Four ANZ startups that raised $22.8 million this week

This week’s startup funding round includes an NZ brand tracker, a Sydney-based deeptech startup, a ‘better for you’ drinks brand, and an app that wants to help make our roads safer.

Take a look at four Australian and New Zealand startups that raised fresh capital this week.

Tracksuit: $20.5 million

Tracksuit co-founders and co-CEOs Matt Herbert and Connor Archbold. Source: Supplied.

New Zealand startup Tracksuit has closed a $20.5 million Series A funding round co-led by Silicon Valley-based firms Altos Ventures and Footwork.

Allbirds co-founder Tim Brown also participated in the round, as did Frank Body co-founder Bree Johnson and former Airbnb executive Lenny Rachitsky.

Tracksuit was founded in 2021 by co-CEOs Connor Archbold and Matt Herbert and previously raised $6.8 million in seed funding, led by Blackbird, in early 2023.

Tracksuit aims to simplify brand tracking and make it accessible to companies of various sizes. The startup is valued at $142.9 million and has achieved an annual recurring revenue (ARR) of $9.5 million in under three years.

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Bandicoot Imaging: $1 million

L-R: David Monaghan (CEO), Matthew Arnison (CTO), David Karlov (chief engineer), Peter Fletcher (chief scientist). Source: supplied.

Sydney-based deep tech startup Bandicoot Imaging has secured $1 million in pre-seed funding to help it on its mission to transform how fabrics and materials are captured and used digitally.

Founded in 2019 by David Monaghan, Matthew Arnison, David Karlov and Peter Fletcher, Bandicoot’s tech allows users in the fashion and textile industries to create accurate, 3D digital twins for physical fabrics by simply uploading their own photos to the startup’s platform.

As the startup puts it, this helps “bridge the gap between physical and digital materials”, allowing manufacturers, brands and designers to ultimately create better products.

The pre-seed funding round was led by Hong Kong-based qonvolv Ventures and included participation by Precision Textiles, Mou Fung Ltd., and previous investor, NewSouth Innovations (UNSW).

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Gravity Drinks Co: $1 million

L-R: Gravity Drinks Co co-founders Mick Spencer and Liam Battye. Source: Supplied.

Two-year-old drinks brand Gravity Drinks Co has also announced the successful completion of a $1 million seed funding round this week, along with the appointment of a new CEO and a strategic partnership with advertising agency Joy.

Gravity Drinks Co was founded in early 2022 by Mick Spencer and Liam Battye, and describes itself as a ‘better for you’ alcoholic beverage brand. Its first product was a hard seltzer that is brewed like a beer and made from all-natural ingredients and less than 1% sugar.

The names of the investors in the seed round have not been disclosed, however, the company counts several elite athletes among its existing investors, including ironman Matt Poole, surfer Cooper Chapman, and wakeboarder Harley Clifford.

The latest investment coincides with the appointment of new Greg Mitchell, a former executive at Coca-Cola Amatil and Carlton United Breweries, as the company’s new CEO, as well as a partnership with advertising agency Joy that includes an unspecified “strategic investment”.

“Entering 2024 with this momentum is exhilarating. Our recent capital raise, the appointment of Greg Mitchell as CEO, and our collaboration with Joy showcase GRAVITY’s unwavering commitment to revolutionising the beverage industry,” said co-founder and chairman Mick Spencer in a statement.

“We’re poised to set new benchmarks and redefine the landscape of ‘better for you’ beverages in Australia.”

MyDriveHero: $300,000

Safe driving app MyDriveHero also has fresh funding this week, having successfully raised $300,000 via an equity crowdfunding campaign on Birchal.

Founded by Rick Markham, Blake Robinson and Joshua Wong, MyDriveHero allows drivers to earn points for driving safely, which means sticking to the speed limit and without getting distracted by their smartphones. Points can then be used within the free app to access rewards and giveaways, with premium subscribers able to pay to triple the points they can earn with each drive.

The startup’s Birchal campaign, which finished on Thursday, was supported by 187 backers.

According to the company’s profile on the crowdfunding platform, the app already has more than 62,000 users. It plans to focus on significantly expanding its user base and partnerships and enhancing its app functionality.