💌 Aussie Startup & VC Summary | 22nd February 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 👀 

📈 The RBA cuts cash rate for the first time in more than four years by 0.25% (RBA Bank Board Monetary Policy Decision)

• The startup ecosystem takes a deep sigh of relief with the rate cut. However, it’s important to acknowledge that this is only one cut, and there is no guarantee that cuts will continue.

• A lower cash rate means lower yields available on traditional investments such as government bonds or savings accounts, so investors frequently seek higher returns elsewhere. 

• This shift encourages them to explore more speculative opportunities - like startups and venture capital - where they can potentially achieve higher returns, albeit with greater risk. TL;DR, LPs start thinking startups are sexy again 😉 .

• Lower rates can also inflate the valuations of private companies as future cash flows become more attractive when discounted at a lower rate. This was best exemplified with the ZIRP (“zero interest rate policy”) era investing craze of the early 2020’s. 

🏡 Domain receives takeover bid from CoStar & shares rocket 50% (Capital Brief)

• Nine, which owns 60% of Domain, lacks a permanent CEO following a leadership shake-up last year and is due to release results to the ASX next week.

• CoStar initially purchased a 7.5% stake from a single seller at $4.20 per share, then raised its stake above 10% at the same price.

• CoStar’s $4.20 non-binding indicative offer values Domain at roughly $2.6 billion- about a 35% premium on Domain’s last closing price on Thursday 20th of February.

• CoStar, for anyone wondering, is a major American real estate information and analytics company headquartered in Washington, D.C. It originally specialised in providing data, research, and marketing services to the commercial property industry and has expanded in recent years to cover residential listings and marketplaces as well. For example, CoStar acquired the UK’s OnTheMarket in late 2023. 

🇺🇸 A US District Court judge in California dismisses Australian startup Unlockd’s antitrust case against Google (AFR)

• Unlockd founder Matt Berriman claimed Google forced the company into administration by banning its apps, allegedly to eliminate a market rival in digital advertising.

• The judge ruled Unlockd’s complaint did not demonstrate harm to the broader digital advertising market, only to Unlockd itself. Following this, the court barred Unlockd from amending its complaint again, effectively closing the case.

• Unlockd was backed by high-profile investors and was set to float on the ASX before Google’s ban cut off its revenue.

• Berriman has since launched a venture capital firm, RealVC, and moved to New York to lead his portfolio company, LiveWire.

👀 Seek sells a major portion of its investment in Employment Hero to private equity giant, KKR (Capital Brief, AFR)

• The sale will reduce its involvement with the HR software startup while retaining some interest via its Growth Fund.

• The deal sees Seek pocket $79 million of the $95 million share sale, achieved at a 19% premium to the fund’s valuation, signalling a solid return for the Seek Growth Fund.

• Despite solid returns on the fund, Seek is unlikely to invest in new VC funds. 

💰️ US-based venture capital firm Morpheus Ventures is quietly testing interest in offloading part of its stake in SafetyCulture (AFR)

• Morpheus, which first backed SafetyCulture in 2016, has been on the startup’s share register for over eight years and is looking to realise gains to return capital to its backers.

• In November last year, founder Luke Anear stepped down as Chief Executive and transitioned to Executive Chairman.

⚡️ Startup Retro ⚡️

Twine secures $2.3M pre-Seed to bridge the communication gap between product teams and sales teams

Founders: Brian Swift and Max Bausher

Twine, an AI-native startup co-founded by former Dovetail product chief Brian Swift and CrowdStrike sales manager Max Bausher, has raised a US$1.5 million (AU$2.3 million) pre-Seed round led by Airtree. Twine specialises in bridging the communication gap between product teams and sales teams by sifting through customer and sales feedback in real-time and then delivering concise, data-driven insights back to both sides of the business.

Unlike traditional customer feedback tools, Twine focuses on revenue generation. It informs product teams which features are most in demand and pushes highly targeted updates to sales, with AI-generated suggestions for reigniting stalled or lost deals. This approach lets companies act decisively on product and sales feedback without wading through cumbersome data.

Accessible via web application and a Slack integration, Twine’s AI-driven platform delivers daily “analyst report” updates, highlighting high-impact feature requests and even offering clips of customer conversations. Co-founder Brian Swift explains that this allows teams to pinpoint revenue opportunities in minutes rather than days. With additional AI development on the horizon, Twine’s funding will be used to expand its integration range and bolster customer support in the US and Europe, promising more seamless collaboration between product and sales everywhere.

Due Diligence: Capital Brief, Startup Daily

PropHero secures $25M Series A at an over $100M valuation to help property investors outperform the market

Founders: Pablo Gil Brusola and Mickael Roger

PropHero is an AI-driven property investment platform co-headquartered in Sydney and Madrid. Bailador Technology Investments has led the company’s $25 million Series A by contributing $12.5 million; Bailador is joined by returning backers AfterWork, Jelix Ventures, Samaipata, Fifth Wall, and Opera Tech Ventures. This fresh capital follows PropHero’s $8 million Seed in October 2022, which followed its $1.6 million pre-Seed just eight months prior.

Founded in 2021 by Mickael Roger and Pablo Gil Brusola, PropHero uses artificial intelligence to help investors discover, purchase, and manage property portfolios online. The platform provides tailored recommendations matched to individual budgets and goals, all for a flat fee. It also serves as a one-stop shop for conveyancing, mortgage broking, property management, and more.

Since 2022, PropHero’s valuation has doubled from $50 million to $100 million, while the company has attracted over 2,000 clients and recorded an annual revenue run rate of $35 million. The new funding will fuel international expansion, boost product development, and grow the startup’s marketplace partner network. Bailador co-founder David Kirk will join PropHero’s board.

Due Diligence: AFR, Startup Daily

Splose lands $5M to grow practice management platform for physiotherapists and chiropractors

Founder: Nicholas Sanderson

Splose is a subscription-based practice management platform shaking up the allied health market in Australia, New Zealand, and the UK. Founder Nicholas Sanderson conceived the idea while juggling shifts at Woolworths in 2019. 

The platform addresses common pain points for physiotherapists, chiropractors, and other practitioners, offering features like telehealth integration, scheduling, invoicing, and soon, an AI-powered calendar.

With over 15,000 paying users, Splose charges $30 monthly for its core product and an additional $30 monthly for advanced AI-driven transcription services. The AI integration, built on OpenAI’s technology, helps automate appointments by asking patients questions before presenting the best practitioner options and generating follow-up notes for improved workflow.

Despite pandemic pressures, Splose thrived by enabling practitioners to continue supporting patients remotely. Its impressive growth has now attracted $5 million in funding led by Sydney-based investment firm EVP. This new capital injection positions Splose to further expand and refine its AI-powered offerings.

Due Diligence: The Australian

ParkBooker raises $600K to launch a dedicated marketplace for holiday park bookings

Founder: Josh Volk

ParkBooker, a Melbourne-based travel platform dedicated to holiday parks, has landed $600,000 in an oversubscribed pre-Seed round. Founded by Josh Volk, ex-Global Head of Product at Sweat, ParkBooker is on a mission to transform how caravan and camping parks are marketed and booked across the country. By focusing exclusively on these specialised getaways, it seeks to fill a critical gap overlooked by mainstream online travel agents.

The round drew high-profile investors, including Rising Tide Investment (Singapore) and angel investors Tim Rossanis of Turo Australia, Chad Stephens (1form, Fillr), and Yaniv Bernstein. The funding arrives as Tourism Research Australia reports a surge in caravan and camping trips, reflecting renewed interest in more affordable and nostalgic holiday options. ParkBooker aims to help operators capitalise on this shift, offering detailed park content and streamlined bookings.

ParkBooker stands out as a dedicated marketplace that specialises exclusively in holiday parks and caravan parks across Australia. Built from the ground up to cater to the specific requirements of this niche sector, it accommodates features often overlooked by generic booking sites, such as powered and unpowered sites. 

This approach ensures an easy-to-use experience for both travellers and park operators, providing seamless navigation and accurate information tailored to each park’s unique offerings. 

Due Diligence: Startup Daily

Polymath lands $1.35M pre-Seed to build a gamified maths learning platform for children

Founders: Christian and Sophie Silver

Polymath, a Kiwi startup aiming to make children love maths as much as gaming, has raised NZ$1.5 million (around A$1.35 million) in a pre-Seed round co-led by Blackbird’s New Zealand office and GD1. The app uses an algorithm to adapt maths learning tasks to each child's progress and blends them into tasks such as building houses or shopping for supplies. Polymath also includes a multiplayer feature, letting kids collaborate or compete to solve problems.

Founded by Sophie and Christian Silver in 2021, Polymath was inspired by Sophie’s experiences teaching children while studying human learning and memory at UCL, while Christian studied computer science at Cambridge. The platform has attracted tens of thousands of users across New Zealand, the United States, the United Kingdom, and Australia. Preliminary data suggests students who regularly engage with Polymath learn twice as fast as those who don't. Polymath also completed Startmate’s 2023 summer accelerator program. 

With this funding, Polymath plans to expand further into the US market and add more collaborative play elements. Its free school version acts as a gateway to the at-home experience and has reportedly been popular in Australian classrooms. 

Due Diligence: Startup Daily

Banksia Minerals Processing (BMP) raises a $1.05M Seed round to extract more copper from low-grade ore

Banksia Minerals Processing (BMP), a spin-out from the University of Queensland (UQ), has raised $1.05 million in a Seed round co-led by UniQuest, IP Group, and federal government funding through the resources and critical minerals Trailblazer programme. Trailblazer is a $50 million collaboration between Curtin University, UQ, and James Cook University aims to expedite commercialisation in resources technology and critical minerals.

BMP’s electrochemical approach addresses a crucial bottleneck in copper production: extracting the metal from low-grade ores. While China currently dominates over 50% of global copper production, BMP hopes to challenge that status quo with a more efficient, eco-friendly process. UQ’s Associate Professor James Vaughan emphasises copper’s critical role in renewables, warning that current supply is insufficient for rising demand. Up to 75% of known copper resources remain commercially unviable, but BMP believes its new method could change that.

With support from IP Group, BMP will use the capital to refine its production parameters, engineering design, and efficiency. 

Due Diligence: University of Queensland Press Release, Startup Daily

MyPass lands $7.5M Series A at $57.2M valuation for America’s expansion of digital skills passport for workforce compliance

Founder: Matt Smith 

MyPass, a Sydney-based platform for managing workforce credentials, has raised a $7.5 million Series A to expand across North and South America and accelerate product development. Led by venture capital firm OneVentures, the round includes existing investor Scalare Partners, which backed the 12-year-old startup’s earlier Seed round. MyPass is used by more than 1,300 companies, including mining and energy giants BHP, Shell, Woodside, and UGL, to track over 110,000 contractors globally.

The company’s core offering is the Skills Passport, a digital record that gives workers control over their qualifications and credentials while ensuring data privacy. Founder and CEO Matt Smith says MyPass addresses the rising complexity of workforce compliance, particularly in high-risk sectors such as resources, construction, manufacturing, and healthcare. The aim is to reduce costs, streamline onboarding, and mitigate risks by providing a centralised platform for everyone from site owners and suppliers to training institutions and industry bodies.

With additional teams in the Philippines, India, and Colombia, MyPass aims to build on last year’s momentum when 350 new companies joined the platform. 

Due Diligence: Startup Daily, AFR, Capital Brief

🎉 Wins 🎉 

 🏦 Commonwealth Bank’s venture-scaling arm, x15ventures, has chosen Seattle-based data change management platform Gable as the winner of its Xccelerate programme, awarding it a SAFE note investment and exploring partnerships with CommBank. (Commbank Press Release)

• Three other finalists - US-based Cleric, local AI fintech Dragonfly Thinking, and Eidiex - are also discussing potential collaborations with CBA.

• Gable’s AI platform helps organisations track data lineage, identify sensitive information, and shift data quality and governance responsibilities into the hands of developers. 

👯 Antler’s 13th Australian residency kicks off at the Sydney Startup Hub, bringing together 90+ founders from Sydney, Melbourne, and Brisbane. (Startup Daily)

• The residency will provide a rigorous environment of testing, feedback, and community support. Founders benefit from a structured journey - some joining with pre-formed teams and others forming ideas from scratch. The residency culminates in the opportunity to pitch for Antler’s pre-Seed funding of $225,000 for a 12% stake, with an additional ARC option to secure part of their next investment round.

🤝 Rippling, the international HR platform, and Innovation Bay have formed a partnership to provide Innovation Bay clients with access to Rippling’s all-in-one platform - covering HR, IT, and finance. 

👀 Vibe Check 👀 

Zeller is launching a new financial service for Australian startups in response to a clear gap left by traditional banking institutions. Further reading on Capital Brief

• According to the fintech company’s latest research, 85% of founders lack confidence in banks’ ability to support them, citing slow onboarding, outdated risk processes, and fragmented financial tools that hinder growth.

• To remedy this, Zeller’s new ‘Zeller for Startups’ provides an all-in-one ecosystem of transaction accounts, high-interest savings, spending cards, and expense management - an integrated solution that removes the need for multiple providers.

• According to Zeller CEO, Ben Pfisterer “Australia has built a thriving startup ecosystem, yet our banks still treat founders as risks rather than opportunities”. 

• Square Peg, Apex Capital Partners, Addition, Spark Capital, Headline, and Hostplus all sit on Zeller's cap table.

📆 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 kicks off on the 1st of March! 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

🎪 We’re heading to Adelaide in ONE week for _SOUTHSTART - are you?

• To get 10% off any _SOUTHSTART ticket, use this link!*

• *The only condition is that you come and say hi to us when you’re there! 😉 

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 💁‍♀️ How the scratch off lottery changed America, from Planet America

• Did you know that the early days of what we now fondly call “scratchies” in Australia came from supermarket and petrol stations creating free giveaway games as a promotional ploy? But what started out as a seemingly harmless invention in the 1970s, by a couple of computer scientists from Michigan, still leaves an impact on some vulnerable communities today.

• I’ve been listening to this new podcast series which traces back the fascinating origins of scratch-off lotteries, and how they’ve come to account for a higher share of spending than coke or pizza from American consumers.

Will’s Pick 💁‍♂️ Why Nostalgia Feels Good: The Science Behind Our Memories by Getting Better

• Nostalgia is a warm, affectionate feeling for the past, evoking memories of childhood and happy times. I think it's a sense of the relatable and the comfortable. I loved this article about why we love nostalgic things. On the one hand, I’m interested in it as so many people are getting into vinyl music and film cameras. On the other hand, nostalgia is a very valuable tool in the art of marketing and persuasion.

• I was recently invited to the Birchal’s podcast, where I chatted about startup storytelling, building media, and getting a job in VC. We touched on using reliability or nostalgia in your stories to help them resonate. Here’s the Spotify link!

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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.