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Hey, I'm Will from Overnight Success. I'm passionate about startups, in particular those from Australia!
Cover Genius hits US$1.9B valuation. Aussie Angels rebrands. DroneDeploy signs exit papers for US$845M. Startmate unveils its 17-company Winter '26 cohort. Plus, the hydrogel condom combatting Gen Z STI's with Olympic dreams.
$1.7B in Q2 and VC investment looks like a barbell, Blackmagic's co-founder feud, a hangover pill raises $2M, PsiQuantum's $125M DARPA win, and a Geelong startup lands on the Tour de France podium
OS Weekly
Australia's biggest-ever private biotech raise. What is the new Office of AI? The startup sector torches the CGT olive branch, Australia's first chip plant breaks ground, and Melanie Perkins brings product development to democracy.
Ecosystem News
Novartis drops $2bn on an Aussie-backed biotech, Firmus banks a US$720m Nvidia cheque, Southern Cross AI to float, Diraq cracks quantum scaling, and Goterra collapses. Plus, 5 captial raises.
Shark skin on planes for fuel savings, Australia's spaceport gets serious funding, meet the startup that's technology reads your thoughts, plus Medical Angels graduates into a $40M doctor-led Venture Fund.
Aussie founder sells AI company for $5.6B, Airwallex hits $16B, Immutable ditches Web3 for AI and Blackbird writes it's biggest cheque ever into a single round.
Revenue at Baseten has grown roughly 20x year-on-year, and the platform now processes more than one billion inference calls a day across 87 clusters and 18 clouds.
Capital Raise
+1
The CGT carve-out proposal has a catch - don't be too ambitious, Australia apparently the world's fastest-growing VC market, founder gets 9 years for lying to investors and Canva's worth $500B?
The oversubscribed Series A was led by Airtree, with Plural, returning backers Left Lane Capital and b2venture, and angels including Australian Test captain Pat Cummins. The Melbourne startup will use the money to continue its push into the UK and the $10 trillion global consumer healthcare market.
Series A
CGT workaround incoming, dentist without the needle, Goterra runs dry, Fresho conquers the UK + Airwallex fires back
NZ courts Aussie founders as their founders fly, Blackbird tries to define a startup, Dashdot collapses, Airtree offeres $250K in for builders to start building and Fishburners finds a new home!
4 new venture funds hit ANZ (3 in Australia), the Fair Work Commission pays AI to clean up after AI, finding the silver lining in an 80% down round, plus the startups that raised $110M this week
Canva doesn't need to IPO (apparently), The LaunchVic-Breakthrough successor finally has a name, New Zealand has it's own version of the Thiel Fellowship, and $100M+ flows into hospitality tech, construction robotics and quantum.
LinkedIn went to war with Canberra, Elicia McDonald takes the Airtree helm, and $40M+ flowing into defence, construction and AI finance. Plus, the postivies that came out of the budget for Aussie startups.
Founders and GPs freak out about potential changes to the capital gains tax discount. Fishy's goes into voluntary administration, and LaunchVic & Breakthrough Victoria's fate hangs in the balance.
A$1.8B raised in Q1, up 63% on Q1 2025, but there's plenty to be said behind the data. Blackbird Sunrise... sunsets for 2026. VentureCrowd's holding company goes into administration, and Airwallex is giving away A$1M a year to young Aussie founders.
3D printing houses, a new early stage fund, and does Australia have a self belief problem? This unicorn founder thinks so.
Two FinTechs make some big moves. Canva to IPO in 2027, how much CO2 does a data centre create? Plus, meet the startup building rare earth alternatives via simulations!
Two new venture funds hit the market. Canva can't stop acquiring. Meet the new MedTech Actuator Accelerator cohort and the hot new drone startup shaking the tin for fresh capital.
Airwallex recruits an ex-Prime Minister, April Fools Jokes gone wrong, fresh data on how Australians are using Claude and see how America is winning the AI investment race through sheer volume of capital.
The steaks have never been higher: Halter hits $2.9B valuation for fenceless cow herding. Plus, Canva makes its 6th acquisition in 2 years as it expands into digital outdoor marketing to combat AI design tools.
OpenAI say's G'day to Aussie startups, Robyn Denholm wants to reform R&D incentives, Blackbird reports on their valuation method and Australian MedTech's bringing hardwear into market.
Brain tissue computer chips, Canva AI more popular than Claude, Euc's acquirer drops lawsuit. Plus a new $15M pre-seed fund, and meet the driverless boats protecting Australia.
What is the average wage at a scale-up? What about the gender pay gap? I've dived into the numbers and revealed all across several scale-ups. And meet the startup combining quantum computing and human brain tissue, or the 3D printed Aussie rocket that could hit MACH 12
Eucalyptus acquisition broken down. Canva and Heidi go shopping. Plus, Blackbird tips in to a SF based inference company valued at $5B!
