G’day and welcome to your weekly edition of Overnight Success - your download on all the important things that have happened in the Aussie startup ecosystem. 🚀
It was a busy week across Australia, as Techstars hosted its Demo Night on Monday and West Tech kicked off. Please read our full write-up on demo night here; WA content will come next week, including Quokka photos!
As the end of the year approaches, next week will likely be the last newsletter until January, as we take a break over the Christmas break. If you’re looking to upskill over the summer and become a confident angel investor, check out our partnership with Aussie Angels on their Angel Academy. Use code OVERNIGHT for an exclusive (and significant) discount.
👀 Headlines 👀
🏦 LaunchVic and Breakthrough Victoria will be brought together into a single entity.
In a LinkedIn post, LaunchVic CEO Kate Cornick confirmed that LaunchVic will merge with Breakthrough Victoria to form a new government-backed entity.
It’s business as usual in the short term for LV: existing programs and funding continue (including the current pre-accelerator grants), roles are being maintained, and the 30X30 program is paused and pushed to 2026 as the transition is worked through.
💰 Airwallex closes a massive $US330m Series G at an $US8bn valuation, apparently the second-largest VC raise in Australian history, brushing aside fresh controversy over alleged China-linked data access concerns. (AFR)
The round was led by Addition, with backing from T. Rowe Price, Activant, Lingotto, TIAA Ventures, Robinhood Ventures, plus Australian funds Square Peg and Airtree — notably without Blackbird, which invested just six months earlier in Airwallex’s $US300m raise.
It’s a bit strange that Blackbird sat out this round, despite participating in May’s funding at a $ US$6.2 bn valuation and touting that they believed Airwallex could double their revenue within a year at their latest annual investor day.
It could be a case of sharp elbows on the cap table, as plenty of investors are looking to double down on the company or enter.
Regardless, the raise follows a public spat between co-founder CEO Jack Zhang and Silicon Valley investor Keith Rabois over claims that Airwallex shares US customer data with China — allegations Zhang has strongly denied.
$US160m of the new capital will fund a share buyback to reward employees and early shareholders, following a $US70m secondary transaction in September involving founders and executives.
The rest will fuel aggressive US expansion and AI development, including a second global HQ in San Francisco, a doubling of US headcount to 400+, and more than US$1bn earmarked for the region between 2026 and 2028.
🐮 Virtual fencing regulation has arrived in Victoria, allowing farmers to use virtual fencing and herding technologies, making it the 5th state in Australia to approve it. (InnovationAus)
Virtual fencing uses a network of solar-powered animal collars that emit sounds, vibrations and mild electric shocks to keep animals within pre-set boundaries, allowing farmers to track the location of stock through an app and herd them to specific areas. It does not need a cellular signal to operate.
Research conducted by the CSIRO shows that virtual fencing can reduce overgrazing and soil erosion and improve weed control.
Agriculture Victoria will oversee farmers’ use of virtual fencing systems, while the new code mandates approved devices, manufacturer training, the maintenance of physical fences and barriers, and regular collar checks.
It’s expected that NSW and SA will soon follow suit. The virtual fencing startup Halter will be particularly happy with this news.
🕹️Immutable accounts reveal $72m loss, but revenue is on the up and expects to break even on a cash-flow basis by December 31 2025. (AFR)
The gaming cryptocurrency platform, founded in 2018, reported a $72M loss for FY24. Revenue grew by 55% in the same year.
Immutable stated that it is fully funded for another 10 years, having raised more than $800M from investors such as AirTree, Temasek, and King River Capital, and was last valued at $ 3.5 B.
⛔ Social media ban for Under-16s takes effect as politicians around the world look to Australia; Reddit lodges a High Court bid to overturn the ban. (The Australian)
According to research of 1,598 Australian adults by Roy Morgan, 75% Australians aged 18-14, and 80% adults have backed the federal government’s social media ban for children under 16.
Reddit has challenged the federal government, arguing that the Social Media Minimum Age Act “carries some serious privacy and political expression issues for everyone on the internet”. (Capital Brief)
Reddit is one of the 10 digital platforms required to take “reasonable steps” to prevent users under 16 from accessing its social media platforms. Others include Facebook, Instagram, TikTok, YouTube, Snapchat, X, Threads, Twitch and Kick.
The thrust of the argument is that Reddit hosts many subreddits dedicated to the discussion of Australian political matters, and that children will not participate in political discourse. It’s an argument that does make you go hmm, as the voting Age in Australia is 18, and I don’t think many 12-year-olds are on r/auspol.
☁️ Firmus Technologies is lining up a final pre-IPO raise that could push its valuation towards $6.5–7bn, ahead of a planned ASX float as early as March 2026. (The Australian)
The upcoming round would follow a $500m raise in November at a $6bn valuation, with shares tipped to price at $155–160, implying a 10–15% uplift and taking total capital raised in the past 12 months beyond $1bn.
Firmus sits squarely in the AI infrastructure boom, building large-scale, energy-efficient data centres using proprietary software and cooling tech that claims 33% lower energy use and 99% less water than incumbents.
A massive $10bn asset-backed debt deal with Blackstone is nearing completion, a move investors say materially de-risks the business ahead of listing.
Founder Oliver Curtis became a paper billionaire following the November raise, with Firmus forecasting potential $ US$1.4 bn in EBITDA once its initial AI campuses reach full capacity.
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⚡ Startup Retro ⚡
Airwallex raises $497M Series G and hits $8B valuation
Founders: Jack Zhang, Max Li, Lucy Liu, Xijing Dai, and Ki-lok Wong
Global fintech Airwallex has closed a US$330 million (A$497 million) Series G round, lifting its valuation to US$8 billion and cementing the company as one of Australia’s most valuable venture-backed startups.
The round, the second-largest VC raise in Australian history, was led by US firm Addition and backed by T. Rowe Price, Activant, Lingotto, TIAA Ventures, Robinhood Ventures, as well as Square Peg and Airtree Ventures. The raise comes just six months after Airwallex secured US$300 million at a US$6.2 billion valuation, underscoring the company’s rapid growth momentum.
Founded in 2015, Airwallex has evolved well beyond its origins in cross-border payments, which now account for less than 20% of revenue. The platform spans global payments, corporate cards and spend management, and recently hit US$1 billion in annual recurring revenue, doubling from US$500 million in just 12 months.
Despite recent public controversy around data access, investor appetite remained strong. Of the new capital, US$160 million will be used for a share buyback to reward employees and early shareholders. The remainder will fund aggressive US expansion, including a second global headquarters in San Francisco, deeper investment in AI-driven financial tools, and a plan to deploy more than US$1 billion across the region between 2026 and 2028.
With profitability targeted for next year and an IPO on the horizon, Airwallex is firmly positioning itself as a global financial infrastructure player.
Due Diligence: AFR
Kasada raises $30M at $300M valuation to help websites block AI data scraping
Founder: Sam Crowther
Sydney-founded cybersecurity startup Kasada has raised US$20 million (A$30 million) in fresh funding, pushing its valuation beyond $300 million as demand surges for tools that block AI-powered data scraping without breaking the user experience.
The round was led by Swedish private equity giant EQT, with support from existing backers including Malcolm Turnbull’s Turnbull & Partners, Westpac-backed Reinventure, Main Sequence Ventures, OIF Ventures, Ten Eleven Ventures and StepStone Group. Founded in 2015 by Sam Crowther, who was 19 at the time, Kasada has evolved from a bot-mitigation startup into a critical layer of defence for companies navigating the rise of agentic AI.
Kasada’s platform detects and stops malicious bots without relying on CAPTCHA, while giving businesses granular control over which AI agents can access their sites. That capability has become increasingly valuable as large AI companies crawl the web to harvest data, often diverting traffic away from original sources. Retailers and e-commerce platforms, in particular, are using Kasada to distinguish between AI agents that transact and those that scrape content.
The company now generates roughly 90% of its revenue from the US, up from just 30% four years ago, and counts brands such as REA Group, Crocs, FlyBuys, PointsBet and Hyatt among its customers. With revenue up 700% over three years, Kasada plans to expand further into Europe and Asia while rolling out new products as it shifts from a point solution to a full security platform.
Due Diligence: AFR, Startup Daily
Squizify lands $10M Series A to automate food compliance
Founder: Daniel McDouall
Squizify, a Brisbane-based digital food safety startup, is accelerating its APAC push with a formal launch in Japan, backed by its recently disclosed $10 million Series A.
Founded in 2018 by CEO Daniel McDouall, Squizify replaces the food industry’s clipboards and manual checks with an automated platform that digitises HACCP compliance, monitors equipment performance, tracks temperature data and even handles cooking-oil quality testing for high-volume kitchens. The software already powers operations for 7-Eleven Australia, ALH, IHG and Onyx Hospitality across Australia and Thailand.
The Series A, led by Japan- and US-focused early-stage investor Coreline Ventures, was raised months ago but surfaced publicly with the company’s entry into Japan, a market that introduced mandatory HACCP reforms in 2021 and still relies heavily on manual processes. McDouall says Japan’s focus on precision and consistency makes it an ideal market for Squizify’s automation tools.
The fresh capital will support product localisation, regional expansion and continued development of Squizify’s operational intelligence layer, including new predictive analytics and AI-driven insights to optimise equipment performance, energy use and compliance risk. The company has also inked a partnership with Square to give venue operators unified visibility across front- and back-of-house workflows.
Due Diligence: Startup Daily
AS Colour lands growth equity as “blank apparel” retailer breaks $500M NZD of revenue
Founder: Lawrence Railton
AS Colour, the New Zealand–founded “blank apparel” brand behind some of the world’s most popular premium T-shirts, has secured a major growth investment as Quadrant Private Equity acquires a 21% stake in the business.
Founded in 2005 by managing director Lawrence Railton, AS Colour has quietly built a cult global following by focusing on high-quality, minimalist basics. The brand now generates more than NZ$500 million (A$436 million) in annual sales, supplying everyone from musicians printing band merch and corporates ordering uniforms to influencers, tradespeople and streetwear fans.
The investment comes from Quadrant’s Strategic Equity Fund, which has also tipped in $500M into Canva.
AS Colour operates across New Zealand, Australia, the US, UK and Europe, and has steadily broadened its product range beyond T-shirts into caps, accessories, bottoms and kidswear. Quadrant believes the company is well positioned to capture a larger slice of the estimated US$12 billion global market for blank apparel, driven by demand from creators, brands and businesses seeking premium, customisable basics.
Due Diligence: AFR
All G raises a $10M pre-series B convertible note for synthetic milk proteins
Founder: Jan Pacas
Sydney biotech startup All G has raised $10 million in convertible notes as it doubles down on synthetic milk proteins, striking a joint venture with French dairy heavyweight Armor Proteines to accelerate global commercialisation.
The funding, raised ahead of a planned Series B, drew backing from new and existing investors, including UK cellular agriculture firm Agronomics, Doehler Ventures (the VC arm of German nutrition group Doehler) and Singapore-based ID Capital. It follows a $30 million raise at a $120 million valuation, supported by the Clean Energy Finance Corporation, Woolworths’ VC arm W23 and high-profile backers such as Commonwealth Bank CEO Matt Comyn.
Alongside the raise, All G has formed a joint venture with Armor Proteines, a subsidiary of Savencia Fromage & Dairy, to produce and commercialise synthetic human and bovine lactoferrin, a key protein found in milk. The partnership pairs All G’s IP with Armor Proteines’ global distribution network across the US, Europe and Asia, as well as its clinical and nutrition research capabilities, with China firmly in its sights.
All G’s first product, a bovine lactoferrin powder, is slated to launch later this year, followed by human lactoferrin in early 2026.
Due Diligence: AFR
Bless Payments secures $3.75M Seed round for a cross-border transfer platform for migrants
Founders: Affy Bhatti, Mo Zaatar and Omair Chodhry
Perth-based remittance fintech Bless Payments has raised $3.75 million in Seed funding as it gears up for a global expansion and a forthcoming Series A.
The round, completed in July but only disclosed now, was backed by billionaire Khalil (Charlie) Shahin and London investment firm Forte Securities. Founded in 2022 by Affy Bhatti, technologist Mo Zaatar and Omair Chodhry, Bless is building a cross-border payments platform aimed squarely at migrants, with ambitions to challenge incumbents such as Airwallex, Wise and Revolut on cost and transparency.
The fintech currently has more than 1,500 active users and plans to grow that number to 8,000 by the end of 2026. Its remittance product now supports transfers to 60 countries, and regulatory approval has been secured ahead of a launch in Canada next month. Further licences are planned for the UK in 2027 and the US in 2028.
Earlier this month, Bless launched a no-fee travel card for overseas and online spending, promising sharper exchange rates than traditional banks.
Due Diligence: Startup Daily
Electric Future lands a $10M mix of debt and equity at a $40M pre-money valuation to help households transition to electric
Founders: Nathan Brown, Adam Risborg and Caetano Mantovani
Sydney-based home electrification startup Electric Future has secured new funding at a $40 million pre-money valuation as it scales an end-to-end platform designed to simplify Australia’s transition to clean energy.
The company has raised part of a $10 million debt and equity round, with climate-focused investor Ecotone Partners’ Planet Fund subscribing for half of the capital. Founded by Nathan Brown, Adam Risborg and Caetano Mantovani, Electric Future positions itself as a one-stop shop for households installing solar, batteries, EV chargers and heat pumps, tackling a process that is typically fragmented across contractors, hardware providers and rebate schemes.
Rather than competing purely on hardware margins, Electric Future’s model centres on certificate arbitrage. By managing and trading government energy credits, including VEECs, PRCs, STCs and ESCs, the startup says it can cut installation costs by more than 25%, passing those savings directly to customers.
The approach has driven rapid growth. Electric Future has achieved 495% annual growth and more than $27 million in revenue for FY25. The company has completed over 10,000 installations nationwide, running up to 150 installs per week through a network of more than 3,500 installers.
The new capital will be used to expand Electric Future’s installer network and improve its customer-facing digital platform as it targets a projected A$19 billion home electrification market by 2030.
Due Diligence: Overnight Success, AFR
Aristotle Metadata taps Tractor Ventures for $400K of debt to scale data governance
CEO: Sam Spencer
Canberra-based Aristotle Metadata has secured $400,000 in venture debt from Tractor Ventures, backing a partner-led expansion strategy aimed squarely at enterprise data governance teams grappling with AI adoption.
Rather than building a heavyweight direct sales force, Aristotle is doubling down on a channel-first model, positioning its platform as the technology layer for consulting firms already embedded inside complex organisations. The approach echoes the partner-led playbooks used by Atlassian and Xero, with Aristotle enabling advisors to deliver data and AI governance outcomes without building their own tooling.
The company’s core product, the Aristotle Metadata Registry, focuses on how data is actually used inside organisations, not just where metadata lives or how it’s formatted. Aristotle describes this as “people-first metadata,” designed to improve trust, compliance and usability across fragmented legacy systems as regulatory pressure tightens.
Founded in 2017, Aristotle already counts NSW Government, Services Australia and multiple European agencies as customers, and integrates with enterprise standards including Microsoft Azure Purview, Collibra, Informatica, dbt and OpenAI.
Due Diligence: Overnight Success
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🥳 Wins 🥳
🚢 Techstars Sydney ditched pitch decks in favour of live product demos at its largest-ever Australian showcase, “Demo the Future,” which sold 1,220 tickets at Sydney’s ICC. Check out our full write up here.
The 12-startup cohort followed an “elite sports” accelerator model, drawing on Special Forces coaches and professional athletes, with an emphasis on in-person intensity, speed and performance pressure. The cohort spanned deep tech, AI, health, fintech and consumer, showcasing everything from cancer detection and enterprise compliance to AI-powered music creation and sports coaching.
Kirk Simmons, founder of Briefcase, is reimagining the courts with digital infrastructure for faster, fairer, accessible justice.
Joni Pirovich, founder of Crystal aOS, is powering licensed crypto companies to launch safely across 200+ countries with automated compliance.
Jad Al Masri, founder of MuseAI, is giving musicians a creative workspace to capture, search, and collaborate on sound.
Mohammad Tavakkoli Yaraki, Ph.D. and Samira Sadeghi, Ph.D, co-founders of OncoRevive, are detecting cancer 20× faster and cheaper using chemistry-driven innovation for same-day results.
Nathan Croxton, founder of Onsite, is transforming strata management by automating 90% of repetitive admin tasks.
Michael (Rahulan) Ragavan, founder of Our Leg Up, is unlocking home equity as a new investment asset for homeowners.
David Stephen Sta.Maria and Silven E., co-founders of Sedso. (Techstars ‘25) are helping brands stay visible in the AI-powered search era with Generative Engine Optimisation.
Amy Stevens, founder of Slice, is automating property transaction workflows to make buying and selling seamless.
🐶 Mitch Sigley, founder of VetNotes.com, is automating clinical note-taking for vets and building shared intelligence across practices.
Michelle (Turnbull) Reeves, founder of Xillions AI, is turning fans into creators through a new marketing category of brand–audience co-creation.
🦘 13 startups took to the stage to pitch at the annual West Tech Fest. Let's meet them!
Coursebox AI: Revolutionising education with AI-powered course creation. Coursebox enables educators to build professional eLearning content in minutes by automatically generating videos, quizzes, images, and assessments.
Cytophenix: Tackling antimicrobial resistance, a crisis contributing to over seven million deaths annually. Their breakthrough FloCAST™ technology delivers rapid, AI-enhanced antimicrobial susceptibility testing
Earflo: Pioneering the first non-invasive, at-home treatment for negative middle ear pressure in children as young as two - a condition that can lead to fluid buildup and chronic ear infections.
Einsen Innovations: The world's first automated iron for clothing.
ENAUTIC: Combining advanced naval architecture with cutting-edge battery technology, ENAUTIC is pioneering zero-emission maritime solutions. ENAUTIC has developed and patented the world's most advanced hydrofoil propulsion system, called WaveDrive
Personr: Financial crime is a $1.3 trillion Asia Pacific issue, and businesses face costly, fragmented Anti-Money Laundering (AML) obligations that are difficult to manage. Personr has built an end-to-end AML compliance platform that centralises every compliance function in one place.
Pyri: Developed a revolutionary class of fire sensors—passive, power-free organic electronics that activate in flame, confirming fire presence within seconds
Rainstick: Rainstick's Variable Electric Field (VEF) treatment uses precisely controlled electric waveforms to "prime" seeds, triggering natural growth responses that improve germination speed, uniformity, and stress tolerance.
Respiradigm: Shifting the paradigm with innovative solutions that improve patient outcomes and reduce healthcare costs. By identifying children at risk before symptoms begin, Respiradigm enables families and clinicians to act early and change the trajectory of a child’s health.
Sunfish Robotics: Making ocean conservation scalable through autonomous technology. Sunfish Robotics is deploying intelligent underwater robots to monitor marine ecosystems, providing critical data to protect our blue planet.
Vively: Using data from continuous glucose monitoring and blood testing to help users understand their body's unique responses to food, exercise, and lifestyle choices.
SavvyWise: The accountant's AI assistant that turns research time into billable hours.
Tempo.co offers a smarter, scalable way to combine people and technology. Empowering businesses to grow without the overwhelm, delivering solutions that understand context and adapt to real business needs.
📆 Notice Board 📆
👩💼 EY Entrepreneurial Winning Women Australia have opened applications to identify ambitious women entrepreneurs and provide them with advice, resources and access to unlock their full potential.
Participants will join the WW Asia-Pacific Conference in Korea in May 2026 and get a bunch of training, knowledge-sharing, and peer-to-peer sessions to scale their businesses. You can apply here for free, but be aware that it takes 30 to 45 minutes.
Would you like to promote an event or an opportunity? Enquire about a Notice Board promotion by replying to this email.
🧠 KaaS (Knowledge as a Service)
Will’s Pick 💁 Everything startup founders need to know about moving to San Francisco by Ben Kennedy
A very information-dense and practical read for anyone relocating to SF, or visiting for a short while.
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‘Til next time,
👋 Will