G'day and welcome to Overnight Success! A big shout-out to the 30 new subscribers who’ve joined since the last edition.

Fun fact: It’s Overnight Success’ 1^st birthday in a few weeks! 🎂 Don’t worry you still have time to buy us a present 😜. Any ideas for what we should do to celebrate? Reply to this email!

Now, on with the latest news in start-up land…! 💃🕺

Headlines

• Linktree makes its bull case 🐂

  • After Instagram rolled out new functionality that allows users to include up to 5 links in their profile bios, multiple major media publishers questioned whether this was an existential threat to the ‘link in bio’ unicorn (Smart Company).

  • Co-founder Alex Zaccaria was quick to hit back via LinkedIn making the case for why Linktree still has a defensible product offering, pointing to features such as being platform agnostic, and Linktree Marketplace.

  • Linktree got the last laugh this week with two big wins - the title of best tech workplace from the AFR, and a sweet new integration partnership with Snapchat.

• Startmate Demo Day makes pitching look like a party 🤘

  • If you weren’t at the Sydney event on Wednesday, you probably spent the back half of this week with a series case of FOMO. The night sure went off with a bang; 12 start-ups pitched with an all-time high of professionalism and energy.

• James Tynan promoted to Partner at Square Peg 👏 (Square Peg Announcement)

  • James joined Square Peg as the fund’s Principal in early 2020. In his personal announcement post James was incredibly modest. His core message is; “Going forward, the aim's the same - I want to help exceptional founders solve huge problems in #climate, #healthcare and #software more generally.”

  • Our friends at the Adam & Sachin Show got in quickly for an interview with the man himself. Check it out here.

• Rewardle rescues YourGrocer for $3k 🏚

  • YourGrocer collapsed late last year under a pile ($218k) of debt and amidst the downfall of many other players in the food delivery business, including Voly, Deliveroo and Milkrun.

  • Rewardle will integrate the YourGrocer assets into the operation of its existing meal kit business Pepper Leaf (Business News Australia).

• Australian Government Announces its first EV strategy 🚗

  • While not an overnight game changer for the local industry, it’s a step in the right direction to support the efforts of local businesses looking to ride the wave of this inevitably huge innovation in the future of transport (ABC).

  • The news also seemed to inspire some early Xmas list writing from Simon Thomsen (Editor of Startup Daily) 👀.

1. Start-up Retro & Crowdfunding: Australia's start-up raises with a smidge of context.

2. Aussie Raisins: Start-ups looking for fresh funds.

3. Notice Board: Signposting key events and opportunities.

4. Wins: Highlighting wins, big and small.

5. Accredited Tweeters: Snippets from mostly Aussie start-up Twitter.

6. (KaaS) Knowledge as a Service: Articles to make you smarter. Or to share with co-workers to make them think you’re smart.

⚡️Start-up Retro⚡️

FinTech

Waave lands $4.7M Seed round to build open banking direct debit alternative

Sydney-based FinTech, Waave, has raised a $4.7M Seed round. The funding round included prominent angel investors Morten Belling (Menulog), Paul Greenberg (eCommerce) and Jack Gance (Chemist Warehouse founder). Waave's primary product is called Pay by Bank. This product uses the new ACCC Open Banking guidelines and provides a cheaper payment solution to card payments. The platform can cut fees by up to 80% with a 28 cent flat-rate transaction fee.  

The new payment method will also settle the funds faster with instant authorisation. Waave is expected to be well received by merchants across Australia and New Zealand as they'll save significant fees on every transaction. Waave already integrates with every bank in Australia and can embed into major eCommerce platforms like Shopify, Wix and WooCommerce. This will be the first platform that offers Open Banking features directly to consumers like you and me!

Due Diligence: FinTech Global

Lithium / Mining / Sustainability

Novalith raises $23M Series A to extract lithium using carbonated water

Novalith, a Sydney-based chemical engineering start-up that uses CO2 to extract high-purity lithium for batteries, has locked in a $23M Series A. Lowercarbon Capital led the round and will be used to continue to develop a pilot plant for Novalith’s technology. The process has been shortened to "LiCAL". At a high level, the process replaces the standard methods, which use sulphuric acid and replaces it with carbon dioxide and water. This process has several distinct benefits, but namely, it no longer requires the need for tailings ponds that are filled with harmful chemicals. With this investment, Novalith hopes to open the pilot plant before the end of 2023 and land another partner to establish a commercial plant in WA. Novalith is well-placed to benefit from the growing EV market and use Australia's considerable lithium resources. The Aussie lithium export market is forecasted to reach $18.6B by 2023, with 96% of exports going to China.

Due Diligence: AFR

Biology / AI

Cortical Labs raises $15M to create Biological Intelligence Operating System (biOS) from human stem cells

Cortical Labs, a Melbourne-based BioTech start-up, has raised $15M of capital to develop a new class of AI that relies on organic cells. The round was led by Horizons Ventures with participation from LifeX Ventures, Blackbird Ventures, Radar Ventures and In-Q-Tel. Cortical Labs have created a bunch of lab-cultivated neurons from human stem cells connected to silicon. This combination is called a Biological Intelligence Operating System (biOS) and can output some computing. Experts believe that human neurons, in combination with hardware, can outperform digital AI models and require less energy. So far, the biOS was able to participate in a game of pong and learn the game rules in around 5 minutes. Other major applications for the biOS could be a testing environment for new drugs with personalised applications for new drug testing. The funding round builds on a scientific journal published in 2022 titled 'In vitro, neurons learn and exhibit sentience when embodied in a simulated game-world'.

Due Diligence: TechCrunch & Business News Australia

Drones

Propeller Aero flies away with $23M to grow its drone-powered 3D mapping and survey business

Propeller, a Sydney-based SaaS company that uses drones to create sophisticated models of worksites using drones, has raised $23M. Blackbird and Costanoa led the funding with investment from Aware Super and a series of angels. Propeller was a member of the 2015 Startmate accelerator program; here’s a throwback video. Propeller's current clients include the likes of Boral, Lendlease, and Hensel Phelps. The software works by utilising ground control points, called AeroPoints, to capture positions on large industrial builds, and its software then uses drone-captured images to create 3D maps. This funding will further grow the team from its current base of 200. The start-up already works in 15,000 worksites with offices in Sydney, Denver and Colorado. Check out the hiring page here.

Due Diligence: Business News Australia & AFR

HR / Not-for-profit

Rosterfy raises $9.8M to help manage workforces in volunteering organisations.

Rosterfy has landed $9.8M in funding led by Bailador Technology. Rosterfy provides volunteer and workforce management software to not-for-profit organisations, government volunteering bodies, and large-scale events. Notable events include the Qatar World Cup, the 2023 Arizona Superbowl and the Commonwealth Games in 2022. The platform assists organisations in recruiting, screening, training, and scheduling volunteers and is used to manage more than 1.5 million volunteers across 20 countries. Not-for-profit organisations like Lifeline Australia, the St Vincent de Paul Society, and the British Heart Foundation also use the platform. Rosterfy has seen strong top-line revenue growth, with the not-for-profit sector increasingly adopting digital solutions to lower operational costs. Bailador was happy to be the sole investor in the round following Rosterfy’s strong growth and market-leading status.

Due Diligence: Bailador ASX Announcement & Startup Daily

Hospitality / SaaS

Restoplus snags $1.1M Seed round for all-in-one restaurant management system

South Australian-based Restoplus has landed a $1.1M Seed round following the development of an all-in-one platform for restaurants and cafes. The platform replaces all systems and creates a branded website, mobile app, point of sale system (POS) and delivery service if required. The round was led by Investible but also included the likes of Adrian Di Marco, Nick Glenning and crowd favourite Maggie Beer. For many restaurant owners and managers, the issue of data siloing causes issues as systems are unable to communicate correctly with each other. To help this, Restoplus centralises all functions in one system to enable data-driven decisions. For many SME restaurant owners, the all-in-one platform is attractively priced compared to if they were building this platform's features internally. Already, the platform integrates with UberEats and Menulog networks and allows the restaurant to utilise its own delivery team as well. Other features like QR code table ordering, reservations and loyalty programs can be activated instantly.

Due Diligence: Investible Investment Notes & Business News Australia

If you're a founder or investor who has just closed a round, please reach out to us at [email protected]

Crowdfunding

• Gathar 🧑‍🍳 has already secured ~$745k via equity crowdfunding since launching its campaign last month and has its sights set on $2M! (Microwd)

  • The private chef booking platform brought on celebrity chef Curtis Stone as a co-founder last year, and launched in Texas at this year’s SXSW festival in Austin. The funds will be used to expand further into the US. (Business News Australia)

Aussie Raisins

• Good-Edi ☕️ The female-founded edible takeaway cup start-up has sold 200,000 cups to date and is looking for investment to scale up their pilot manufacturing facility in Coburg, Melbourne. This will enable them to reduce costs and be more competitive compared to cheaper compostable or biodegradable coffee cups. (Business News Australia).

  • But what do they taste like!? Co-founder Christine Hutchins said, “like a Weet-Bix waffle cone but a bit more savoury”. If Dickie (Startup Victoria) approves, then so do we 😜.

    

Wins

• Blackbird Ventures 🐦 Takes home the trophy for Australia’s best place to Work. (AFR)

  • It’s main claim to fame? Championing 20 weeks of paid parental leave for Blackbird & Portfolio company employees.

• Annalise 👩‍⚕️ AI-assisted radiology and triage company building momentum in the US. (Press Release)

  • This week it announced it had received FDA clearances for 4 new use-cases, supercharging its growth.

• Fleet Space 🛰 Locks in a $6.4M contract with Australia’s Defence Space Command. (Innovation Aus)

  • The Adelaide-based start-up clearly has vast opportunities for growth as it has previously primarily sold its satellite tech into the mining industry.

• Baresop 🧼 Cleans up with a distribution deal with retailer Go Vita. (Smart Company)

  • ️This is a big deal in light of the turmoil facing the sustainable online retailer space; major players Flora & Fauna & Nourished Life are currently flailing after the collapse of their parent company BWX.

• Airwallex 💸  Launches in Canada. (Business News Australia)

  • The company already supports many Canadian business, but this official launch will allow a full-scale roll out of its global payments platform to the market.

• Advanced Navigation 🌊 Unveils its new 5.5-acre underwater robotics facility - the largest of its kind in Australia. (Business News Australia)

  • Just in case you were wondering what they were going to do with that $108 million they raised 5 months ago…! 🤯

Notice Board

• Stone & Chalk Ecosystem Mixer | 11th May 📍 Sydney

  • This event is FREE but spots are limited, so register ASAP to secure your spot here.

  • Best suited to: Founders & Investors

• Startup & Community Meet Up | 11th May 📍 Brisbane

  • Hosted by Ennovate, Community Collective and Overnight Success, this event will be happening quarterly for locals and visitors to Brissy. Register here to join us!

  • Best suited to: People interested in community, start-ups and tech.

• ANDHealth Activate Program - deadline extended until Monday, 24th April! 📍 Victoria

  • Supported by LaunchVic, this is a 6-month accelerator program for Victorian digital & digitally-enabled medical technology companies. Learn more and apply (by this weekend!).

  • Best suited to: Med-tech and Health-tech startups with an MVP and some early traction.

Have something to put on the Notice Board? We're always looking for upcoming events & opportunities across the Aussie start-up ecosystem. Reach out to [email protected] to add yours!

Accredited Tweeters

KaaS (Knowledge as a Service)

• Gemma’s Pick 💁‍♀️ Being a generalist is harder than it sounds.

  • Here are the core skills you need to be an absolute gun across 11 different operator disciplines, according to Wes Kao (Founder of Maven). A handy resource for founders looking to hire a well-rounded team too!

• Will’s Pick 💁‍♂️ The Complete Beginners Guide To Autonomous Agents

  • This article does an amazing job of distilling down what is possible with AI and new AI agents. Plus provides some links and advice on how to get started.

  • Keen to get my ChatGTP API Link, and then we’re off to the races! 🤖 

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

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‘Til next time,

👋 Will & Gem