Five ANZ startups that raised $79 million in the past two weeks

April is off to a strong start for startup funding deals, led by $50 million in Series A funding secured by fintech Constantinople.

We’ve also included two raises from last week, one of which Tegan has spent time digging into the startup’s business model, and seed funding for a Kiwi maritime data analytics startup too.

Here’s five Australian and New Zealand startups that collectively raised $79 million over the past two weeks.

Constantinople: $50 million

Constantinople’s Co-CEO Macgregor Duncan. Source: LinkedIn/Constantinople

Constantinople leads this week’s funding round-up with a huge $50 million Series A round, raised at an undisclosed valuation.

The fintech was founded by former Westpac executives Dianne Challenor and Macgregor Duncan in 2022 and raised its $32 million seed round in May of that year – the largest in the Australian fintech space at the time.

Constantinople offers what it calls a “bank in a box” — or a platform of operational tools — for small and medium-sized banks, giving them a more flexible and scalable option than traditional banking software.

Founders Duncan and Challenor previously held significant roles at Westpac and their combined expertise spans investment in financial technologies, digital banking innovation, and leadership in transaction services and payments.

The latest funding round was led by Prosus Ventures, with existing investors Square Peg Capital and Airtree Ventures also participating.

“We are incredibly excited to continue backing Mac and Di on their ambitious vision for the future of banking,” Square Peg co-founder Paul Bassat told SmartCompany earlier this week.

“Constantinople is a standout company with all the ingredients for global success: amazing founders, an incredible team with experience scaling global platforms, and a phenomenal track record of disciplined and fast execution.”

Read more.

Illuvium: $18.4 million

Last week, NFT-based game maker Illuvium raised $US12 million ($18.4 million) from a host of crypto investors, according to the Australian Financial Review.

The funding for the Australian-based startup comes from King River Capital, Arrington Capital and Amimoca Brands.

To date, Illuvium has raised US$60 million but has not disclosed its current valuation.

Founders and brothers Kieran, Aaron and Grant Warwick have been developing their video game based on non-fungible-token technology for the past four years and had previously appeared on the AFR Rich List in 2021 during a run on crypto prices. The estimated wealth was based on their holdings of the tokens that underpin the game’s internal economics.

The release of Illuvium’s game is now reportedly due to be released later this year, after multiple delays.

Forever Network: $6 million

Source: Supplied

Also announcing a capital raise last week was Forever Network, which has completed a $6 million Series A round.

The round was led by Yolo Investments, with participation from Three Kings Capital and Astralis Capital.

SmartCompany received the press release from Folklore Ventures, which didn’t participate in the latest round but did invest in the startup in 2015. Folklore managing partner, Alister Coleman, also holds a non-executive directorship within Forever Network.

The press release presented Forever Network as a fast-growing sports media publisher with a social audience bigger than the AFL, NRL and Cricket Australia.

However, as SmartCompany‘s Tegan Jones reports, the startup’s business model is much more complex and relies heavily on iGaming and betting infrastructure to generate revenue.

Read more.

Starboard Maritime Intelligence: $4.6 million

The Starboard Maritime Intelligence team. Source: supplied

New Zealand startup Starboard Maritime Intelligence has raised NZ$5 million ($4.6 million) in seed funding to further grow its data analytics platform.

As reported by Startup Daily, the funding round was led by New Zealand VC Altered Capital and included participation from Icehouse Ventures, Invest South, Soul Capital, the Whakatupu Aotearoa Foundation, and US-based SeaAhead.

Based in Wellington, Starboard Maritime Intelligence operates a Software-as-a-Service platform that uses proprietary algorithms and machine learning to spot suspicious activity at sea, including illegal fishing and transactional crime, as well as help stop biosecurity outbreaks and protect sea-based assets.

The startup reportedly is already working with government and private customers in New Zealand, Australia and the Pacific and has ambitions to expand globally.

“Starboard enables days of analysis to be completed within minutes. Analysts gain more valuable information, more quickly leading to better decisions about which vessels to focus on,” said CEO Trent Fulcher.

Medibis: $736,000

Medicinal cannabis company Medibis has secured $736,000 in new funding after successfully completing its Birchal equity crowdfunding raise at the end of last week.

Around 600 investors backed the company, that was founded in 2018 by Angus Chapel and Andrew Calvert.

According to the Medibis profile on Birchal, the company’s aim is to make high-quality, effective cannabinoid medicine accessible to Australian patients.

The company has already sold more than 10,000 units of the seven products in its range and recorded $650,000 in revenue in the 2023 financial year.

It plans to expand both its product range and volumes, as well as develop products specifically to help treat mental health conditions.