G’day, and welcome to this week’s edition of Overnight Success! Your weekly download on all the important things that happened in the Aussie startup ecosystem. 🇦🇺 🚀 

A special welcome to our new subscribers - it’s great to have you here! 👋 

Check out this little article that Will wrote 👇️ . It runs through the behind-the-scenes of Startmate’s Demo Day and explains how every startup that pitched has multiple investor meetings lined up—very demure organising by Startmate 💅.

👀Headlines👀 

🚀 Gilmour Space secures regulatory approval for first rocket launch (AFR)

• After a two year regulatory battle, Gold Coast-based Gilmour Space is set to launch its low-cost, Australian-made rocket into orbit from Bowen, Queensland.

  • Fun fact: 🥭 Bowen, Queensland, is also famous for being home to The Big Mango.

• The launch permit milestone will likely help Gilmour secure new contracts in the coming weeks.

• Gilmour Space was last valued at $605M and is backed by Blackbird Ventures and HostPlus.

⛔ Australia is set to introduce a world-first ban on social media for under-16-year-olds (Innovation Aus)

• Legislation is expected to reach Parliament by the end of the month. It aims to restrict access for children under 16 starting in 2026.

• Social media firms are touted to face penalties for non-compliance. Platforms like Meta and TikTok will be required to prevent underage access or face fines of up to $782,500 daily.

📡 🛰️ Australia cancels $7B military satellite project (Startup Daily)

• The Federal Government has scrapped the ambitious JP9102 program, initially aimed at enhancing military communications security against cyber threats.

  • The project aimed to launch a sovereign-controlled, high-capacity, geostationary satellite communications network. (Sat News)

• Defence planners may turn to commercial satellite partnerships or ally networks to fill the security gap, which could benefit the local space sector who may be able to seize the opportunity.

🧑‍🤝‍🧑 Equitise, the crowdfunding platform, enters voluntary administration after a failed $500K funding attempt (AFR)

• Market volatility and high capital costs post-COVID have hit CSF platforms, with Equitise's funding trailing competitors like Birchal and OnMarket.

• Co-founder Jonny Wilkinson says the move will help the platform regroup after a decade-long run.

• The move also follows Equitise losing its NZ crowdfunding license and deregistering last year after regulatory non-compliance, with Wilkinson citing unsustainable operational costs. (Startup Daily)

⚡️ Startup Retro ⚡️

Crimson Education raises $60M Series D at ~$1B valuation to help students enter elite university institutions

Founder: Jamie Beaton, Sharndre Kushor and Fangzhou Jiang

Crimson Education, an online platform guiding students to top-tier international universities, has joined the unicorn club after raising NZ$67 million ($61 million) in a funding round led by New Zealand venture capital firm Movac. The investment values the 11-year-old company at around $1 billion and includes participation from Australia's HEAL Partners and prominent U.S. investors.

Founded in 2013 by Jamie Beaton, Sharndre Kushor, and Fangzhou Jiang—who met at high school Model United Nations conferences—Crimson offers mentoring, tutoring, admissions consulting, and an online academy that provides globally recognised high school qualifications like International GCSEs and A Levels. The company has grown rapidly by tapping into parents' desire to secure spots for their children at elite institutions like Harvard and Oxford.

With over 800 employees and annual revenues exceeding $100 million, Crimson is profitable and eyeing further expansion. CEO Jamie Beaton, who started the company while studying at Harvard, hinted at potential IPO plans but emphasised focusing on building a "world-class franchise" first.

Crimson's impact is significant: its students comprised nearly 2% of admissions to elite U.S. universities in recent intakes and higher percentages among international students at schools like Columbia and Brown. The company is expanding in the U.S. and China, where COO and China CEO Fangzhou Jiang oversees a fast-growing market.

Due Diligence: AFR, Startup Daily

Viewa secures $300K for augmented reality product visualisation application

Founders: Kyle Young and Ed Sedgley

Melbourne-based Viewa, an augmented reality platform specialising in augmented reality (AR) and 3D visualisation for e-commerce, has raised a $300,000 pre-Seed round from Skalata Ventures. This investment brings Viewa's total funding to nearly $1 million, with backing from notable investors like Nitro Software founder Rich Wenzel.

Founded in 2021 by CEO Edward Sedgley—who previously sold his identity verification firm Global Data Company to Canada's Trulioo in 2014—Viewa aims to "bring products off the page" using AR, 3D, and generative AI technologies. The company's web-based platform enhances online shopping experiences without requiring users to download an app, potentially increasing conversion rates by up to 94%.

Viewa offers four main products: ViewaConfigure (3D visualisation), ViewaAugment (AR integration), ViewaSurface, and ViewaScenes, catering to big-ticket items like furniture, blinds, and pools. Their technology can analyse a room's colour palette, windows, and existing furniture to recommend products that fit seamlessly into a customer's space. Growth has been strong, with 50 customers currently using the platform, including the Australian Venue Co, Clark Rubber, Shipping Container Pools, DIYblinds.com.au, and NED Whisky. 

Due Diligence: Business News Australia

JustFund lands $5.7M Seed for a lending platform for divorce proceedings

Founders: Andy O’Connor, Jack O’Donnell and Craig Carroll

Sydney-based fintech startup JustFund has raised $5.7 million in a Seed funding round to expand its platform that finances legal fees for individuals undergoing divorce or relationship separations. Founded in 2022 by former lawyers Andy O’Connor and Jack O’Donnell and fintech entrepreneur Craig Carroll, the round was led by Xilium Capital with participation from Startmate, the US-based Legal Tech Fund, impact investor Tripple, and Fin.Amp’s Dom Pym.

Alongside this raise, JustFund also secured $7 million in venture debt and $11 million in mezzanine funding from family offices. Global Credit Investments has also provided a $75 million senior debt facility to support the startup's line of credit for legal bills (this is the pool of cash that will be lent out to customers). The model is a 9.85% interest rate on loans, a $590 establishment fee, and a $49 monthly administration fee, repayable upon settlement of the property matter.

JustFund has built a network of over 600 accredited law firms across Australia and has approved over $95 million in legal funding for clients. The startup was established to fill a notable the gap in the market, which is that many clients are ineligible for personal loans and need financial assistance to manage living costs and legal fees.

The startup was named Positive Impact Fintech of the Year at the 2024 FinTech Australia Finnies awards, highlighting its significant role in supporting individuals through challenging legal processes.

Due Diligence: The Australian, Startup Daily, Business News Australia

Nexobot secures $400K pre-Seed funding to democratise warehouse robotics for small businesses

Founders: Nicholas Hunt and Dom Lindsay

Robotics startup Nexobot has raised $400,000 in a pre-Seed funding round led by Skalata and Antler to bring affordable automation to smaller warehouses. Founded in 2023 by Nicholas Hunt and Dom Lindsay, the Sydney-based company aims to level the playing field for small retailers competing against giants like Amazon, which utilise multi-million-dollar robotic systems.

Nexobot specialises in creating scalable "micro-fulfilment" solutions using 3D-printed robots and modular sorting tables. Their technology can be installed, retrofitted, and scaled according to a warehouse's needs, with deployment taking as little as 4-6 weeks. The pricing model includes an installation fee followed by a per-robot, per-use rate, making advanced automation accessible to businesses previously priced out of the market.

Co-founder Nicholas Hunt highlighted that one customer estimated a cost reduction of $1,000 per day using Nexobot's system, effectively doubling their margins. According to early customers, smaller warehouses see throughput volume increases of 20-30% while reducing labour costs and human error. With e-commerce accounting for over 20% of global retail sales and growing at an annual rate of 9%, the demand for efficient fulfilment solutions is escalating. 

Check out a video demo here: YouTube

Due Diligence: Startup Daily

🎆 Wins 🎆 

ARENA grants Orkestra $2.77 million to accelerate the EV charger rollout (Startup Daily)

• The $5.5 million project aims to fast-track commercial EV charger deployment by three years. It’s also backed by AGL, EnergyAustralia, RACV, RAA, and CBRE to reduce reliance on government subsidies.

• Orkestra's software will enable businesses to assess the feasibility and financial performance of EV charging stations. The software will support fleet operators, public charging networks, hotels, and workplaces in deploying EV chargers.

The Founder Institute's Australia and New Zealand chapter has unveiled seven innovative startups from its 2024 pre-Seed accelerator program

• Led by Benjamin Chong of Right Click Capital and Paul Krajewski, the program guided entrepreneurs through an intensive four-month journey of business development, mentorship, and evaluation. (Startup Daily)

📚️ SkillCef (Intellikraft Solutions): An AI-powered skills assessment and course discovery platform that identifies knowledge gaps, offers personalised learning paths and provides industry-recognised certifications to enhance employability.

🖋️ Scholar Spark: A platform leveraging AI to revolutionise structured literature reviews, enabling researchers to conduct comprehensive studies more efficiently and accelerate scientific innovation.

🧑‍🤝‍🧑 Accountability Squad: A community-driven platform that empowers users to achieve personal and professional goals through structured accountability groups, customised goal tracking, and peer support.

🔋 Oscorp Energy: Developing sustainable lithium-ion battery recycling solutions for the electric vehicle and electronics industries, addressing battery waste management while recovering valuable materials.

🚀 Mareekh Dynamics: A space technology startup focused on developing habitation systems for permanent human settlement on Mars, with potential applications for treating altitude sickness on Earth.

🤖 Co-Linic AI: Streamlining non-clinical tasks for allied health therapists with a customisable AI solution, available as both a Microsoft Word plug-in and a SaaS platform, allowing therapists to focus more on patient care.

📋️ Divergity: An online platform designed to help entrepreneurs with ADHD learn more effectively and manage tasks.

 👀 Vibe Check 👀 

Last week, following Mike Cannon-Brookes's release of Atlassian quarterly results with the aid of a Loom, we asked you if more CEOs should make Loom videos for important company updates.

• Interestingly, 100% of our readers said YES! Founders - perhaps a Loom would be an excellent addition to your investor updates?

Aussie Raisins 🚀 

🎤 Acta, an online talent booking platform, attracts major industry backing as it closes out its $2M raise at a $19M pre-money valuation on the Birchal crowdfunding platform (AFR)

• Founded by former entertainment lawyer Harris Meitanis in 2019, Acta hosts 2,500 vetted talent profiles, has facilitated 750 bookings, and generated over $5 million for talent. 

• Investors coming on board include Michael Parisi (ex-Warner Music), Alex Smith (The Veronicas), Karen Lee Goody (Casey Donovan), Paul Dainty (TEG Dainty), Shaun Levin (Profile Talent Management), and Bohm Presents' Sebastian and Adrian Bohm.

• Acta has raised $1.5 million in its current crowdfunding round and seeks an additional $2 million to enhance marketing, sales, and product improvements.

Are you a startup currently raising capital and looking for more coverage? Reply to this email, and we could include you next week.

📍 Notice Board 📍 

Applications for the next Startmate Accelerator close this weekend! 

• Make sure you apply here!

Expressions of interest are open for the CivVic Labs Farm Safety Challenge by LaunchVic and Agriculture Victoria.  

• Up to $50,000 equity-free funding is available to build out your prototype and test it on-farm.

• EOIs close 1 pm Thursday, November 14th. Find out more and apply here.

🧠 KaaS (Knowledge as a Service)

Gem’s Pick 💁‍♀️ In The Blink of A.I., hosted by Georgie Healy

• We’re big fans of Georgie Healy, who spends her work days as the Program Coordinator for Google for Startups’ AI First Accelerator in Australia, and occasionally moonlights as a writer for Overnight Success. And now we can get weekly doses of Georgie (yay) as she kicks off this podcast series interviewing the innovative minds behind AI startups and scale-ups across the country. Listen to the first episode with Xylo Systems’ CTO and co-founder, Jada Andersen.

Will’s Pick #1 💁‍♂️ OnlyCFO’s Guide to Selling Your Company

• This blog post discusses how to think about selling your company if an IPO isn’t in the cards, as well as potential acquirers and their personas. The best part? The blog covers the due diligence the acquirer does on your business and highlights the metrics that matter.

Will’s Pick #2 💁‍♂️ Craving some meditative videos to relax to?

• Check out Harmen Hoeks' silent hiking channel on YouTube. The videos are beautifully filmed, and this one in New Zealand has me planning a hiking trip.

Extra Reading: Breakthrough Victoria Annual Report

2024 Report

We accidentally linked the 2023 report last edition - sorry! Here is the most recent 2024 report.

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

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‘Til next time,

👋 Will & Gem

🔨 Tool Box 🔧 

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