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! 👋 

👀 Headlines 👀 

🤑 Western Australia expands WAVC initiative to $45M (up from $30M previously), leveraging up to $150M for local startups (Startup Daily)

• Seven VCs, four of which are WA-based, received capital commitments to establish funds in the state. The ‘Fund of Funds’ model is designed to ensure the WA Government’s capital is matched and exceeded by other contributions in each fund.

• The new co-investments aim to keep talent in WA and fuel job creation in high-growth sectors. The WA Government is aiming to combat a noted trend that has seen startups often move to the east coast to be closer to the majority of players in the Australian VC ecosystem. 

• Purpose Ventures, a dedicated WA fund that has been prominent since its  launch, has also finalised a $55M fund.

• Keen to know more? Our “New Fund, Who’s This?” section has more details on the funds. 

🙋‍♀️ Tesla chair Robyn Denholm tapped to lead landmark overhaul of Australia’s R&D ecosystem to “unlock growth” (Ed Husic Press Release, Capital Brief)

• The full panel includes some other impressive figures:

  • Fiona Wood: Pioneer of “Recell” spray-on skin, Director of Royal Perth Hospital Burns Unit and UWA surgery professor.

  • Kate Cornick: CEO of LaunchVic and Non-Executive Director on the Victorian Government Innovation Panel.

  • Ian Chubb: Former Australian Chief Scientist and ANU Vice-Chancellor; now chairs the Health and Medical Advisory Group.

• The first major R&D review in nearly two decades aims to lift Australia’s R&D spending from its current 1.7% of GDP closer to OECD norms of 2-3%. 

• The panel will examine how to leverage existing investments and organisations, drive commercialisation, align with national priorities, and unlock productivity gains. It is due to submit its findings by the end of 2025. 

• There hasn’t been much discussion about the R&D review online, but Jessy Wu published an op-ed in Crikey sharing a view that Robyn Denholm is an “awkward choice to lead the R&D process” contributing to potentially too great of a focus on big tech consultation rather than SMEs who are also innovating and incentivised by the R&D tax incentive programs. 

💰️ Birchal’s LaunchVic-backed syndicate fuels $1.9M in hardware startup funding in just 90 days since launch (Startup Daily)

• The Birchal First Syndicate is an approach that brings sophisticated investors into the mechanisms of crowdfunding. Investors can use the Birchal platform directly to assess investment docs, have Q&As with the founders and deploy capital. 

• The average cheque size through the syndicate is expected to be significantly higher than the retail side of the Birchal platform.

🌱 UNSW’s TRaCE program partners with VC firm Investible in a first-of-its-kind co-investment scheme to back early-stage climate startups (Press Release)

• The initiative uses a ‘buyback mechanism’ inspired by models in Israel and Singapore, allowing TRaCE to recycle returned funds into new spin-offs.

• The program aims to overcome climate tech’s funding “Valleys of Death”, supporting commercialisation of new technologies to de-risk early ventures and attract more private investment.

• A success story of the model was startup DeCarice , which was initially funded through TRaCE’s R&D Project fund. The company was spun out through the TRaCE Climate 10x Accelerator, paving the way for Investible’s pre-seed investment. 

🐞 Startmate Ladymates award campaign sparks conversation about the “right” way to recognise women in the startup tech ecosystem.

• A couple of weeks ago, Startmate launched the #LadymatesLeadership Award asking people to publicly nominate (via LinkedIn posts) women in the ANZ startup ecosystem to celebrate their leadership contributions. The prize?$500 worth of in-kind prizes both for the winning nominator and nominee.

• However, the campaign sparked debate online following this post from Kate Stewart, including criticism of the prize value and inclusions being “tokenistic” and suggesting there may be more appropriate ways to recognise women in the ecosystem.

• The Startmate team responded to the criticism (as part of this write up from Capital Brief) saying, “Our belief at Startmate is that celebrating these women is important and not tokenistic, especially when it sits on a foundation of relentlessly supporting and uplifting thousands of women across the ecosystem.”

⚡️ Startup Retro ⚡️

Umps Health raises $2M for proactive aged care in the home

Founders: Adam Jahnke and Geoff Ayre

Umps Health, a Melbourne-based healthtech focused on proactive aged care at home, has raised $2 million in fresh funding led by Breakthrough Victoria. The eight-year-old venture monitors elderly individuals using a combination of AI, wearable sensors, and a personal alarm pendant, offering real-time insights that help spot early warning signs of health decline. Since launching last year, its flagship device, Umps Link, has been rolled out to thousands of homes.

The round also included investments by Intervalley Ventures, Sprint Ventures, the Cerebral Palsy Alliance, the 5Point Foundation, and Agnes Health. The funding will fuel further research, development, and commercialisation efforts, potentially adding up to 40 new jobs. Umps aims to make ageing in place safer and more independent, and their tech integrates with established support programs like Home Care Package, Commonwealth Home Support, and NDIS, all sold via monthly subscriptions. Umps Link, for example, costs $11.30 a week and offers a small pendant and Hub combination that helps users connect to support 24/7. 

Founded in 2016 by Adam Jahnke and Geoff Ayre, and shaped by the Melbourne Accelerator Program, Umps Health developed its platform after witnessing the struggles older adults face staying at home safely. Umps Health aims to deliver more personalised care, reduce preventable hospitalisations, and ultimately improve quality of life for seniors.

Due Diligence: Startup Daily 

Fresho finds $17M Series B for wholesale food order management system for restaurants

Founders: Huw Birrell and James Andronis

Melbourne-based order management platform Fresho has locked in a $17 million Series B round led by Payapps co-founder Geoff Tarrant, pushing its total funding to $50 million since launching in 2015. The startup streamlines how fresh food wholesalers service restaurants, using AI-powered tools to convert messy, manual orders - often emailed, texted, or phoned in overnight - into structured data.

Fresho’s platform is already popular in the UK, Ireland, Australia, and New Zealand, processing more than 30 million orders in total, including 10 million in the last year. After establishing a foothold in Texas, New York, and California, the new capital will fuel a more substantial U.S. presence in 2025. The round included both new and existing investors.

Founded by ex-seafood wholesaler James Andronis and tech entrepreneur Huw Birrell, Fresho helps restaurants make better buying decisions with live pricing and inventory data, and eliminates tedious data entry for suppliers. Fresho counts some premium venues among its customers, from Melbourne’s Coda to Michelin-starred Le Bernardin in NYC.

Due Diligence: Forbes, Business News Australia

TALY lands $500K pre-Seed for enterprise personality testing and coaching tool

Founder: Peter Treloar

Melbourne-based personality insights platform, TALY, has landed $500,000 in pre-Seed funding from Skalata to shake up the way companies leverage personality testing data. Founder Peter Treloar argues that while businesses spend billions on personality tests each year, most insights end up gathering dust once initial onboarding is done. TALY’s platform aims to change that by turning static personality assessments into dynamic, actionable coaching tools.

Their AI-driven engine delivers real-time guidance to managers at critical moments, like before performance reviews or when restructuring teams. It could offer a quick video briefing on how an employee prefers to receive feedback or highlight potential interpersonal conflicts ahead of team changes. This approach is designed to give companies the insights a full-time organisational psychologist could provide at scale and without the hefty hourly fees.

TALY will use the fresh capital to strengthen its AI capabilities, build out its platform, and expand across Australia, New Zealand, and into Canada in early 2025. Additional features, such as tools for hiring and optimal team composition, are on the roadmap. Early adopters include Motorola, Vendor Panel, and Maurice Blackburn, each reporting better management decisions and smoother onboarding from using the platform. Industry heavyweights like Xero’s head of AI and academic experts back TALY’s strategy.

Due Diligence: Startup Daily 

Visibuild raises $6.6M for compliance and quality platform for the construction industry 

Founders: Damien Quinn, Renee Phelan, Shaun Phelan & Dave Allie

Melbourne-based construction tech startup Visibuild has raised $6.6 million in its first funding round, led by Skip Capital. The capital will go toward product development, national expansion, and exploring new markets. Visibuild’s platform aims to fix a costly headache in the construction industry: poor quality assurance and compliance checks that lead to rework, delays, and inflated costs.

Founded three years ago, Visibuild’s software requires subcontractors to complete quality assurance steps via a mobile app. This creates real-time data on project progress and compliance, making it easier for builders, developers, and contractors to identify and fix issues before they spiral out of control. The approach mirrors what workplace safety apps like SafeCulture do for safety, but here, the focus is on construction quality and project timelines.

Since launch, Visibuild has tracked 700 projects and counts over 1,800 companies as users. According to the startup, its platform reduces defects by up to 50%, cutting costs and improving overall productivity. CEO and co-founder Damien Quinn, a former Multiplex builder, sees the solution as a way to drive cultural change in a sector long plagued by inefficiencies.

Due Diligence: Startup Daily, The Australian 

Freckle secures $2.9M pre-Seed for AI-powered data enrichment platform

Founder: Nathan Merzvinskis

Freckle, a US-based startup with an Australian founder, has landed $2.9 million in pre-Seed funding for its AI-driven data enrichment platform, aiming to help B2B go-to-market teams quickly identify and reach the right customers. Led by Asymmetric Capital Partners, the round also included Brenteca Investments, Mintaka VC, CoVentures, and Polaris Ventures.

Founded by second-time founder Nathan Merzvinskis (previously of Everproof, acquired by Go1), Freckle addresses a core pain point: too many outbound efforts target the wrong leads. Instead of relying on outdated databases or junior staff manually crawling websites, Freckle combines AI research with integrated third-party data to deliver relevant, accurate company intel. The idea emerged during Merzvinskis’s time at Skedulo, where pinpointing key business attributes was crucial but difficult. 

Freckle focuses on ease of use and accessibility and counterpositions itself directly to competitor Clay, providing options for non-technical users who prefer quick setup over intricate configurations. The startup has attracted early customers, including Kinde and Mindset Health, and has seen rapid growth, with 241 companies signing up during the beta’s first five weeks.

Armed with fresh funding, Freckle plans to expand data integrations, ramp up go-to-market efforts, and capitalise on a rapidly evolving landscape for B2B data and sales engagement.

Due Diligence: Capital Brief

New Fund, Who’s This?

Nicola Forrest has injected $100M into a new women-focused equity investment fund called the Future Generation Women (FGW) (Startup Daily)

• The fund is backed by the Minderoo Foundation, which includes in its mission a goal to promote gender equality.

• Investment decisions will be made by a panel of renowned women portfolio managers working pro-bono for the fund, and service providers will waive fees for the fund. These factors will contribute to allowing the fund to operate without management or performance fees.

• The fund consider a range of key issues when making investment decisions, such as gender pay gaps, workplace diversity and family-friendly policies.

• To invest in the fund, you’ll need a minimum of $250,000. Investors who tip that cash in prior to March 31st will be considered foundational investors. 

• 1% of the fund’s net assets will be directed annually to non-profits working to advance economic equality and opportunity for Australian women and their children.

• Learn more about the fund here. 

More on Western Australia’s expansion of the WAVC initiative to $45M

These are the seven funds that received some of the cash and will be co-investing with it:

• Purpose Ventures: A WA-based VC fund focusing on education, health, and medical life sciences.

• FundWA: A venture capital fund dedicated to supporting WA-based startups and diversifying the state’s economy.

• Brandon Capital Partners: A life sciences-focused VC active across Australasia, with a presence in WA.

• Health Translation Group: A WA-based fund founded by the Harry Perkins Institute of Medical Research, the Lions Eye Institute, and the Perron Institute.

• Artesian Venture Partners: One of Australia’s largest VCs, investing in early-stage startups across agrifood, energy, health and medtech, defence, and space.

• Melt Ventures: A WA-based fund targeting clean tech, IoT, and advanced manufacturing investments.

• Skalata Ventures: A Melbourne-based early-stage fund focused on driving economic diversification.

🎆 Wins 🎆 

Techstars Demo Day goes off with a bang (literally) 🎉 

• This year’s cohort of Techstars Tech Central Sydney Accelerator participants pitched their startups on Thursday evening to a crowd of supporters, investors, and importantly, confetti guns. 🎉 

• The program celebrated setting an impressive new benchmark for women’s representation in an equity-backed accelerator, with 10 of the 12 participating startups having at least one woman founder in the team. (Capital Brief)

Breakthrough Victoria will partner with Universities and PhD candidates to invest $7.5M to launch 50 new startups, offering $150K each and year-long salaries to founders. (Startup Daily)

• Open to undergrads, postgrads, and recent grads, the program provides tailored mentoring, skills development, and commercialisation support.

• Find out more here.

Swimming NSW replaces volunteer timekeepers with Olly Timing’s AI-powered backup timing system (Olly Timing Blog)

• The move sees Olly’s tech remove the need for around 700 timekeeper shifts, cutting over six months of volunteer labour that can now be used elsewhere in the world of swimming.

• Touchpads remain the primary mechanism for timing, with Olly Timing providing video-enabled backup and review capabilities. 

• The technology was developed with SNSW support and has been in use at Sydney Olympic Park Aquatic Centre since February.

📍 Notice Board 📍 

For Melbourne-based founders, tech professionals, and investors, come join the inaugural Melbourne startup pickleball game this Thursday morning. Thanks to Rampersand and Mayfly Ventures for hosting. 

• The games kick off at 8:30 AM and will run till 10:30 AM

• Register here!

NRL calls on Queensland sportstech startups to tackle key innovation challenges (Startup Daily)

• NRL partners with the Australian Sports Technologies Network and Advance Queensland for a 10-week innovation program.

• Eight Queensland-based startups will receive $25K each and direct access to the NRL to adapt AI-driven solutions for seven priority areas, from fan engagement to athlete wellbeing.

• Program runs Feb–April 2025, culminating in a showcase at NRL Magic Round. Applications close 9 January 2025. Apply here.

The ultimate EOY celebration: Australia’s biggest startup storytelling event will be held on Thursday the 12th, with sessions starting at 1 pm.

• Our own Will Richards will be moderating one panel and joining another! 

• Readers of Overnight Success can secure 15% off with code OSXMAS - register here. 

• There’s also an epic after-party planned from 6pm. See ya there! 🍻

In collaboration with Startmate, The Community Collective and Frontcover, we’re super excited to present the new ANZ Startup Events Calendar - your single source for startup and community happenings across Australia and New Zealand. 

• Whether you’re a founder, investor, or community builder, this is the place to find and share startup-relevant events.

• Check out the full calendar here!

Would you like to promote an event or an opportunity? Enquire about a noticeboard promotion here.

🧠 KaaS (Knowledge as a Service)

Gem’s Pick 💁‍♀️ Balance App, by Elevate Labs

• If you’re anything like me at this time of year, you’re probably mustering every last bit of energy and focus you have to make it to the Christmas break with your to-do list checked-off and your sanity intact.

• Enter: my favourite meditation app - Balance. It’s been my go-to for the last ~3 years for everything from ‘morning brew’ meditations, to midday resets and night time sleep stories. They offer meditations as short as 3, 5 and 10 minutes long, so it’s super easy to integrate them into your day. (No this is not an ad, I genuinely just love it!)

Will’s Pick 💁‍♂️  A Quantitative Approach to Product Market Fit by Tribe Capital 

• I was recently linked to this quantitative guide to product market fit. Content warning, it’s pretty long, dense but very educational and valuable. The guide has some great graphs and explanations and even formulas you can copy for you own business modelling. Enjoy!

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 🔧 

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.