Welcome to our summary of Australian startup and tech company funding news for the month, FUNDED for May 2023.
Private investment levels from deals announced in May 2023 dropped from April's levels from $498m from 40 rounds down to $374m from 42 deals (noting we haven't had any angel deals reported to us for the month). This represents the lowest level of private investment captured for a May since 2019. What should be noted is that there were no deals greater than $100m for the month and only megadeal of $50m or more. In fact, if we omit deals of over $100m, May had the largest amount of investment reported so far in 2023.
For the record Techboard captured a total of 95 funding events for May, including 42 private investments, 3 public investments, 45 grants and awards and 5 acquisitions. We created new profiles for 41 new companies, 31 new funders and 64 new company founders.
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So what happened in May 2023?
So lets look into the numbers in a bit more detail. As noted above, despite May having the lowest level of private investment captured for a May since 2019, if we omit deals of over $100m, May had the largest amount of investment reported so far in 2023.
May saw strong growth in the number of deals in the $1m-$5m range and $10m-20m range, with the apparent drop in sub $1m deals, most likely being due to Techboard not yet receiving reports of Angel investments for the month of May.
Average deal sizes in May grew in pre-seed to series C, with the average size of series D investments showing a dramatic drop, although not much should be read into movements for series, B to D as each deal label only had one investment.
Megadeals ($50m+) in May 2023
Deals by Industry Sector
The dominant Industry sectors in May were Fintech, Climate, Space and Edtech. Fintech saw $85.3m announced across 4 deals, Climatetech had $60m across seven investments, Edtech saw 52.8 aross 4 deals and Spacetech saw 52.2m across 2 deals. Healthtech, which is usually a leading sector was unusually slow with $24m announced across 4 deals.
My Prosperity was acquired by Hub24 for $40m (read more). PayDock, a fintech platform which originated in Sydney but which is now focussing heavily on the UK market has closed a massive $46.75m Series A funding round (read more). Constantinople, a software fintech, has just announced that it completed a $32m seed round late last year (read more.)
Also in Fintech News:
Credit Clear, a fintech software growth company, completed an $8.5m placement. read more
Promotional platform for ASX companies InvestorHub (formerly Fresh Equities) closed a $4m raise and rebranded. read more.
Finspo, an online mortgage broker, closes a $2.55m Series D raise. read more.
Regtech Certmate has been accepted into the next QuantumTX Queensland METS Technology Accelerator. read more.
E-bike startup Zoomo closed a $24m funding round (read more) climate and agtech startup FLINTpro, closed a $13.5m Series A raise (read more) and Sicona Battery Technologies secured $10.32m in private funding (read more). Renewable energy startup Endua secured $7.5m Series A round read more.
Mobility Startup Liftango secured $4.6m investment (read more).
Wildfire Energy a startup focused on the commercialisation of MIHG Waste to Energy and Hydrogen Technology and Solar to Water Technologies, a startup conducting field trials of an ultra-high efficiency off-grid water pump system, were awarded Accelerating Commercialisation Grants (read more.) Leakster Operations, an integrated pilot of an autonomous water pipeline leak detection system startup and Everclime, a sustainability platform, have also both been awarded Accelerating Commercialisation Grants (read more).
has been awarded a $305k Accelerating Commercialisation Grant (read more.)
Vaulta, a battery tech startup, secured $250k from Renu Energy (read more).
Carbon Compass and CFS - Univat have both been accepted into the next QuantumTX Queensland METS Technology Accelerator (read more).
Samsara Eco Samsara Eco secures strategic investment from Lululemon (read more).
Essential Assessment has been acquired by Education Perfect for $40m (read more), Workplace learning platform Go1, closed an undisclosed round (read more) and Adventus.io a student recruitment platform, closes a $22m Series B raise (read more).
Anti-plagiarism edtech Cadmus closed an undisclosed raise with Breakthrough Victoria investing $600k (read more), Cleverbean closed a $200k Seed round (read more), and Teacher training startup Teach Well has won the Cartier Women's Initiative and $150k. read more.
Hindsite Industries and ID Culcha have been accepted into the next QuantumTX Queensland METS Technology Accelerator. read more.
STEM XR a Curtin Accelerate participant, has been awarded a $10k grant from Lotterywest through Spacecubed's IdeaStarter fund. read more.
We have published our latest capture to the Techboard platform which is accessible to our commercial subscribers For access to our full data capture, sorted, catalogued and full searchable, inquire about a data subscription.
Missed our Funding Update for the March Q 2023?
We have prepared a bundle of interesting charts and have undertaken analysis of the March Q 2023 in its historical context .. so you don't have to. Click below to access our Canva Presentation. Read on below if you want to know more about the quarter's significant deals.
Solely women founded companies announced $6.97m investment from four deals. When adding in Mixed gender founding teams, companies with at least one female founder secured $110m or 29% of total private funding from 10 deals.
Circular economy fashion platform The Volte, closed a $4m Series A raise read more.
Beamible, a workplace design platform, closes a $1.85m funding round read more.
Agtech startup Zondii closed a $1.1m funding round read more.
Edtech startup Cleverbean closed a $200k Seed round read more.
Other deals (for our paying subscribers)
Details of all deals we capture are available on the Techboard platform for our paying subscribers. Inquire about a data subscription.
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Who Funds the Funders? - Fund News Highlights from May 2023
Applications are open for ANDHealth's accelerator program with up to $3.75m in equity-free funding available (read more).
The Australian Government announces $493m in funding to commercialise ideas in the budget (read more).
The Australian Government has announced $3.4b in funding for an Advanced Strategic Capabilities Accelerator (ASCA) (read more).
Minderoo Foundation has opened applications for their 2023 Dream Venture Masterclasses (read more).
Melt Ventures is a new VC firm for hardware advanced manufacturing, $15m raised so far (read more).
XPRIZE launches a $16m competition to end extreme bushfire events (read more).
GiantLeap raises $50m for second fund (read more).