December 5, 2022

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General Evolution

Funding roundup October 09 – October 14: Airwallex, AgriWebb, and more

This weekly feature from Dynamic Business runs down the week’s top funding rounds from Australia, India and the US. Check out last week’s biggest funding rounds here.

Airwallex hits $5.5 billion valuation with the $100 million Series E raise

Fintech platform Airwallex announced that it recently closed its Series E extension with the same US$5.5 billion valuation and secured more funds from existing investors Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent. 

HostPlus, an Australian industry superannuation fund, participated in this round. With an additional US$100 million, Airwallex’s total funding increased to more than US$900 million to propel the company’s global growth trajectory.

AgriWebb announces $ 10 million investment

AgriWebb has secured an additional AU$10 million, adding two more top-tier investors to an impressive list of leading agtech and sustainability investors. The latest raise includes the addition of premiere sustainability and agtech venture capital firms, Germin8 Ventures and iSelect Fund, bringing the total amount raised in its series B to AU$40 million. 

Germin8 Ventures and iSelect Fund join existing AgriWebb share investors, including Grosvenor Food & AgTech, Telus, and The Clean Energy Finance Corporation, which focus on supporting innovative, market-leading technology partners that address critical global issues. 

Australian Business Growth Fund Invests in DIY Blinds

Melbourne-based DIY Blinds has secured a $15 million investment from the Australian Business Growth Fund (ABGF), valuing DIY Blinds at around $100 million. ABGF has a profit-for-purpose investment model intended to fuel the growth of the SME sector.

T-shirt Ventures raises $11 million

Health tech startup T-shirt Ventures has raised $11 million in Series A funding as it aims to scale its support to people living with disabilities and long-term health needs to live the life they want. HEAL Partners is leading the round as the sole investor and joining as strategic partners that will help T-shirt Venture’s vision to help people create and live the life they want. 

Shippit acquires Southeast Asian start-up Luwjistik

Australian logistics technology platform Shippit acquired southeast Asian start-up, Luwjistik, the creator of a unified API that allows freight forwarders, courier and third-party logistics companies to connect with network partners globally. The deal is worth $18 million.

In March, Shippit acquired Australian last mile technology firm, Premonition. In May, Shippit completed an AU$65m (US$48m) Series B2 capital raise to power the company’s growth, focusing on the Southeast Asian Market.

GoDog raises $20 million in funding

GoDog, an Atlanta, GA-based provider of pet services, raised $20m in funding. GoDog is a dog boarding and daycare concept located in the Southeastern U.S. The company intends to use the funds to launch its franchising platform as it aims to scale from a premium regional player to a nationwide name in pet hospitality. The company currently has three locations in Durham, Nashville and Chattanooga.

TripActions Raises $304 million in Funding

TripActions, travel, corporate card, and spending management company established in Palo Alto, California, has raised $304 million in investment. The funding consisted of $154 million in Series G financing from new and current financial investors at a post-money valuation of $9.2 billion and a $150 million structured capital transaction headed by Coatue.

Crypto investment platform Pillow secures $18 million

Crypto investment platform Pillow has raised $18 Mn in a Series A funding round co-led by Accel, Quona Capital, Elevation Capital, and Jump Capital. Elevation Capital also led the seed round of Pillow. Pillow helps generate downside-protected interest in crypto assets by investing in curated, actively managed Defi strategies.

Indian startup funding shrinks by more than half

Indian startups raised $3 billion in the September quarter, according to market intelligence platform Tracxn, a 57 per cent decline from the prior quarter and an 80 per cent increase yearly.

The figures are noteworthy for several reasons, the most obvious of which is that startups are having trouble raising capital at a time when the majority of top-tier funds in India, including Sequoia India and Southeast Asia, Lightspeed Venture Partners, Accel, Elevation Capital, and Matrix Partners India, have raised record-breaking sums. 

Second, it looks like India is experiencing a worsening financial crisis. Global funding decreased 53 per cent year over year and 3 per cent quarter over quarter, according to Crunchbase data.

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