While the rocket didn’t reach space, the 14-second test flight marked a giant leap for our sovereign space capability and a major milestone in Gilmour’s mission. You can watch the official launch video here, which was filmed by official Gimour cameras close to the launch. 

The 23m tall Eris, crashed just 14 seconds after liftoff from Gilmour Space’s pad in Bowen, QLD, due to suspected engine failure.

Despite the explosive ending, CEO Adam Gilmour called it a success, noting the rocket cleared the pad, and key systems like propulsion and guidance worked, a significant milestone after years of battling regulatory delays.

Backers of the company include Blackbird, Main Sequence, HESTA, and Hostplus. Investors say the company is on track to raise another $100–150 million, aiming to lift its valuation from $605M to $1B post-launch.

The launch validated significant parts of its tech stack. A second, upgraded rocket is already in production, with the next launch expected in 6–8 months.

It’s fair to say high-growth design companies are being received well by the market. No doubt, shareholders and investors will be disappointed by the money left on the table in Figma’s IPO. Regardless, it’s an excellent sign for investor appetite for other technology companies looking to list soon. 

Canva's latest numbers reveal revenue jumped 50% in a year, with annualised revenue now at US$3.3 billion. The company has 240 million users, with 26 million paid, and is reportedly profitable, and has been for multiple years. According to this Capital Brief article, paying customers and annual recurring revenue have grown 10% in just the last 6 weeks alone. 

In comparison, Figma’s market value at the close of the first day of trading is USD $56.3 billion, with revenue for FY 2024 reported as USD $749M. Q1 revenue in 2025 is reportedly $228, giving a projected revenue of $912M for FY25.

Canva is already more than 3x this at $3.3B USD in revenue. Figma and Canva are both running at similar Rule of 40 numbers, which are in the low 60s, according to Figma’s reporting and my sources close to Canva. 

Making a comparison on revenue numbers alone, if Canva were valued at the same revenue multiple as Figma was at the end of trading on day one, which is around 62 times revenue, Canva could be valued at a staggering $203B USD.

This multiple is certainly frothy, but it’s where Figma is trading on the public market. There’s reportedly a planned Canva secondary sale with a valuation of US$37 billion currently happening. Wonder how those shareholders feel now? Certainly feels cheap!

The Super Members Council claims the current testing regime, introduced in 2021, discourages investment in innovative startups and biotech due to short-term performance pressures.

Changing the test could increase funds' VC and private equity allocation from 6% to 10%, boosting innovation, productivity, and economic growth.

Australian fintech Spriggy, known for its pocket-money app serving 1.3 million users, is shutting down its standalone investing app, Spriggy Invest, effective August 30, returning all customer funds.

CEO Alex Badran confirmed the shutdown, citing limitations in the current product and announcing plans for a new, integrated family-focused investing platform launching in 2026.

Founded by ex-Citibank traders Alex Badran and Mario Hasanakos, Spriggy previously raised nearly $60 million from NAB Ventures, Atlassian billionaire Mike Cannon-Brookes' Grok Ventures, Alium Capital, and Perennial Value Management.

Queensland-based super fund Brighter Super, which manages $34 billion for 280,000 members, will allocate $50 million into Queensland-based startups through a partnership with state-backed investment manager Queensland Investment Commission (QIC).

The initiative targets high-growth startups with potential for strong returns and significant economic impact, focusing on sectors like AI, agtech, healthtech, and frontier technology.

QIC has already made investments in startups like Attekus, a local government booking platform, and autonomous agtech company SwarmFarm Robotics, and Gilmour Space Technologies.

Customer acquisition surged by 84%, adding over 13,000 new clients in its strongest-ever quarter, while customer acquisition costs fell 30% and transaction volume doubled to US$180 billion.

Revenue growth was strong globally, notably in Israel (338%), the Americas (145%), and APAC (98%), though growth was modest in China at 20%.

Airwallex, now valued at $9.5 billion, has 150,000 customers worldwide and employs 1,800 staff, positioning itself for IPO readiness pending favourable market conditions.

Founded by Jack Zhang and Lucy Liu, Airwallex counts Tencent, Sequoia, Mastercard, Square Peg, and recently Blackbird and Athletic Ventures as its investors.

This breakthrough enables affordable, scalable ammonia production to support decarbonisation across food, fertiliser, and fuel sectors.

After three years of R&D, Alt. Leather, ’s 100% bio-based material, featured in three looks at Paris Haute Couture Week. You can check out the leather on the runway here.

Melbourne-based Boson Ventures has raised $10 million of a targeted $30 million fund, positioning itself as a strategic bridge for Australian biotechnology startups seeking to tap into China's rapidly growing pharmaceutical innovation ecosystem.

Boson Ventures, supported by a $300,000 grant from LaunchVic, aims to help Australian biotechs overcome cultural and IP-related barriers, facilitating collaboration with Chinese companies now leading globally in novel drug modalities and clinical trials.

The VC firm will invest in Victorian startups across biotech, medtech, climate tech, and advanced manufacturing.

The in-person Pitch Deck Teardown will kick off at 5:30 pm - 8:00 pm AEST, with very limited spots left. Register for free here.

Participants join a six-week bootcamp, receiving $12,500 equity-free funding, with two standout teams awarded an additional $25,000 to develop their prototypes. Expressions of interest close 21 August. Apply here.

This is a super useful document if you’re early on the journey of founding your business or just want to sense-check that you’re doing the right thing.

The handbook covers a suggested legal company structure, raising capital and how to build teams and distribute ESOP. Plus any other legal must-haves, a real one-stop shop.

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