Funding roundup: July 30 to Aug 3

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

Plotlogic raises $28 Million Series B 

Plotlogic, a deep-tech mining company, has successfully raised $28 million in a Series B funding round, attracting major investors from the US and Australia’s venture capital climate and sustainability sectors.

The funding round was co-led by Galvanize Climate Solutions and SE Ventures. Notably, existing investors, including Innovation Endeavors, DCVC, Bentley iTwin Ventures, and GRIDS Capital, also showed strong support.

Main Sequence, the Australian deep-tech VC firm with support from the CSIRO and the Australian government, also participated in the funding round through its newly launched Main Sequence Three fund. This fund focuses on investing in companies that leverage research to tackle significant planetary challenges.

Atlassian Ventures joins $15 million seed round for Sydney-based Plerion

Sydney-based cybersecurity startup, Plerion, has successfully raised $10 million (A$15 million) in a Seed round, with Prosus Ventures, a global consumer internet investor based in the Netherlands and owned by South Africans, leading the funding. The round also received support from US investment firm Cercano and Atlassian Ventures, the venture capital arm of Atlassian.

The funding infusion will enable Plerion to accelerate its product development, attract top talent, and execute effective go-to-market strategies, further strengthening its position in the cloud-based cybersecurity market.

Medigrowth raises $1.3 million in under 24 hours through equity crowdfunding

Medigrowth, a fully licensed Australian medicinal cannabis biotech firm, experienced tremendous success in its equity crowdfunding campaign via Birchal, raising an impressive $1.3 million in less than 24 hours. This campaign garnered significant interest, with over 6,000 expressions of interest, making it one of the most sought-after opportunities of the year.

Initially, the campaign was in a closed funding round, but the company has now made it public, allowing anyone to contribute and own a stake in Australia’s medical cannabis future. As of the latest update, the campaign has raised $1,294,830.81.

Food Waste Recycling Startup, Goterra, secures $10 million bridging round

Canberra-based food waste recycling startup, Goterra, has secured $10 million in a bridging round. The funds will be used to scale up its food waste treatment plants in western Sydney, where it will address leftover produce from Woolworths that would otherwise end up in landfills. This initiative is backed by Cannon-Brookes, showing the growing interest in sustainable solutions to tackle the food waste problem in Australia.

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