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’s fair to say that post Australia Day is when everyone actually gets back to work. This was a big week for capital raises and notable news. Hope you enjoy! A reminder, if you have a story about your startup or fund doing something notable, a fundraise, a major product release, or a high signal milestone, feel free to shoot it over via email! Details are down at the bottom.
👀 Headlines 👀
💰 Australia’s biggest VCs are heading into 2026 with record dry powder, as Airtree, Blackbird and Square Peg have either recently closed or are wrapping up their biggest funds to date. (Capital Brief)
AI is reshaping deal flow across every stage, with VC funds reporting unprecedented volumes of investable opportunities and a surge in globally ambitious founders.
Blackbird alone reviewed around 2,000 opportunities last year, backing just 20 new companies while doubling down with dozens of follow-ons.
But does this make it easier for startups to raise? Potentially not. The big VCs are pacing more slowly and reserving more capital for winners, prioritising conviction-led bets. Another factor is that funds are now looking internationally, which means Australian startups are benchmarked against the world’s best from day one, raising the bar across the board.
💳 Airwallex CEO Jack Zhang shuts down IPO rumours, saying the $12bn fintech won’t list before 2028. (Startup Daily)
Zhang clarified “IPO-ready” never meant “IPO now,” pointing to years of comments about optionality rather than firm public market timelines. The company has instead doubled down on private capital, raising large late-stage rounds, including a $498m Series G that valued Airwallex at nearly $12bn.
He also pushed back on recent reporting around compliance and data access, calling several claims misleading or taken out of operational context. His broader message to founders: narratives move faster than facts, and outdated assumptions often snowball into accepted “truth.” The comments come days after regulator AUSTRAC forced Airwallex to appoint an external AML auditor, keeping scrutiny firmly on the fast-growing fintech.
🏦 Square Peg partner James Tynan has exited the VC firm after five years, quietly disclosed in the fund’s latest half-yearly investor update.
The departure leaves Square Peg with seven partners across a 42-person team, after Tynan spent the past 2.5 years at the partner level.
Tynan joined Square Peg in 2020 after running Startmate, backing breakout companies including Neara and cultivated-meat pioneer Vow. Prior to this role, he was an early employee at Khan Academy (which helped me get through year 12, thanks, James!).
🎾 Tennis Australia’s Australian Open continues to be the most innovative sporting event of the year. They’ve now invested in building an in-house R&D lab, a startup accelerator, and a venture fund to hardwire innovation into one of the world’s biggest sporting events. (FastCompany)
AO Labs has turned the Open into a broadcast tech playground, launching viral hits like AO Animated, which features janky but real-time Wii-style player avatars built from biometric tracking data, bypassing traditional broadcast rights.
Through AO Startups, Tennis Australia has piloted 40 early-stage companies since 2022, spanning AI, ticketing, security, athlete performance and operations — with a standout 70% converting into suppliers or partners. Bolt6. For example, has already disrupted a 20-year monopoly, replacing Hawk-Eye’s line calling across all courts and scaling from three events to a projected 170 global sports deployments in five years.
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⚡ Startup Retro ⚡
Checkbox lands $33M to bring AI support to in-house teams at large enterprises
Founders: Evan Wong and James Han
Australian-born but US-based legal automation startup Checkbox has crossed a $100 million valuation after raising US$23 million in a growth round led by Silicon Valley’s Touring Capital. Australian funds Five V and Tidal joined the round alongside Peak XV (formerly Sequoia India) and US-based Conductive Ventures.
Founded by former Sydney Boys High classmates Evan Wong and James Han, Checkbox builds AI bots that automate routine legal workflows for large organisations, with customers including Telstra, Woolworths and Macquarie Group. The platform acts as a virtual front door for in-house legal teams, triaging requests from across a business, answering basic policy questions and routing higher-risk matters to human lawyers.
The company relocated its commercial operations to New York two years ago, a move that has helped land major global clients such as SAP, PepsiCo and Hitachi, while product and engineering remain in Sydney.
Wong, a UNSW law graduate who launched Checkbox in 2016, said the funding will go towards expanding its US sales team and building more advanced AI capabilities.
The deal underscores the boom in legal tech investment, as startups race to modernise one of the most process-heavy corners of enterprise software.
AutoGrab accelerates with $80M Series B to build AI powered vehicle valuation platform
Founders: Daniel Werzberger, Chris Gardner
Melbourne-based automotive intelligence startup AutoGrab has raised an $80 million in Series B funding at a $230 million valuation, as demand surges for data-driven tools across the rapidly evolving global car market.
The round was led by UK firm Octopus Ventures and New Zealand’s Movac, with backing from Premier Capital Partners and existing investors EVP and Ten13. Founded in 2020, AutoGrab previously raised a $5 million seed round in 2022 and a $7 million Series A in late 2023.
AutoGrab uses artificial intelligence to deliver real-time vehicle valuations, sourcing insights and market analytics for dealerships, insurers, fleet operators and financial institutions. The platform already serves around 1,000 dealerships in Australia and is used by roughly 90% of local motor insurers for total loss assessments.
The fresh capital will fuel expansion across the UK, Europe and Asia-Pacific, with co-founder Chris Gardner relocating to London to lead European growth, while co-CEO Daniel Werzberger continues to run operations in Australia.
As EV adoption accelerates and new Chinese manufacturers flood global markets, AutoGrab aims to bring clarity to increasingly complex vehicle data and help insurers and sellers accurately identify cars and price risk in seconds rather than days.
Due Diligence: The Australian, AutoGrab Announcement
Factory builds $4.69M Series A to help bring AI and software to manufacturing businesses
Founders: Paul and Michael Lutkajtis
Sydney-based manufacturing software startup Factory has raised $4.69 million in a Series A round to fuel product development and push into the US market, as digital tools continue to modernise small and mid-sized manufacturers.
The round was led by Shearwater Capital, with participation from US investor Martin Tobias and existing backers Investible, Adrian DiMarco and Beachhead Capital. Factory previously raised $1.05 million in a 2023 seed round.
Founded in 2021 by brothers Paul and Michael Lutkajtis, Factory builds a process management platform that helps fabrication and manufacturing businesses run jobs from quote through to delivery and purchasing. The software is designed specifically for small and medium-sized workshops — a segment the founders say has been largely overlooked by enterprise-focused manufacturing tools.
The fresh capital will go towards expanding engineering and product teams, growing its go-to-market function and launching US operations, starting in Texas.
Factory now serves more than 200 customers across Australia, with early traction in North America and the UK. CEO Paul Lutkajtis is relocating to the US to lead the expansion, betting that renewed focus on domestic manufacturing will drive demand for modern production software. The company previously raised a $1.05M seed round in 2023.
Due Diligence: Startup Daily, Capital Brief
On the House secures $1.7M seed to grow a network of free period product dispenser advertising network
Founders: Remy Tucker
Brisbane-based On the House has raised $1.7 million in seed funding to scale its network of free period product dispensers across Australia, as it blends public infrastructure with ad-supported tech.
The round was led by WA venture firm Purpose Ventures, with backing from UniQuest Extension Fund and Startmate. The company was founded by 26-year-old Startmate W25 alum Remy Tucker, a former midwifery student turned marketer.
On the House installs smart, wall-mounted dispensers in women’s bathrooms that provide free, organic and biodegradable sanitary products, funded through digital advertising displayed on built-in 32-inch screens. Tucker argues that brands can build significant goodwill with audiences who use and see the product. The model aims to solve what Tucker calls a basic infrastructure gap, with research showing three in five women resort to makeshift solutions when caught without period products in public spaces.
Launched commercially in mid-2025, the startup has already partnered with brands including Afterpay and rolled out units in high-traffic venues such as stadiums and entertainment precincts.
Tucker positions the platform as a new “social out-of-home” advertising channel that benefits brands, venues and users alike. The fresh capital will be used to expand nationally across universities, workplaces, gyms, and shopping centres, with more than 20 brand partners already in the pipeline.
Due Diligence: Startup Daily
Applied EV looks to close $57.8M Series B to deploy EV logistics platform
CEO: Julian Broadbent
Melbourne-based autonomous vehicle startup Applied EV is closing a US$40 million ($57.8 million) Series B round as it shifts from heavy engineering into large-scale commercial deployment of its electric logistics platform.
The raise is co-led by Australia’s National Reconstruction Fund Corporation (NRF) and investment bank Barrenjoey, with Japan Post Capital also participating. NRF is contributing $30.7 million, making up the bulk of the round, with the first tranche completed before Christmas and final close expected shortly. OS previously reported on this when Japan Post Capital had announced the deal.
Founded in 2015, Applied EV builds the Blanc Robot — a cabinless, flat-chassis electric vehicle designed to be customised for everything from last-mile delivery to freight and industrial use. Rather than becoming a full-scale manufacturer, the company installs its autonomous hardware and software onto vehicle platforms supplied by partners such as Suzuki.
The fresh capital will support a major restructure into what CEO Julian Broadbent calls “AEV 2.0”, marking an end to most new hardware development and a pivot towards sales, fleet deployment and software. Engineering will increasingly focus on a platform for monitoring autonomous fleets, including an app-store-style ecosystem for third-party developers.
Applied EV plans to hire up to 50 staff and is targeting international markets, citing slow regulatory progress for autonomous logistics in Australia.
Due Diligence: Capital Brief, Startup Daily
ReFresh raises $1.3M to help businesses manage psychosocial hazards and build safer workspaces
Founders: Harrison Kennedy, Taylor Laing
Australian HR and workplace safety startup ReFresh has raised $1.3 million to capitalise on sweeping new regulations that make psychosocial risk a formal compliance obligation for employers nationwide.
The round was backed by Black Nova, Archangel and Antler, as businesses race to adapt to mandatory psychosocial safety standards that came into force in December 2025. The new rules require organisations to identify, assess and manage psychological hazards with the same rigour as physical workplace risks, and to demonstrate compliance through structured reporting.
ReFresh positions itself as a risk management platform for the modern workplace, helping companies log psychosocial incidents, track hazards, and generate board- and regulator-ready compliance reports. They are already working with customers, including Safewill and Amped HQ, and have partnerships with platforms such as Deel, Sonder, Matched and Humn.
The fresh capital will be used to accelerate product development, scale enterprise adoption and support organisations navigating the new compliance landscape — as regulatory pressure drives rapid demand for specialised HR and safety software across Australia.
Due Diligence: Capital Brief
Hometime lands $19M debt and equity deal to grow tools for Airbnb management platform
Founders: Billy Crock, Dave Thompson
Perth-founded short-term rental management platform, Hometime, has secured $19 million in a combined debt and equity raise as it continues to scale its Airbnb-focused property operations nationwide.
The venture portion of the round was led by Craig Burton’s Verona Capital, alongside around 15 existing investors and several family offices. The deal also included debt refinancing with Commonwealth Bank, though the company did not disclose the split between capital and borrowings.
Founded in 2016, Hometime provides an end-to-end property management platform for short-stay accommodation, handling everything from bookings and guest communications to cleaning, maintenance and marketing. The business now manages more than 3,500 properties across dozens of locations in Australia, spanning apartments, holiday homes and resorts.
Hometime has steadily expanded through both funding and acquisitions, previously raising capital from Asia Principal Capital, OneVentures, NAB Ventures and AS1 Capital, and buying competitors including Hey Tom, Host My Home and bnbpal to consolidate the fragmented short-term rental market.
The fresh funding will bolster the company’s balance sheet and support continued growth as professionalised management becomes increasingly central to the booming short-term accommodation sector. Co-founder Dave Thompson departed in 2024 to launch venture builder Freedom Ventures
Due Diligence: Startup Daily
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🤝 M&A 🤝
🎓 Australian school admin platform Compass Education has acquired extracurricular management startup Clipboard (founded by Sam Clarke and Ed Colyer) in a deal expected to deliver up to a 10x return for early investors. (Startup Daily)
Clipboard’s tools are used by 500+ schools and over one million users and will be integrated into Compass to streamline sports, camps, clubs and co-curricular administration alongside payments, attendance and communications. Backed by Jelix Ventures, EVP and Sprint Ventures, Clipboard becomes a standout local edtech exit just years after being founded by two university students tackling manual school systems.
📆Notice Board 📆
🚜 The future of farming is here: evokeAG. 2026 lands in Melbourne (17–18 Feb) Asia-Pacific’s biggest agrifood innovation event is back with bold keynotes, uncomfortable conversations and live tech - including a remote driverless tractor demo from Ornata.
Big-name speakers from across ag, tech and VC, including Halter founder Craig Piggott, Astanor Ventures’ Harry Briggs and SwarmFarm CEO Andrew Bate.
50+ startups and scaleups from 8 countries showcasing everything from autonomous machinery and insect protein to soil intelligence and circular agtech.
🤝 Rampersands Giant Warm Intro is partnering with SOUTHSTART 2026 to run a 90-minute, in-person founder–investor matching session in Adelaide this March, focused on high-quality, curated connections.
Since 2019, GWI has facilitated 1,200+ meetings and supported over $10m in capital raised, using a peer-driven group format built around feedback and real outcomes.
Open to SOUTHSTART attendees (17–19 March 2026), in-person only, with limited sponsored tickets available for early-stage founders. Apply here!
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 💁 Pod Recs by Rave, Steph Brooks post on LinkedIn
I’m a huge podcast listener and love getting curated recommendations from guests and hosts. Most books I read are because someone mentioned it in a piece of content I’ve consumed.
I love this database put together by Steph from Rave, she’s pulled every recommendation ever mentioned on Lenny Rachitsky’s podcast into one searchable hub — complete with episode context, guest quotes and direct links across books, apps, products, podcasts and more.
The database (Pod Recs by Rave) is live and continuously updated as new episodes drop, turning long-form podcast wisdom into a practical discovery tool driven by human recommendations rather than algorithms. I’ve asked her to add one for The Acquired podcast soon.
Fun fact: the book High Output Management is the most recommended thing overall, having been recommended 11 times!
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‘Til next time,
👋 Will