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Hey, I'm Will from Overnight Success. I'm passionate about startups, in particular those from Australia!
Is CommBank's Anthropic investment the best Aus VC bet of 2025? Potential CGT relief for startups and VCs. Blackbird has its biggest quarter of deployment ever, and meet the ex-Tesla engineers who raised $23M for satellite batteries.
OS Weekly
A retrospective tax hike on VC carry, Fitbits for pigs, Seek's Growth Fund wants to sell about $1B in startup stakes, and Five V's First AML deal pays out Blackbird.
2026’s record funding year is halved without Firmus. Archa pivots and lands $11 million; July’s founders back Memobottle; Antler and Nicola Forrest bet big on women founders.
Immersion-cooled Firmus finds its float fully submerged, Square Peg tops $1 billion across two new funds, AI compute in exchange for equity, and Airwallex backs stablecoin near-$50 million seed.
VCs take aim at the startup CGT carve-out, but tax incentives for ESVCLPs get applause, radioactive cancer treatments, Carthona bags a third unicorn, Evie the EV charging startup acquired, and six startups raise capital.
Heidi Health becomes a unicorn, Firmus locks in its $7 billion IPO timetable, and Airwallex's Jack Zhang SLAPS back at US critics while scale-ups make submissions to Parliament on AI
Victoria's Coalition wants Breakthrough Victoria wound up, and Gilmour Space is lining up half a billion before a US listing; Anthropic signs huge data centre lease in QLD.
CGT carveouts announced but still work to do. Canva is hiring for an IPO; AMSL Aero is up for sale after raising more than $50 million; and Nvidia wants 2 GW of AI factories in Australia.
Expert360 and Grow Inc both sell, but the earliest investors are getting zero. Airtree's Canva fund is extended. Plus, fintech funding doubled to $1.73b, with Airwallex taking more than half.
Blackbird's $1.05b sixth fund goes official. Constantinople bank in a box platform lands $62.5M. Plus, founders call the government's Buy Australian AI scheme "performance theatre".
Blackbird closes another billion-dollar fund. Meet the founder solving cancer in dogs with AI-powered research. Airtree declares AI or out across its portfolio. And Sydney Harbour Ferries might be getting a glow-up.
John Collison and Cliff Obrecht on rebuilt unit economics, in-sourcing models, growth loops and how they use AI.
Expert Advice
+1
Stripe's free one-day Sydney conference is this Wednesday; here are the cherry-picked sessions to attend if you're a founder.
Ecosystem News
Heidi Health closes in on unicorn status, Alloy Robotics gets backing from the big 3, SafetyCulture rebrands Mitti, and South Australia takes both sides of the AI debate.
The utilities companies and the data centre industry can't agree on whether this is a crisis or a rounding error. So who’s right?
AI
Canva downgrade, Atlassian upgrades. A $2.9 billion equity round for Firmus and meet Contactile, a Sydney startup giving robots a sense of feeling.
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
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.
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
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
