Yesterday
Reddit IPO leaps on AI pitch, but not everyone believes the hype
The stock ended its first day of trading up 48 per cent, but investors say it’s more Snapchat than Meta, despite its deal to provide AI data to Google.
- Updated
- Nick Bonyhady and Joanne Tran
There’s an AI funding boom - but Australia’s being left out
Venture capitalists are going all-in trying to back big winners, rather than spreading their funds around.
- Paul Smith
This Month
- Exclusive
- Start-ups
$300m to ‘zero’: Blackbird-backed start-up stalls
VC backers of Baraja have written down their investment on the polarising LiDAR technology for autonomous vehicles to nil.
- Nick Bonyhady
No plans to wind up embattled $2b VC fund: Pallas
Victorian Treasurer Tim Pallas has hit back at calls to wind up the state’s venture capital fund, saying there isn’t enough private money to support start-ups.
- Updated
- Gus McCubbing
- Exclusive
- Funding
Australia has its first tech ‘unicorn’ in two years
Software firm Deputy cracks the billion-dollar valuation milestone to break Australia’s unicorn drought, after a prospective US customer invested $37 million.
- Tess Bennett
Scrap metal online marketplace raises $1.4 million
The Funded blog is the home for news on the tech deals that are done in Australia, as soon as we hear about them.
- Updated
- Paul Smith
- Analysis
- Investing
Why Hostplus is doing the UK differently
Super funds are pumping money into big, solid infrastructure plays in the UK, but Hostplus has picked out an Oxford nuclear fusion start-up.
- Hans van Leeuwen
- Exclusive
- Superannuation
$2b start-up hands win to industry super in Hostplus feud
Employment Hero’s software was recast to reflect pre-existing super accounts, but its founder sustained his crusade against Hostplus, which sought his sacking.
- Nick Bonyhady and Hannah Wootton
Victorian government venture capital fund referred to auditor-general
The Allan government is standing by Breakthrough Victoria’s chairman John Brumby as the opposition claims the fund needs to be investigated.
- Patrick Durkin and Gus McCubbing
- Exclusive
- John Brumby
‘Mass redundancies’: Vic government’s losing VC bet
A medical start-up heavily backed by the Victorian government’s troubled venture capital fund has run into trouble.
- Updated
- Tom Richardson and Patrick Durkin
- Exclusive
- John Brumby
Board exodus: Vic government start-up fund spent $22m to invest $74m
Three directors of the state government-funded $2 billion Breakthrough Victoria venture fund are quitting amid calls for the fund to be wound up.
- Patrick Durkin
- Exclusive
- Investment banking
Julius Baer investors lodge UK complaint over Macquarie fund
Five people who tipped in about $23 million into a Macquarie-led fund have asked a UK regulator to investigate the group’s investment in Indian company Byju’s.
- Aaron Weinman
- Exclusive
- Private equity
Quadrant swoops on $100m Canva stake in Blackbird sale
A $100m stake in the runaway tech star is set to change hands, as VC firm Blackbird plans a trade to PE firm Quadrant.
- Paul Smith
- Exclusive
- Investment banking
Macquarie lauded embattled Indian tech investment as its scandals grew
In two investor updates last year, the asset manager lauded the profitability of Byju’s even as other backers slashed the value of the embattled education platform.
- Aaron Weinman
- Exclusive
- Funding
Tech founders ‘delusional’ about falling company valuations
Seasoned investors have warned that entrepreneurs are delusional after a new study found most were confident of raising capital this year at higher valuations.
- Paul Smith
- Opinion
- Chanticleer
Macquarie stoush exposes private capital’s ‘make-believe’ problem
The dispute between the investment bank and Switzerland’s Julius Baer highlights the problem of how valuations in private markets lag those in public markets.
- James Thomson
Swiss bank accuses Macquarie of distorting valuations for higher fees
Julius Baer said the local giant was refusing to answer questions about how education platform Byju’s was performing. Others cut their valuation by 98 per cent.
- Updated
- Aaron Weinman
February
Start-up that delivered Australian founder $250m goes into liquidation
Video-calling company Hopin was a pandemic darling that has since sold off its signature software and is now relocating to the US.
- Nick Bonyhady
- Exclusive
- Mergers & acquisitions
Brisbane tech star Octopus Deploy makes first major buyout in US
The company has acquired Californian software company Codefresh for $42.6 million.
- Paul Smith
- Exclusive
- Funding
Break point: Australia’s venture capital scene is facing a ‘cleansing’
Even the Australian Open is lending its a name to a venture capital fund as start-up industry figures fear the sector will not be able to support so many funds.
- Nick Bonyhady
