Q2 deals surge, AngelClass launch, ClimateTech, Her Tech Circle
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In this episode
In this episode of The Startup Retro, the hosts dive into the most significant headlines from last week. The discussion includes the new Cut Through Venture report on startup investments, the launch of AngelClass, insights into Climate Tech funding challenges, and the birth of Her Tech Circle from the ashes of Girls in Tech. Will and Gemma also highlight notable startup raises and share their picks of the week.
Time Stamps
- 00:03: Introduction by Will Richards and Gemma Clancy.
- 00:22: Overview of today's episode topics: Cut Through Venture report, angel investing innovation, climate tech funding, and more.
- 01:03: Discussion on the Cut Through Venture report revealing 99 deals with $1.5B invested in Q2.
- 01:40: Insights on climate tech funding and the need for more support, based on Climate Salad's report.
- 02:40: Analysis of climate tech funding challenges, including early-stage funding and regulatory barriers.
- 05:00: Introduction of AngelClass, allowing non-sophisticated investors to invest in startups.
- 07:44: Closure of Girls in Tech and the launch of Her Tech Circle, a rebranded initiative to support women in tech.
- 11:14: Gemma's pick: Fugu, a climate tech startup developing solid direct air capture systems.
- 18:07: Will’s pick: Sircel, focusing on recycling obsolete solar panels and e-waste.
- 22:39: Interview with Chris Gillings from Cut Through Ventures discussing their Q2 report and insights on the Australian startup ecosystem.
- 36:58: Knowledge as a Service (KaaS) segment featuring Gemma's pick, the Calling Operator podcast, and Will's pick, Pop Culture by Edward Zitron.
To get all the links to the stories we mentioned in this episode, you can read this week’s Overnight Success newsletter: https://newsletter.overnightsuccess.vc/p/12-july-2024
Top Headlines
- Cut Through Venture report: The report reveals 99 deals in Q2 with $1.5B invested.
- Connect with Chris Gillings on LinkedIn or Five V Capital
- AngelClass launches with an app allowing anyone with $10K or more to invest in startups without being classified as sophisticated investors. Elliot Spiegel from Inhouse Ventures takes advantage of Australia's 20/12 rule, enabling 20 investors in any 12-month period without needing a full prospectus.
- Climate Tech funding challenges: ClimateSalad claims about 100 out of 600 members need funding ASAP to survive the year, amounting to ~$100M. Despite a lot of pre-seed stage funding, there are barriers such as public perceptions, regulatory hurdles, and physical barriers related to the grid.
- Girls in Tech closes up shop in Australia and rebrands as Her Tech Circle, continuing to support and inspire women in tech despite funding challenges due to a decline in DEI funding in corporates.
Startup Raises
Will’s pick: Sircel
- Secured $5M in funding from Kilara Capital. The startup focuses on recycling obsolete solar panels and other e-waste, extracting precious metals through a sophisticated process.
- Notable acquisition: Sircel acquired venture-backed Victorian recycler Scipher Technologies, including its solar panel recycling plans, for $5M after Scipher collapsed into administration.
- Future plans: Setting up an automated solar panel facility at the Parkes Recycling Special Activation Precinct in NSW.
Gem’s pick: Fugu
- Raised $1.67M in a seed round led by Investible, with participation from Jelix Ventures, Electrifi Ventures, and Counteract.
- Innovation: Developing cost-effective and energy-efficient solid direct air capture (S-DAC) systems to extract CO2 directly from the atmosphere using renewable energy.
- Founders: Mac Thompson and Luke Marshall, previously involved in the Northern Territory Sun Cable solar export project.
- Future plans: Preparing for full-scale production of its direct air capture technologies by 2025.
Interview
- Chris Gillings - Cut Through Venture (Interview by Will Richards)
KaaS - Knowledge as a Service
Our favourite startup-relevant read, listen or watch of the week:
Gemma’s Pick: Calling Operator Podcast
- Focuses on operators in the startup ecosystem, highlighting their crucial role. Recently transitioned to Laura Nicol as the new host
Will’s Pick: Pop Culture by Edward Zitron
- A well-researched counterpoint to the economic value created by AI, questioning its real impact.
Chris is the founder of startup ecosystem publication Cut Through Venture, and the publisher of The State of Australian Startup Funding report.
Chris joined Five V Capital in 2022 and is an investor in the venture capital team. His responsibilities include deal origination, due diligence, negotiation, execution, and post-transaction portfolio support.
Prior to Five V, Chris spent nine years in New York, where he held various operating roles at OnDeck, and led Mastercard's startup accelerator for North America. Before moving to the US, he was an investor at TDM Growth Partners and part of KPMG's M&A team in Sydney.
Chris holds a Bachelor of Commerce from the University of Sydney and an MBA from Yale University.
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