FUNDED September 2022 Including September Q Review

Another quarter has come to a close, the end of the year feels like its coming awfully quickly AND we have another edition of FUNDED... Covering September 2022 and the September Quarter.  September has seen a big jump in private funding with $498.3m from 52 deals or $501m from 57 deals if you include equity crowdfunding.

Are we seeing a recovery or is it too early to celebrate?

In the last edition of FUNDED we revealed that August 22 gave us the lowest level of funding from announced deals since September 2020, with $207m from 22 deals, or $213m if you add in six equity crowd-funding deals. Septembers numbers are much healthier with a more than doubling of private investment In September we captured a total of 124 funding events, including 52 private investments, 5 equity crowdfunding raises, 13 grants, 5 acquisitions, 4 post listing raises, 16 deals that were reported to Techboard and 23 future and open rounds.

September saw the return of megadeals, with semiconductor maker Morse Micro's $140m Series B round, the second largest B round Techboard has captured, behind the $340m raised by Scalapay back in February. The month also saw two $100m + acquisitions with Covid detecting Medtech ResApp Health and AI powered Search.io (formerly Sajari) both for over $100m.

The funds are continuing to raise, which bodes well for the future, with Telstra Ventures, OIF and Main Sequence collectively announcing they have successfully raised almost $800m with another $180m being sought by Main Sequence and new VC Azcende.

Of the upcoming raises we have come across, the most interesting of which for September is all women founded a cancer biotech Aucentra Therapeutics who announced they had opened a $50m Series A round, suggesting big things and large raises in the future. Read more about this and other companies below. 

The September Quarter 

We have run the numbers on the September quarter to see what trends we can see. In terms of overall funding levels we are seeing a reduction of the slow-down on a quarterly basis but a short term recovery when looking at monthly figures. 

CB Insights in their State of Venture Q3’22 Report revealed that global VC funding hit a 9 quarter low in the the Sept Q 22. In Australia we seem to be fairing better with only a 6 quarter low with levels for the September quarter above those in the March Q 2021 just before Australian Startup funding started to skyrocket in 2021. The charts below show the slowing of the decline of funding by quarter and a small recovery by month.

Average deal sizes at the mid stage Series B to C are recovering well, indicating an increase in valuations from earlier in the year. Things are not so strong in the earlier stage Seed to Series A is not yet showing similar signs of recovery. 

Considering private funding on the basis of founding team gender however shows a significant recovery with funding to solely women founded ventures sitting at over 6% compared to the 0.7% in FY22. 

So what happened in September 2022?

Who’s been FUNDED?

The month’s megadeal (>$50m)
Morse Micro Morse Micro, an IoT deep tech startup, closes a $140m in Series B funding round led by Japanese firm MegaChips Read more...

Mega Debt Deal
Zip Co Zip Co, the BNPL fintech, secures a $300m securitisation deal. Read more...

Other Significant Raises
Liquid Instruments Liquid Instruments, a software based test equipment startup, closed a $28.5m USD Series C raise. Read more...
Sonder Sonder, a corporate wellbeing software startup, closes a $45m Series B funding round. Read more...
Shaype Shaype, the fintech startup formerly known as Hay, closed a $33m Series C round. Read more...
AMSL Aero AMSL Aero, the flying vehicle startup, closed a $23m Series B round. Read more...
Applied EV Applied EV, a software startup for electric vehicles, closes a $21m Pre-IPO round led by Suzuki Motors. Read more...
HealthMatch HealthMatch, the healthtech platform, closed a $10m Series C round, the largest raise this month for a solely women founded company Read more...

Acquisitions
ResApp Health ResApp Health, a covid detection app, has been acquired by Pfizer for $179m. Read more...
Sajari Search.io, an AI search startup, has been acquired by Algolia for an undisclosed nine-figure sum. Read more...
Wise-Sync Wise-Sync, an integrated fintech platform, has been acquired by ConnectWise. Read more...
enVizi enVizi, an emissions data startup, was acquired by IBM earlier this year. Read more...
Flare HR Flare, a payroll software startup, has been acquired by MYOB for an undisclosed sum. Read more...
Ento Ento, a workforce management software startup, has been acquired by Humanforce for an undisclosed sum. Read more...

Listed Company raises
Paradigm Biopharmaceuticals Paradigm Biopharmaceuticals completes a $20.3m non-renounceable rights issue. Read more...
MoneyMe MoneyMe, completes a $20m Institutional Placement. Read more...
Botanix Botanix, a clinical stage dermatology startup, completes a $7.5m Placement. Read more...
Bod Australia Bod Australia, a cannabis drug developer, completes a $1.5m Placement Read more...

Pre-IPOs
Applied EV Applied EV, a software startup for electric vehicles, closes a $21m Pre-IPO round led by Suzuki Motors. Read more...
Eco Detection Eco Detection, a water testing startup, closes an $8m Pre-IPO raise with plans to list next year. Read more...

Other Funding Events (VC/Private, Public(ASX), ECF, Debt, Grants/Awards)
(This is just a sample of the deals we captured in May - paying subscribers get a more complete list + full searchable access to all funding data captured by Techboard since 30 July 2017).

6clicks 6clicks, an AI risk and compliance management startup, closed a $10m Series A raise. Read more...
Adatree Adatree, a fintech startup, closes an undisclosed Series A round. Read more...
Africar Group Africar, an online car marketplace, secured an undisclosed investment from Stellantis. Read more...
AgUnity AgUnity, a blockchain food startup, secures $95k in Angel funding from Brisbane Angels. Read more...
Alkira Software Alkira Software secures $65k in follow-on Angel funding from Brisbane Angels. Read more...
Apop Imaging Apop Biosciences, an imaging biotech, secures $206k in Angel funding from Melbourne Angels. Read more...
Arbela Arbela, a decentralised autonomous organisation that invests in community generated ideas, secures $83.33k in Seed funding from Spacecubed after completing this year's Plus Eight Accelerator program. Read more...
Avicena Systems Avicena Systems, a biotech startup, has been awarded a $4.4m MMI Grant from the Australian Government. Read more...
Behaviol Behaviol, a metaverse esports platform cofounded by retired cricketer Kumar Sangakkara, closes a $3.2m Seed round. Read more...
Bobbleware Australia Bobbleware, the reusable bubble tea tumbler brand, secures $83.33k in Seed funding from Spacecubed after completing this year’s Plus Eight Accelerator program. Read more...
Calumino Calumino, an AI-based thermal sensing startup, closes a $15.36m Series A raise. Read more...
CarExpert CarExpert, an online news and review website, closes a $5m funding round. Read more...
CIM CIM, a green property operations software platform, closes a $10m Series A raise. Read more...
Compassion Creamery Compassion Creamery has won $5k as a category winner at the Fishburners Tech for Good awards. Read more...
Cynata Therapeutics Cynata Therapeutics has been awarded a $1m Medical Research Future Fund Grant from the Australian Government. Read more...
Dataweavers Dataweavers, a data integration platform, closes a $5m funding round. Read more...

Other funding events for our paid subscribers:
(Our paid subscribers get access to many more funding events on the Techboard Platform) 

News from Funders

The Australian Government plans to provide $22.6m to students and recent graduates to launch a startup. Read more...
Azcende is a new VC and is raising $30m for its first fund. Read more...
Bupa has opened its 2022 eco-disruptive program to sustainable startups with over $300k up for grabs. Read more...
Main Sequence is raising $300m for its third fund with $150m secured. Read more...
OIF Ventures quickly raises $140m for its third fund. Read more...
Telstra Ventures closes a $500m raise for its third fund. Read more...

Who’s Looking for Funding?

Aucentra Therapeutics Aucentra Therapeutics, a cancer biotech startup, has opened a $50m raise. Read more...
StraxCorp StraxCorp, an AI bone imaging startup, plans to list on the ASX in 2023 with a $50m raise. Read more...
DataMesh Group DataMesh, a payment software startup, has opened a $15m Series B round that is being led by NAB Ventures Read more...
StraxCorp StraxCorp, an AI startup, merges with US based CurveBeam and opens a $15m Pre-IPO raise. Read more...
Vudoo Vudoo, an interactive video platform and data analytics fintech, has opened a $7m Seed raise. Read more...
Magic Valley Magic Valley, a cell-based meat startup, has opened a $5m Seed raise. Read more...
Brickfloor Brickfloor, a proptech startup, has opened a $5m capital raise. Read more...
Credability Systems Credability Systems, a saas fintech, has opened a $5m Pre-IPO raise. Read more...
Nine25 Nine25, a salary fintech, has opened a $3m Seed raise. Read more...
MoneyMe MoneyMe has opened a $1.2m SPP. Read more...
MediCann Health MediCann, a medicinal cannibas startup, has opened an ECF campaign with Birchal and is already oversubscribed. Read more...
MyInterview myInterview, a video recruitment startp, is currently raising $500k with $275k already committed. Read more...
SnapWireless SnapWireless, a phone accessory startup, has opened an ECF with Birchal and is oversubscribed. Read more...
Bunjie Bunjie, a baby skincare startup, is seeking EOIs for its upcoming ECF with Equitise. Read more...
Sol + Sonder Sol + Sonder, a portable solar power bank startup, is seeking EOIs for its upcoming ECF with Microwd. Read more...
Lleaf Lleaf, an agtech startup, will open a Series A raise next year. Read more...
Circle Harvest Circle Harvest, a cricket protein startup, is seeking EOIs for its upcoming ECF campaign with Birchal. Read more...
Netura Group Netura, the parent company of Itchy Baby Co and Better Nature, is seeking EOIs for its upcoming ECF with Birchal. Read more...
Oceanfarmr Oceanfarmr, an agtech saas startup, is seeking EOIs for its upcoming ECF campaign with Birchal. Read more...
Wilson Brewing Company Wilson Brewing Company is seeking EOIs for their upcoming ECF campaign with Birchal. Read more...
Your Mates Brewing Co Your Mates Brewing Co is seeking EOIs for its upcoming ECF campaign with Birchal. Read more...