After a quiet week for startup funding in the ANZ region, six startups have collectively secured $63.5 million in fresh capital. Here’s a breakdown of the startups and their funding rounds:
1. Qsic: $40 Million (Series B)
L-R: Qsic co-founders Matt Elsley and Nick Larkins.
Sector: In-store audio technology
Location: Australia
Lead Investor: Hedosophia
Qsic, an in-store audio tech startup, raised $40 million in a Series B round. The company powers audio networks for major retailers like McDonald’s, Coles Express, and 7-Eleven, using AI to dynamically adjust ads based on shopper behavior and local conditions.
Plans for Funding:
- Deploy 70,000 additional speakers across North America.
- Accelerate product development and expand the sales team.
- Enhance its AI engine, Lucy, which localizes ads and optimizes performance, reportedly boosting sales by up to 14% in some retail locations.
“The demand for our solution is strong. Now, we’re positioned to accelerate product development to enhance our tech capabilities and put new resources in place to grow our network to drive even greater, measurable outcomes for our retail partners and brands globally,” said Matt Elsley, Qsic co-founder and CEO.
2. Kwetta: $16.2 Million (Series A)
Kwetta founders Mike Lazelle, Dustin Murdock, and Dr. Robert Turner
Sector: EV charging solutions
Location: New Zealand
Lead Investors: Blackbird Ventures, Virescent Ventures, and
Icehouse Ventures
Kwetta, founded in 2021, provides ultra-fast EV charging solutions for heavy transport fleets. The company has already deployed 39 high-power chargers in New Zealand and secured key contracts with Z Energy, a subsidiary of Ampol.
Plans for Funding:
- Expand into Australia and Europe.
- Build customer relationships and continue developing high-voltage charging technology.
3. Diag-Nose.io: $3.15 Million (Seed Round)
Sector: Biotech
Location: Melbourne, Australia
Lead Investors: Breakthrough Victoria and Radar Ventures
Diag-Nose.io is revolutionizing respiratory care with its patented nasal liquid biopsy device and AI-powered analytics platform, RhinoMAP. The platform offers personalized treatment options for patients with chronic respiratory conditions.
Plans for Funding:
- Scale operations globally.
- Develop further diagnostic innovations.
4. Medow Health AI: $2 Million
Sector: Health tech
Location: Australia
Investors: Medical leaders, including Chris O’Brien Lifehouse CEO
Michael Boyer and orthopedic surgeon Michael Solomon
Founded in 2023 by Joel Freiberg, Medow Health AI automates the creation of medical reports to reduce specialist referral wait times.
Plans for Funding:
- Expand operations, including a major push into New Zealand.
- Integrate its technology into Magentus systems like Genie and Gentu to further automate specialist consult documentation.
5. MyGigsters: $1.1 Million (Seed Round)
Sector: Fintech
Location: Australia
Investors: Existing angels and undisclosed backers
Founded in 2022 by Benjemen Elengovan, MyGigsters provides income and spending tracking tools for gig workers. The platform uses real-time data and advanced analytics to deliver personalized financial insights.
Plans for Funding:
- Expand into embedded financial services globally.
- Offer solutions like instant payments, early access to earnings, and automated tax management.
6. Spoony: $1 Million (Pre-Seed Round)
L-R: Spoony personnel Larissa Kutny (Head of Community), Nicholas Carlton (CEO), Madeleine Ruskin (Community Manager), Kenneth Liang (CTO)
Sector: Social media
Location: Australia
Lead Investor: Antler Ventures
Other Backers: Melba Support and Trampoline
Spoony, founded in 2024 by CEO Nicholas Carlton and CTO Kenneth Liang, is a social media app designed for disabled, neurodivergent, and chronically ill users. The platform aims to provide a safe and stigma-free alternative to mainstream social media and dating apps.
Progress:
- Attracted over 22,000 users since its soft launch in September 2023.
- Has thousands more on a waitlist.
“There is such a big cultural appetite for safe, empathetic spaces that prioritize the health and wellbeing of their users,” said Nicholas Carlton, Spoony CEO.
This week’s funding highlights the diversity of innovation in the ANZ startup ecosystem, spanning in-store audio tech, EV charging, biotech, health tech, fintech, and social media. With $63.5 million raised, these startups are poised to accelerate growth, expand globally, and deliver impactful solutions across their respective industries.