Overnight Successes - 7th May, 2022

The weekly newsletter that makes you smarter about the Australian start-up & venture scene.

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• ?? Start-up raise
• ?? Venture Fund Raise
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Notice Board

• LaunchVic, Victoria's startup agency, is looking for founders to tackle healthy eating problems.?Apply here?for $10K in equity-free funding.
• Startmate?has opened applications for their Winter 22 accelerator. Applications close on the 29th of May.?Apply here.

If this newsletter was forwarded to you, please?subscribe here.

The Wrap

Consumer

• ???MrYum, the start-up that facilitates ordering and payments at restaurants via QR codes, has acquired?MyGuestList. MyGuestList is another Melbourne based tech firm that primarily focuses on customer relationships and counts Nandos and Shakeshack among its customers.
• The acquisition is MrYum's first and although the $ remains undisclosed, MrYums' co-founder Kim Teo said it was in the “tens of millions”. Similar to how I say this newsletter has "tens of subscribers" to make it sound more than it is. (AFR)
• ????LVLY, a flower delivery service has been acquired by south-east Asian Limitless Technology. LVLY was bootstrapped and a great exit for founds with a sale price of $35M. Limitless Technology already has several D2C brands already and is gearing up for an IPO. (AFR)
• ??KindiCare, a platform connecting families with childcare providers, has raised a $3.23M seed round. ASX listed?Domain Holdings?led the round and will use the KindiCare listings on Domain's app and website. KindiCare is planning on using the funds to take more market share and build out the product offering for childcare providers. Childcare is becoming a hot discussion topic as the federal election approaches. If you're looking for childcare at the moment, check out?our sponsor below?and on KindiCare! (AFR)
• ??Designer Journeys, a Melbourne based travel marketplace that offers customers tailored travel itineraries, has raised $3.5M. Travel in Australia has rebounded significantly with Aussies no longer subject to travel restrictions. The raise was led by?RACV?and will be used to expand its network of local and international travel 'designers'. Matt McCann ex iSelect, Local Agent Finder and Compare the Market heads up Designer Journeys so expect plenty of adverts soon with a Meerkat. (Business News Australia)

SEND, an app that delivers Powerade to hungover Millenials in under 10 minutes (Wait, just me?) has entered Voluntary Administration. SEND has raised approximately $10M in funding with a $3.1M round led by German?Cherry Ventures. Milkrun, SEND's direct competitor, has raised over $86M with a $75M series A from?Tiger Global. SEND is a great acquisition target for Australia's leading retailers looking to improve their offering - watch this space. (Business News Australia)

DeepTech

• ??Contactile, a start-up that gives robots a sense of human touch, has raised $2.5M in a seed round lead by?True Ventures.?Other investors include?Flying Fox, UNSW Founders?and?Radar Ventures.?The sensors allow robot grippers to apply 'optimal grip force' to objects of different weights and sizes without additional programming. Which sounds great but we have concerns about giving robots feelings in a thankless world. (Australian Manufacturing Forum)

• ???Advanced Navigation, an AI robotics company that specialises in the development of navigation technologies and robotics has acquired ANU startup?Vai Photonics.?The acquisition price is believed to be around $40M. Both companies develop tech to enable navigation in difficult terrains where there is no GPS. Advanced Navigation may have a contract with NASA on their next moon landing project. (AFR)

HealthTech

• ??Aurabox, a Canberra medical imaging startup looking to improve how doctors and patients share medical images has raised $500K from a group of Angel investors. Aurabox plans on charging a monthly subscription to doctors who specialise in the care of complex patients and will partner with medical imaging providers. The start-up could be a big win for the industry with a 'patient-centric' approach. Maybe one day it'll be known as the Snapchat of X-rays. (Start-up Daily)

Logistics

• ??Shippit,?a logistics company that integrates with e-commerce platforms and delivery companies, has raised another $65M from?Tiger Global?and?Tidal.?Shippit was founded in late 2014 and has now tripled its valuation in 18 months with a pre-money valuation of $300M. Deliveries increased 21% last year with 40 million deliveries completed by the platform in 2021. Shippit has identified South-East Asia as a fast-growing e-commerce market and will onboard staff in that region to continue growth. (Smart Company)

Infrastructure

• ??Okra Solar, a Sydney-based company that creates hardware and software with a mission to bring solar power to developing markets, has raised a $2.1M seed round. The company utilises an 'Internet of Things' (IoT) approach to share power through connected homes. Okra Solar plans on using this fund to aid growth and increase its headcount. The company also suggests it's gearing up for a proper Series A. Currently, Okra operates in Nigeria, the Philippines, Haiti and Cambodia. Okra is a good team doing great work. Check them out. (Techcrunch)

Venture Wrap

• ???XT Ventures, a venture & PE firm that plays in the sport, fitness and wellness space has opened a $5M fund looking at emerging technologies like web3. (Digital Nation)
• ???EVP, a software-focused venture capital fund is looking to raise a new $100M fourth fund. EVP, previously known as Equity Venture Partners, will be spruiking its 3.1x return on early investments which included?Deputy,?Particular Audience,?Hotel Club?&?Rezdy.?(AFR)

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Accredited Tweeters

Knowledge as a Service (KaaS)

Why is Australian Healthtech so Behind??Healthcare is a complex topic. Becoming a Doctor is too hard despite shortages and new investment into the ecosystem is slow. Emily, the author and an MD dropout, does a great succinct job of summarising the issues in the industry. Part 2 is at the bottom of this article.?

DALL E 2 explainer. DALL E 2 is an AI neural network that can take simple text descriptions and create photo-realistic artwork. Insane, right? Maybe one day an AI will write this newsletter. (Twitter Tread)