🇦🇺 This Week in Australian Startups #121, 29th June 2025

$23m raised across 18 rounds, Canva’s plotting another $773m, Eucalyptus relaunches Compound in the UK, and Xero buys integrated payments platform Melio for A$3.8B.

Top News

• IFM Investors has agreed to acquire 24-7 Healthcare, for just north of $100 million, proving an 8-10x return for Myhealth Medical founder James Liang (AFR)

• Australian neobank Constantinople partners with 10x to accelerate global push (Capital Brief)

• Business Council appoints AirTrunk CEO Robin Khuda and Telstra CEO Vicki Brady to the board (InnovationAus)

• Canva’s plotting another $773m share sale at a higher $56 billion valuation – and becoming a US company is one reason why former employees may need to sell (Startup Daily)

• Eastend Ventures becomes Adelaide's first ESVCLP after raising $13m (Capital Brief)

• Eucalyptus relaunches Compound in the UK ahead of Australian return (Capital Brief)

• Mike Cannon-Brookes' Grok Ventures appoints new CEO (Capital Brief)

• ASX-listed Xero to acquire US fintech Melio for US$2.5 billion (Australian FinTech)

• Eftsure expands into international payment protection following merger with Sis ID (Australian FinTech | Sam Rahmanian)

• Humm announces $286 million takeover offer from The Abercrombie Group (Australian FinTech)

• Sydney startups Diraq and Emergence Quantum collaborate on key quantum computing breakthrough (Startup Daily)

• The future of the Sydney Startup Hub remains up in the air, just 8 weeks before everyone has to move out (Startup Daily)

• Woolworths to wind up MyDeal three years after $218m buyout (BNA)

• ASX-listed Xero buys integrated payments platform Melio for A$3.8B (ARN)

• Australian VCs are eyeing continuation vehicles as the local market matures (Capital Brief)

• Bailador shares lift as DASH carry value set to grow 49% (Capital Brief)

• Meliora’s Clive Dickens teams up with NextGen Ventures to back AI startups (Startup Daily)

• Moving the Sydney Startup Hub to Tech Central will cost taxpayers $5 million (Startup Daily)

• Kiki relaunches in London, confirming new home after NYC exit (SmartCompany)

• Ten Pound Poms: Australia looks to UK to fill 200,000 tech roles (The Australian)

• We got this: Canva shuns investment banks and handles secondary itself (Capital Brief)

• Smartpay board backs $274m buyout by NYSE-listed Shift4 (Capital Brief)

• Gilmour’s maiden ElaraSat mission launch expected Monday (InnovationAus)

• QR ordering platform Mr Yum says profit in sight as losses pile up (AFR)

Funding Rounds

• Mary Technology, a Legaltech startup that uses AI to turn any number of documents into detailed chronologies within minutes, has raised $2.7m ($1.7m USD) in a Pre-Seed round (Artificial Lawyer | Daniel Lord-Doyle)

• NexusMD, which develops AI-powered agents to automate clinical documentation and administrative tasks in hospitals, has raised $6.3m in a Seed round from Square Peg (The Australian | BNA | Capital Brief)

• Foundit, a Proptech platform helping Australian property buyers access off-market deals and expert guidance, has raised $2m in a Pre-Seed round from Angel Investors (Startup Daily)

• Blunge AI, which is developing ways to help users get better control of AI image generation through freehand drawing, has raised in an undisclosed amount from Meliora and NextGen Ventures (Marketing Interactive)

• MTPConnect’s TTRA Program Invests $12M into 14 startups (MTP Connect | SmartCompany)

  • Anaxis Pharma, a biotech which is developing novel inhibitors / modulators of cell death, specifically necroptosis, an inflammatory form of programmed cell death, has raised $333k

  • Argenica Therapeutics, a biotech that is creating drugs to protect the brain and reduce disability after stroke and brain injuries, has raised $1m

  • Aspecthera, a biotech developing an eye-drop to prevent vision loss in diabetic retinopathy, has raised $500k

  • Atherid Therapeutics, which is developing a biologic drug for treating atherosclerotic cardiovascular disease, has raised $750k

  • Endo Axiom, which is building a platform for oral insulin delivery, aiming to replace injections for type 1 diabetes, has raised $1.07m

  • Inosi Therapeutics, which is developing drugs to reverse fibrosis (scarring) in organs, including for diabetic kidney disease, has raised $968k

  • Nanomedx, a biotech that uses carbon-based nanoparticles to treat inflammation in peripheral arterial disease, has raised $750k

  • ProGenis Pharmaceuticals, which is developing next-gen RNA therapeutics to improve insulin sensitivity and treat rare and acquired diseases, has raised $369k

  • CathRx, which is developing advanced, modular catheter ablation systems for treating heart rhythm disorders like atrial fibrillation, has raised $1.1m

  • I D & E, who is developing an ocular drug delivery system, has raised $1.2m

  • Theia Medical, who is building a hybrid 3D-printed intravascular imaging device for accurate detection of high-risk coronary artery disease, has raised $1m

  • Venstra Medical, who is developing the world’s smallest, most powerful temporary heart pump for patients in cardiogenic shock, has raised $1m

  • Wavewise Analytics, who is developing a real-time, non-invasive blood flow monitoring system for early stroke detection, has raised $996k

  • ZiP Diagnostics, who is developing a low-cost, rapid, point-of-care test for early diagnosis of preeclampsia, has raised $1.01m