💌 Aussie Startup & VC Summary | 1st March 2025

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

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👀 Headlines 👀 

😇 Proposed changes to the wholesale investor test have been shelved! (Parliament of Australia)

• The proposed changes to the wholesale investor test would raise the requirements for being a wholesale investor. The current test requires a salary of over $250K annually or a net worth of over $2.5M. The proposed changes were going to double these requirements.

• This would have led to fewer Australians being able to participate in the Australian startup ecosystem either directly in startups or as LPs in funds.

• Leaders from across the ecosystem participated in the defence of keeping the wholesale investor test as-is. We also saw strong advocating for a test that allowed investors to prove their knowledge of the risks associated with private assets.

🚀 We’ll have lift-off! Gilmour Space Technologies received the go-ahead from Australia’s Civil Aviation Safety Authority (CASA) to conduct the first test flight of its three-stage Eris rocket. (Innovation Aus, AFR)

• The maiden launch will take place from the Bowen Orbital Spaceport at Abbot Point, Queensland, with a window opening in late March.

• This flight marks the first time an Australian-designed and built orbital rocket will launch from Australian soil in over 50 years. Huge.

• Eris is fully designed and manufactured on the Gold Coast, featuring four Sirius rocket motors on stage one, a single Sirius motor on stage two, and a smaller Gilmour-built engine for stage three.

🐿️ PsiQuantum unveiled its Omega chip, claiming it surpasses recent quantum processor demonstrations by Microsoft and Google. (Capital Brief)

• PsiQuantum is the quantum startup that secured a $940 million investment from the Federal and Queensland governments in 2024 and aims to have a commercial quantum computer operational in Brisbane by late 2027.

• Major firms such as Google and Microsoft have recently announced quantum breakthroughs. Google’s 105-qubit Willow chip tackled a computation in minutes that would take supercomputers an astronomical amount of time, while Microsoft’s Majorana architecture is said to reduce development timelines.

• Fully scalable quantum computers, requiring at least a million qubits, promise revolutionary capabilities in drug discovery, materials science and advanced battery technology.

• Other Australian quantum companies (e.g., SQC and Diraq) anticipate commercial readiness around 2033, but PsiQuantum aims to deliver within two years.

• The massive outlay into the business by the Australian Government still faces scrutiny amid an upcoming federal election; Opposition Leader Peter Dutton has labelled the government’s PsiQuantum investment an “indulgence”. 

💳 Airwallex is piloting its first Visa credit card in Australia and will open an office in New Zealand. (Capital Brief)

• The credit card aims to fill a gap in Airwallex’s product suite and will be trialed in the Aussie market, following the news last week that Zeller is launching a more robust banking solution for startups and scale-ups.

• In New Zealand, Airwallex has appointed Lowry Gladwell (ex-Lightspeed Commerce and Xero) to lead a team of ten in a new Auckland office.

🤖 Employment Hero has mandated all 1,500 staff to use AI in every problem-solving task, marking one of the most sweeping AI implementations by an Australian startup. (Capital Brief)

• CEO Ben Thompson warns employees that failing to adopt AI will leave the company vulnerable to competitors who become more efficient and effective.

⚡️ Startup Retro ⚡️

EvenBetter.AI lands $500K to close the gender pay gap

Founders: Sorrel Kesby and Ayal Steiner

Sydney-based EvenBetter.ai has secured $500,000 investment from Shearwater Capital to tackle one of Australia’s most stubborn workplace challenges: closing the gender pay gap. Founded by Sorrel Kesby and Ayal Steiner, the startup takes a data-led approach, analysing employer-submitted pay and workforce figures to identify the core drivers of pay disparities - beyond mere compliance. Rather than providing a static, once-a-year snapshot, EvenBetter.ai aims to deliver ongoing insights, helping companies keep pace with rapidly changing market conditions.

The company was founded in response to the notion that businesses often struggle to convert the raw numbers they submit to the Workplace Gender Equality Agency (WGEA) into meaningful interventions. EvenBetter.ai’s platform offers practical recommendations. These could include revising hiring strategies, reviewing promotion pathways, and assessing pay structures. The idea is that these ideas are actionable and can be integrated into day-to-day operations. The ultimate goal: fewer excuses for inaction.

Traditional approaches typically produce data up to nine months out of date, making it difficult for employers to address problems before they deepen. By contrast, EvenBetter.ai promises near-real-time visibility, giving HR teams the chance to recalibrate more swiftly. Future updates may include direct integrations with accounting and HR software, embedding pay equity considerations seamlessly into business workflows.

As new WGEA reporting requirements push organisations to act, EvenBetter.ai hopes its accessible, data-centric model will spark meaningful change.

Due Diligence: SmartCompany, Shearwater Investment Notes

Springboards lands $5M to help advertising professionals better manage their workflows

Founders: Amy Tucker and Pip Bingemann

Springboards, a Noosa-based AI platform built to enhance creativity in advertising, has officially launched with $5 million in Seed funding from Blackbird Ventures. Co-founded by former agency strategists Amy Tucker and Pip Bingemann, the platform is already used by over 120 agencies worldwide, including Cummins & Partners, Jellyfish, and BMF. By combining AI with human ingenuity, Springboards aims to counter mounting industry challenges such as tighter margins, rising pitching costs, and increasing client expectations.

To accelerate ideation, strategy, and creative validation, the platform delivers nine AI-powered tools, including Insights Digger, Campaign Concepts, and the Validator Tool. Springboards was selected for the inaugural Google for Startups Accelerator: AI First programme, where it demonstrated 10–30x more creative diversity than leading AI models.

Central to this approach is a “human-in-the-loop” philosophy, emphasising collaboration with AI rather than replacing it. Users can fine-tune the system’s spontaneity through its Sparks feature, encouraging unexpected creative leaps.

Springboards originated during the pandemic when Tucker and Bingemann taught themselves to code to enhance creative workflows. Chief Technology Officer and artist-turned-machine learning expert Kieran Browne bridged the gap between development and artistic vision. With a focus on unleashing bold ideas, Springboards aims to fight blandness and spur creative innovation.

Due Diligence: The Australian, Springboards Announcement

🚀 Accelerator News 🚀

🏗️ LaunchVic’s 30×30 Program has announced its latest new cohort. (LaunchVic) 

The 30x30 program to help 30 scale-ups reach a valuation of AU$1 billion by 2030 by providing fully subsidised four-month mentoring and organisational development. This fourth cohort adds 11 new companies, bringing total participants to 39, including:

• 🤖 Affinda: AI document processing solutions for automating document-intensive workflows.

• 🏥 Ausmed: A workforce capability platform for healthcare providers.

• 🏗️ BuildPass: The AI-powered operating system to run a construction site.

• 🛠️ Buildxact: An easy-to-use construction management and estimating software.

• 🎉 EngageRM: Connecting sports and entertainment brands with their global partners and fans.

• 🥦 Fresho: An order management platform helping fresh food wholesalers operate more efficiently and service their customers better.

• 🩺 IMRA: Surgical education and demonstration solutions to help surgeons and industry adapt to evolving surgical environments.

• 🎮 Mod.io: The leading white-label solution for the delivery of user generated content & mods, in game, on PC, Console, Mobile & VR.

• 🔒 Redactive: Secures enterprise data in anticipation of how AI will interact with it, so you can unlock AI’s potential while delivering zero-compromise security.

• 🍽️ Typsy: A platform that delivers high-quality skills content, community, and tools to help hospitality professionals and organisations stand out and flourish.

• 🛍️ Zitcha: A single platform to unify, scale, and optimise Retail Media Networks.

🧑‍🚀 Startmate has announced its Summer 2025 cohort! (Startmate Blog)

• 🦜 Chirp (Sydney, NSW): Chirp’s AI amplifies sales teams to qualify and close deals faster.

• ♻️ Circular Sourcing (Melbourne, VIC): Connects businesses to source and sell quality surplus textiles, increasing profit while reducing waste.

• 🗣️ Duohub (Sydney, NSW): Real-time, continuously learning memory for voice agents.

• 📚 Edsemble (Melbourne, VIC): Improving early childhood development through personalised learning.

• 👮‍♀️ Evidentful (Queenstown, New Zealand): Automated criminal investigations for Police.

• 📊 Fluency (Melbourne, VIC): Makes enterprise process documentation 50x faster through automation.

• 💄 Gloss Guide (San Francisco, USA & Brisbane, QLD): The trusted beauty services directory connecting independent providers and customers with a quality-service guarantee.

• 🧱 Landid (Manly Beach, NSW): The quoting automation platform for Tradies to win and deliver more profitable projects.

• 🏦 Luniate (San Francisco, USA): Enables financial firms to accelerate content creation to reach the next-gen investor.

• 👶🏼 NOD (Auckland, New Zealand): Connects parents with trusted childcare professionals, instantly.

• 👫 O3 (Melbourne, VIC & Auckland, New Zealand): A physical social network to help Gen Z reconnect in a lonely world.

• 🎯 PentaCue AI (Melbourne, VIC): AI platform that lets electronics manufacturers discover qualified leads instantly by analysing their product components.

• 🤖 Puralink (Sydney, NSW): Provides autonomous robots for pipe inspection, mapping, and repair.

• 🏠 Slice (Auckland, New Zealand): A marketplace that automates the home buying process for buyers, brokers, and lawyers.

• 🚨 Vulnetix (Canberra, ACT & Sydney, NSW): An orchestration and analytics layer above your security detection tools.

• 🎨 Zipline (Brisbane, QLD & Los Angeles, USA): Powering the future of commerce by enabling brands and consumers to collaborate on products.

🎉 Wins 🎉 

 👩‍❤️‍👩 Maple, an online dating site has been launched by co-founders Connor Cameron Taylor Gwyther and Joshua Marcus. (LinkedIn)

• The public launch is today! Check out the Instagram account @datewithmaple to see it all unfold.

• Connor Cameron comes with marketing experience from Eucalyptus and Kinde. 

⚕️ Melbourne-based climate risk intelligence startup and 2023 MAP Accelerator alum, ClimaSens, has been awarded the Twilio.org Climate Tech Prize, receiving USD $200,000 to accelerate its work in climate resilience. (MAP Blog)

• ClimaSens’s ClimaScan platform uses machine learning, satellite imagery, and weather data to deliver precise, real-time risk assessments for extreme events like floods, fires, and heatwaves.

• Funding from Twilio.org will help ClimaSens scale globally, expand forecasting capabilities, and deliver tools that protect vulnerable populations from escalating climate threats.

👀 Vibe Check 👀 

👼 Ben Armstrong, Founder of Archangel Ventures and very active angel has shared some stats and learnings from over 300 deals. Key returns stats 👇 (Full post here)

• 1% of investments have exited profitably.

• 10% have shut down and 50% are currently marked at above 1×.

• The top 1% of marked-up deals account for 60% of paper returns; the top 5% drive 80%.

Key Takeaways: 

• 70% of AngelList syndicates observed provide no valuation updates.

• Syndicate leads often fail to deliver timely, accurate information.

• Deal memos can be heavy on hype and name-dropping and light on fundamentals.

• Angel investing is a hits-driven game requiring patience and a long-term outlook.

• Transparency and communication are major differentiators for syndicate leads.

📆 Notice Board 📆 

🚀 Google's ANZ Study Jam is a free, 30-day virtual program designed for developers and engineers in Australia and New Zealand.

• The program provides tangible learning outcomes, a certificate that validates your Gen AI skills, and exclusive Google Cloud swag when you finish the program. 

• The Study Jam now kicks off on March 14th! You can register now here, or feel free to share this with the best developer in your life.

⚕️ Check out the future of medicine at the MedTech Actuator Accelerator Demo Day, where the Cohort 9 startups will showcase their groundbreaking healthcare innovations! Register today to secure your spot!

• 📅 When: Wednesday, 5 March

• 🕒 Time: 5:30 pm - 8:30 pm

• 📍 Where: Stone & Chalk Melbourne

🩶 With the AFL returning next week! Our good friends at Primary are allowing you to tip your way to your very own silverware. No, really...

• Primary is pleased to invite the Overnight Success community to join the Finance & Startups Tipping Comp for the 2025 AFL season. The main prize is a 1 Kilo Silver Cast Bar from ABC Bullion (currently valued at over $1,700). To be in the mix for the ultimate paper weight, register for free here.

🚀 Giants is a free eight-week mentoring program designed for founders at the ideation stage. We connect you with Blackbird portfolio founders and operators, run live content sessions with guest speakers and host exclusive community events.

• Giants Cohort 9 will take place from 24th March - 23rd May 2025. Applications are currently open! Submit yours before 2nd March 11:59pm AEST here.

🚀 Blackbird are also running Protostars again, giving young people in Australia/NZ aged 18-25 $1000 to work on their passion projects. (LinkedIn)

• Protostars is funding strange, quirky, ambitious, and downright audacious passion projects from young people! A passion project can be anything. Think metaverse art exhibitions, battle bots, space drones, theatre shows, films, opera podcasts, a travelling STEM roadshow, apps, and more! (Apply Here)

🎪 Blackbird’s Sunrise is on again in Sydney this year - will we see you there?

• Sunrise is not a business conference. It’s not just a tech event. It’s a cultural experience - where you’ll be exposed to big ideas, meet new people, and leave armed with practical tools & fresh perspectives.

• A new wave of epic speakers has dropped this week and tickets are selling fast! Get yours here.

The best place to find upcoming events to attend, and promote any events you’re hosting in 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)

Gem’s Pick 💁‍♀️ The 25 year old that’s created the world's first free period product

• Remy Tucker is the founder of On the House Group, an Australian period product brand that is completely free for women. They are free because they are paid for by ad space sold on the product packaging & digital dispensers found in public bathrooms across Australia. As a marketer (and a woman!), it’s one of those solutions that made me stop and wonder why it hasn’t been done before!

• Remy is currently fundraising $100k via Indiegogo to build her network of free period product dispensers. Click here to contribute.

Will’s Pick 💁‍♂️ Rolex by Acquired

• This is a 5-hour podcast about Rolex, and it’s a very interesting listen (over a few sessions). Rolex embodies contradictions: they market outdated, less effective mechanical watches at prices 10 to 1000 times higher than their superior digital or quartz alternatives, but sell fantastically well.

• I then went down the rabbit hole of Acquired’s sponsor kit. For anyone looking to build a media business (us at OS) this is like cat nip. Did you know they sell a presenting sponsorship for four episodes at USD 1.5M!! Plus, they have multiple sponsors during each episode. I counted 4 for the Rolex show. Each podcast nets the Acquired fellers ~$1-2M USD and is currently hitting 1 million listeners in the first 180 days. Not bad for a couple of microphones and a boatload of research.

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‘Til next time,

👋 Will & Gem

🔨 Tool Box 🔧 

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