This week, a diverse array of Australian tech startups secured fresh funding across multiple industries, including debt collection, fitness, hospitality, migration, legal documentation, and even democracy. Here’s a closer look at six startups that raised millions this week.
Leading the pack is fintech startup Indebted, which successfully raised $60 million to expand into new markets, pursue mergers and acquisitions, and enhance its product offerings. This funding round, valued at over $350 million, was spearheaded by prominent local VC firm Airtree, with additional backing from Australian Retirement Trust and Premier Capital Partners. Existing shareholders, including Reinventure, Carthona, and Perennial, also participated.
Indebted confirmed to the sources that approximately $10 million of this Series C round consisted of secondary sales to early investors and employees, facilitated by SecondQuarter Ventures. This round marks Indebted’s second-largest capital raise to date, following a $22.5 million round in mid-2022, which was announced alongside a reduction of 17% of its workforce.
In a statement, Indebted clarified that the new funding is not necessary for its current operations but will be directed toward business growth.
It became profitable operations-wise in February, and has a compound annual growth rate of 110%. Founded in 2016 by CEO Josh Foreman, Indebted seeks to become the superior option for debt collection agencies compared to traditional counterparts through technology and data.
Foreman reported that the new funding will allow the company to enter “meaningfully demanding markets.” “We’re launching in the UAE and Mexico next month, and after that, we’ll use this capital to strengthen our presence in Europe and South America,” he noted. He expressed pride that the majority of this funding comes from Australian investors, emphasizing the support from Airtree and other backers who believe in Indebted’s mission to transform consumer debt management.
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