LR: David Carter (RACQ CEO). Richard Joffe (Founder and CEO of Honey Insurance), Peter Toner (Chairman of Honey Insurance).Source: Provided
This week has been full of fundraising news, but it’s also been a bit unusual.
Our weekly funding roundup typically focuses on tech startups that raise millions of dollars, but this week, we’ve raised $134.5 million at a staggering $1.73 billion valuation. We also feature Guzman y Gomez, a quick-service restaurant chain. We think it’s worth paying attention to because the amount raised is significant and the local brand says it may still consider an initial public offering.
Read on to learn more and learn about three other startups that raised a combined $113 million this week.
Guzman and Gomez: $134.5 million
Guzman and Gomez co-founder Stephen Marks;Source: Provided
Homegrown burrito chain Guzmán y Gomez revealed this week that it had secured $134.5 million in new capital, raising its valuation from $1.6 billion to $1.73 billion.
The new investment comes two years after the Mexican-themed chain raised capital, with four new investors: Cooper Investors, Hyperion Asset Management, Firetrail Investments and QVG Capital. The Australian Financial Review reported that this included participation.
Existing investors including Aware Super and TDM Growth Partners also contributed to the fundraising event.
Guzmán y Gomez suspended plans to list on the Australian Securities Exchange earlier this year after mounting losses, but the company said on Tuesday it had not ruled out an IPO and said it expected to do so in the next 12 months. announced that it would evaluate its options.
Founded in Sydney in 2006 by Stephen Marks and Robert Hazan, Guzman y Gomez has more than 200 stores in Australia, Singapore, Japan and the United States by the end of 2023.
Read more about the chain’s business model here. smart company Article by Jason Andrew, published in January.
Honey Insurance: $108 million
LR: David Carter (RACQ CEO). Richard Joffe (Founder and CEO of Honey Insurance), Peter Toner (Chairman of Honey Insurance).Source: Provided
Honey Insurance announced this week that it has closed a $108 million Series A funding round led by international investment firm Gallatin Point Capital, securing its largest funding to date this year.
Founded by CEO Richard Joffe in mid-2021, Honey Insurance wants to redefine Australia’s traditional insurance model by combining artificial intelligence, satellite imagery and smart home technology.
The company says the technology streamlines the entire customer journey for products like home insurance, from the actual purchase of insurance to the processing of claims, making it more transparent.
Honey Insurance previously raised $15.5 million in seed funding in 2021.
While many Australian start-ups that raise large capital rounds do so to facilitate international expansion, Mr Joffe says Honey Insurance has no immediate plans to expand outside the Australian market.
read more.
Skin2Neuron: $4 million
Sydney-based biotech startup Skin2Neuron has raised $4 million of what it hopes will be a final $15 million funding round.
According to reports Australian personthe startup is working on a way to use cells from hair follicles to reverse memory loss associated with Alzheimer’s disease.
It was founded in 2019 by Professor Michael Valenzuela and Professor Bill Manos after Professor Valenzuela discovered the presence of what they called ‘neural precursors’ within hair follicles while working at the University of Sydney.
The company has successfully improved mental function and reversed symptoms of dementia in tests on dogs, and is reportedly considering testing its technology on humans.
AVESS Energy: $1 million
Aves Energy.Source: Provided
Perth-based energy storage system startup AVESS Energy has raised $1 million in a funding round known as Series A Round 2.
The company owns 50% of Korean vanadium redox flow battery (VRFB) research and development company KORID Energy and is the owner of its technology, billing itself as Australia’s next energy storage solution. ”
The company said the funding from sophisticated investors will move it closer to implementing a 50kW/250kWh VRFB and increase the company’s local manufacturing and production capacity.
This funding round included a cornerstone investment from Ken Brinsden and participation from Executive Chairman Young Yu and new and existing shareholders.
