Breakthrough Vic saga, FMiA update & Slice's US expansion

August 19, 2024

Share this post

Listen 👇

In this episode

Summary

In this week's episode of The Startup Retro, hosts Will and Gemma discuss the latest developments in the Breakthrough Victoria saga, including the departure of its CEO and ongoing legal battles with a founder. They also provide an update on the progress of the Future Made in Australia (FMiA) legislation, which is currently being debated in parliament. The hosts then cover the release of Australia's updated National Science and Research Priorities, focusing on key areas like net-zero transition and Indigenous knowledge systems. In addition, they highlight two new funds deploying capital into Aussie startups and feature their favourite startup raises of the week. To top it off, Gemma and Will interview Slice co-founder Farouk Ismail, who shares insights on their decision to take international funding and offers advice on expanding into the US market. The episode concludes with their Knowledge as a Service (KaaS) podcast recommendations.

Time Stamps

00:00 Introduction and Welcome

01:12 Breakthrough Victoria CEO Departure & Legal Battle

06:48 FMiA Legislation Update

10:42 National Science and Research Priorities Release

15:25 New Funds - CoVentures & Proto Axiom

21:13 Weekly Startup Raises

27:50 Interview with Slice Co-founder Farouk Ismail

43:21 KaaS Recommendations

48:12 Outro

Listen Now

Episode Links

Headlines

Breakthrough Victoria

CEO exits amid ongoing legal battle with a founder. (Innovation Aus)

FMiA Update

Heated debate continues in parliament.
The government could proceed with the funding regardless of the legislation’s outcome.

National Science and Research Priorities

Minister Ed Husic outlines new imperatives for science investment in Australia.
Key focus areas include transitioning to net-zero, supporting healthy communities, elevating Indigenous knowledge systems, environmental restoration, and national security.

New Funds

CoVentures, a single-GP fund managed by Maxine Minter, closes its first fund with $5M+. (Listen to Maxine’s show, First Cheque on the Day One network.)
Proto Axiom emerges with new capital to deploy into Australian startups.

Startup Raises

Gemma's Pick: aglow

Founders: Jo Blundell and Karl Margrain
$1.25M raised
Aglow is helping beauty businesses implement membership programs, moving them away from pay-as-you-go models towards predictable, recurring revenue streams. With 600+ salons onboarded and $16M in ARR, they are leading a shift in the beauty industry.

Will's Pick: DeCarice

Founders: Goran Bozic and Professor Shawn Kook
Pre-seed raise from Investible’s Climate Tech Fund
DeCarice’s hydrogen injection technology is cutting carbon emissions by 85% in heavy-duty diesel engines, offering a scalable decarbonisation solution for mining and transport industries.

KaaS - Knowledge as a Service

Gemma's Pick 💁🏻‍♀️: Diaspora.nz

A podcast showcasing the Kiwi expat community, hosted by David Booth, featuring conversations with founders, innovators, and emerging leaders.

Will's Pick 💁🏻‍♂️: The Startup Playbook

A live recording of Leigh Jasper’s interview with Rohit from The Startup Playbook, featuring insights on growing a successful startup.

Send feedback to the hosts

Guest Bios

Farouk Ismail - Co-founder & CEO, Slice

Farouk Ismail is the co-founder and CEO of Slice, a financial technology startup that focuses on providing credit solutions to make travel more accessible.

With Slice’s ‘lay by for travel’ product PayLater Travel, you can lock in flight prices by booking months ahead of time. After securing your flights, you can repay in manageable instalments leading up to your holiday. So far, the company has helped over 70,000 customers go on memorable trips.

Prior to co-founding Slice, Farouk held various management roles at Commonwealth Bank.