Aussie Start-up & Venture Capital Recap - 27th August

G'day and welcome to Overnight Success, the weekly newsletter that levels you up on Aussie Start-ups.

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Headlines:

• 🍲Mr Yum reduces team size by 17% (40 positions) following an admission they grew too quickly. (Start-up Daily)

  • Mr Yum raised $89M in November 2021 from Tiger Global in Australia’s 3rd largest Series A.

• 🖥️ Google fined $60M by the ACCC for misleading Australian consumers on data collection. (Tech Crunch)

• 👋 The Australian (who loves lists) listed 5 up-and-coming Aussie VC firms to watch. The list is a mix of syndicate groups and newer traditional Venture firms: (The Australian)

  • TL:DR

    • AfterWork Ventures

    • Galileo

    • Archangel Investors

    • Folklore Ventures

    • Side Stage Ventures

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

2. Accredited Tweeters: Snippets from Twitter!

3. (KaaS) Knowledge as a Services: Articles to make you smarter. Or share with co-workers to make them think you’re smart.

Start-up Retro!

FinTech

💳 Hello Clever

News: HelloClever, the newest payment gateway that rewards customers with discounts, has raised a $4.5M Seed round. The round included a mix of investors, with a big focus of attracted international money. The round was led by Vectr Fintech Partners with help from CrossFund, Yolo Investments, Magniviaventures, SonTech Ventures, Boson Ventures and a few notable angels. The app is an alternative to BNPL systems and is self-described as “buy-to-earn”. A customer will get instant cashback on purchases and then the app helps users track their spending. Cashbacks can be withdrawn instantly or sent to a friend to cover the last round. Hello Clever has grown to 30,000 active users and over 1,000 retailers. A key takeaway from this capital raise, which can be considered pretty clever, is the focus on international funding. The founders will hope to leverage these networks soon for international expansion.

Read more about it: (Start-up daily)

Food Supply & Blockcain

🍖 Lumachain

News: A potential solution to food supply shortages and misinformation which utilises AI and the Blockchain, has raised $38.3M. US-based Bessemer Venture Partners led the round. The Solamlian founder, Jamilia Gordon has a fascinating personal story. It includes fleeing a civil war to becoming the CIO of Qantas. She used knowledge from building the Qantas spare parts tracking system to help develop Lumachain. Gordon relies on AI, Blockchain, smart devices and IoT systems to track a cut of meat back to the animal. While those buzzwords may sound cliche - Gordan is onto something. The first capital into the business came from CSIRO’s innovation fund, Main Sequence Ventres. Lumachain will focus on meat markets and looks to ensure better safety, yield, efficiency, quality and traceability across the supply chain. Potential customers include:

Read more about it: (global news wire)

EdTech

🚗Intellischool

News: In a round led by Sydney VC EVP, Edtech platform Intellischool has raised a $3.3M round. Intellischool looks to give teachers and parents a more informed summation of student performance and well-being. The platform sits across a fragmented market and hopes to provide one source of truth about a student's performance. Currently, a school tech stack can span over a dozen software programs which makes it hard for teachers to receive data and insights for the student's benefit. Intellischool has received great feedback from teachers and schools. The cash will be used to aid growth into new schools with targets set for international schools.

Read more about it: (Start-up daily)

Accredited Tweeters

(KaaS) Knowledge as a Service

• Make Better Surveys. Honestly, this is the most un-inspirational video ever shared by overnight success but well worth watching if you ever need feedback from customers..

• Check out our deep dive into Earlywork here. It's a long-form article that dives into the powers of Earlywork owning the next gen of aussie founders. Worth a read!

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