health scores, such as "Biological Age," access to a healthcare marketplace, and optional advanced testing, including microbiome analysis and Grail cancer screening. 

Due Diligence: AFR, Forbes, TechCrunch

WeMoney lands $12M Series A at $100M valuation to help consumers pay down debt faster

Founder: Dan Jovevski

Perth-based fintech WeMoney has secured $12 million in Series A funding, valuing the company at $100 million and setting the stage for a potential ASX listing within two to three years. The round was led by Lance East Office, the family office of Virtual Gaming Worlds founder Laurence Escalante, with participation from Mastercard, BetterLabs, Dorado Capital, and Eastcourt Capital. WeMoney also 

Founded in 2020 by Dan Jovevski, WeMoney offers a financial wellness platform that enables users to track spending, monitor credit scores, and compare financial products. The company plans to enhance its AI-driven tools, including the BrightMatch platform, which facilitates seamless switching between financial products.​

WeMoney has also partnered with Google Cloud to develop “WeMo,” an AI-powered credit health assistant designed to provide personalised credit insights. With over 80,000 monthly active users, the platform claims to help customers save an average of $333 per month by identifying better financial products.​

With the fresh capital, the company aims to expand into Southeast Asia, New Zealand, and other regions with developing open banking frameworks while it eye’s up a listing on the ASX. WeMoney has received multiple accolades, including the People’s Choice Award for Fintech Organisation of the Year at the 2024 Finnies

Due Diligence: AFR, FinExtra

🔦 Inhouse Ventures Community Spotlight 🔦

• Connect with Danielle in fundraising mode at Threadicated

• Connect with Olly in scale mode at Fingertip

• Connect with Allen in investing mode at EVP

💸 New Fund, Who’s this? 💸

❤️‍🩹 Bupa Ventures $20M healthcare venture fund gets active and announces three investments. 

• Bupa Ventures has allocated approximately $2.2 million to three innovative health-tech startups: Umps Health, Vively Health, and Eugene Labs. These investments aim to support the development of preventative healthcare models that enable better health outcomes.

• Umps Health is developing smart home technology that uses sensors and AI to monitor the well-being of older adults, promoting independence and safety at home. Their platform, Umps Link, provides real-time insights and connects users to emergency response services when needed. 

• Vively Health is building a metabolic health platform that utilises continuous glucose monitoring (CGM), wearables, and expert coaching to provide users with real-time insights into how their lifestyle choices affect glucose levels, aiding in personalised health management. 

• Eugene Labs provides at-home, medical-grade genetic testing and counselling services, enabling individuals to understand their genetic risks for various health conditions, including reproductive and preventive health concerns, facilitating informed healthcare decisions.

💰️ Wins 💰️ 

🥤 Two Aussie startups named in PepsiCo’s 2025 Greenhouse Accelerator APAC cohort (Startup Daily)

• Brisbane-based Endua (green hydrogen) and Sydney’s Calyx.eco (supply chain impact data) join PepsiCo’s sustainability-focused accelerator.

• Each of the 10 finalists receives AUD 31,542, with access to PepsiCo’s expert network and potential to win an additional AUD 157,000.

• Australia and New Zealand had the second-highest number of applications regionally; however, China dominates the finalists, with five companies reaching the final.  Since launch, GHAC has supported 112 companies, delivered 16 pilots across APAC, and helped most startups secure follow-on funding.

☀️ The Queensland government is offering grants of up to $200,000 for startups through its Ignite Ideas Fund and Ignite Spark Program to help bring products to market. (Startup Daily)

👀 Presien’s AI vision product wins the Technology and Innovation Award at the 2024 QMCA Innovation and Excellence Awards for their product, Blindsight. 

• ​Presien specialises in AI vision systems designed to enhance safety and productivity in heavy industries such as construction, mining, and manufacturing. Founded in 2019 as a spin-out from engineering firm Laing O’Rourke, Presien has developed technologies that integrate seamlessly with existing machinery and infrastructure to provide real-time hazard detection and operational insights.​

• Their flagship product, Blindsight, is an AI-powered safety system that detects and alerts operators to potential hazards, such as people or objects in blind spots, without the need for wearable tags or markers

🧑‍⚕️Ed Husic announced a $65M SMART CRC launched to boost regenerative therapy manufacturing (AU Manufacturing)

• The University of Queensland-led centre received $65M to address manufacturing challenges in regenerative medicine. It aims to fill technical gaps and scale next-gen therapies, backed by 63 industry and research partners.

• The CRC is expected to create 1,500 skilled jobs and accelerate the commercialisation of new treatments. In total, $4.5B economic value is forecast to be generated off the back of 

• As part of this announcement, two other CRCS, the Care Economy ($35M) and Additive Manufacturing ($58M) CRC, were also announced.

• For anyone wondering, the CRCS, or Cooperative Research Centres, are Australian Government initiatives established in 1990 to foster industry-led collaborations between businesses, researchers, and the community. Their primary aim is to enhance the competitiveness, productivity, and sustainability of Australian industries by addressing industry-identified problems through collaborative research efforts.

👀 Curated Opinions 👀

🚀 Why Australia’s space sector deserves your vote this election by Professor Andy Koronios (Innovation Aus)

• Professor Andy Koronios, CEO of SmartSat CRC, argues that investing in Australia’s space sector should be a top election priority due to its critical role in national security, economic growth, and technological sovereignty. 

• He presents a case for bipartisan support and long-term strategic investment in the space industry, warning that continued reliance on foreign satellite infrastructure leaves Australia dangerously exposed in a volatile geopolitical climate.

• The main arguments centre on sovereign space capability. Australia relies heavily on foreign satellites for defence, weather, emergency management, and communications. Recent foreign military activity undetected by satellites highlights our blind spots. 

• Additionally, a robust local space industry would drive high-value job creation, innovation, and economic resilience, contributing to a global sector projected to reach $1.8 trillion by 2035.

📆 Notice Board 📆 

👯‍♀️ Applications are open for the next Press Play, a 12-week, equity-free accelerator for women transitioning from corporate Australia to becoming a founder.

• Who should apply? Women across Australia (plus their co-founders) who are transitioning to entrepreneurship. 

• Heads up! There are 20 Scholarships available with an 85% discount, so make sure you apply for one. 

• Applications close 15 May 2025; Cohort runs from 1 August to 15 November 2025. 👉 Apply now to secure your spot. Make sure you mention Overnight Success in your application as the referring site.

🧑‍💼 The Business Show World Series is coming to Australia for the first time on 5–6 November at ICC Sydney.

• Designed to empower entrepreneurs to launch and grow their businesses, the show is free for guests to attend.

• The event is designed for small and medium-sized businesses and individuals looking to start or grow their own startup. It will offer opportunities for networking and knowledge-sharing among entrepreneurs and business professionals. A no-brainer if you’re startup is focused on SMES.

• You can register for a free ticket or get involved with a stall here.

The best place to find upcoming events to attend and promote any events you’re hosting is the ANZ Startup Events Calendar.

Would you like to promote an event or an opportunity? Enquire about a Notice Board promotion here.

🧠 KaaS (Knowledge as a Service)

Will’s Pick 💁‍♂️ What Founders Can Do To Improve Their Design Game (w/ Raphael Schaad)

A must-watch for any founder who wants their product to feel as good as it functions. Taking a look at the Superpower raise, it’s pretty obvious how important good design can be. In this conversation with the designer-turned-founder of Cron (now Notion Calendar), you'll learn:

• Why design isn’t just about aesthetics — it’s how your product works and feels.

• How developing "taste" in design can be your secret weapon as a founder.

• Why sketching is underrated and how it speeds up the idea-to-product flow.

• Tactical advice for non-designers to become more design-minded.

• Why startups that invest in design early have a huge edge, especially in the AI era.

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‘Til next time,

👋 Will

🔨 Tool Box 🔧 

We’re often asked for recommendations for tools, agencies, and evening upskilling opportunities. We’ve contacted a few of our favourite tools and people and secured some discounts for you! Our community.