So who are the deal makers in the Australian VC Community

Claire Thompson at Herbert Smith Freehills who advised Blinq on its latest $25m series A round at a $200m Val seems to be a major player  in the  Australian venture capital raisings and technology sector. 

Other recent examples include:

• SafetyCulture on its A$60.5 million Series C1, A$99 million Series C2 and A$165 million Series C3 raises

• Deputy Group on its A$111 million Series B capital raise and its strategic investments from Xero and Express Employment Professionals

• Brainfish on its Seed funding round.

• Headline on its investment in Heidi Health’s US$16.6 million Series A extension round.

• Updoc on its A$20 million investment from Bailador.

• Linktree on its US$110 million capital raise at a valuation of US$1.3 billion

• Culture Amp on its A$120 million Series E capital raise and A$135 million Series F capital raise and secondary sale

Looking forward to have #Referron as a headstone :) 

Digital Business Card Blinq raises $25m at a $200m valuation

Founder Jarrod Webb  has raised a series A US$25m round Digital Card reader, Blinq after having raised $5m in December 2024 

This is an exciting time for me, as it validates the #referron model (which we have just launched) which enables you to become more referrable and easily connect,  refer and track your activity.

The Investors

The round was led by US-based Touring Capital with co-investors Blackbird Ventures, Square Peg Capital, and HubSpot Ventures. 

Herbert Smith Freehills’ venture capital team has

This new capital will be employed to fund the continued rapid growth and expansion of the company.

What it does 

Blinq is an Australian company that provides a digital business card platform and has over 2.5 million users across 500,000 companies. 

I’m excited to announce that Blinq has raised a US$25 million (AU $40 million) Series A, led by Touring Capital, alongside Blackbird, Square Peg, and HubSpot Ventures.

The backstory

Jarrod coded the first version of Blinq back in 2017 while he was at Uber - just a scrappy weekend project. What started as a simple business card tool turned into three years of late nights and quiet belief, before he finally went full-time.

When Jarrod left Uber in 2021, people dismissed it.

“It’s too simple.”

“A bigger player will clone it.”

“No chance a small Aussie startup would win globally.”

But he kept seeing something others didn’t: the longer people use Blinq, the more they share it. No marketing. Just real love for a product that makes them feel a little more prepared, a little more polished, in life’s high-stakes moments.

That gave him the courage to go all-in.

He didn’t pay myself for a year. Got rejected by Startmate. There were more no’s than he could count. But he kept building.

Then throughout 2021 and 2022, something clicked. Blinq hit a viral curve, all self-serve. 

People were sharing Blinq with their teams, their clients, their whole industries. 

That momentum helped them raise their seed round in five days.

At the time, they had 50K users. Fast forward to now, and they have:

• 2.5M users across 500,000 companies

• 7,500 business customers

• an A-grade team of 70, growing fast!

Despite all this progress, Jarrod still gets asked: “Isn’t it just a digital business card?”

Blinq and Referron is solving for an overlooked but powerful moment in a relationship - the first interaction. You get that right, and you earn the right to shape everything that follows.

The early seconds matter more than you think. 

And they deserve better tools.

As Jarod says :-

From one beginning to billions more - we’re just getting started.

https://blinq.me/author/jarrod-webb

 Below is my business card built on Referron. Create yours so I can easily refer you to my network. Cheers, Ivan Kaye  https://rfrn.link/ivank 

www .referron.com

Bitcoin financial services firm lists on Nasdaq

Another great Draper Associates company goes public. 🚀

Fold (Nasdaq: FLD) just rang the opening bell at Nasdaq becoming the first publicly traded #Bitcoin financial services company.

Fold is helping individuals and businesses earn, save, and spend bitcoin through innovative products like the Fold App and Fold Card. Now they’re taking that mission to the public markets.

Proud to back bold founders turning the future of money into today’s reality.

#Bitcoin #Fintech #DraperAssociates #Fold #TimDraper 

Here’s the nassaq post 

https://www.nasdaq.com/events/fold-holdings-inc-rings-opening-bell

Should I raise money or bootstrap?

There are pros and cons to both , says Ross Childecott of Kinde who raised +10m on the back of an envelope ! 

Neither path is better. You just need to figure out which is best for you - it comes down to what makes most sense of your mission, vision, values and goals! 

High-growth company that dominates a market 

Vs 

Stable, profitable business that can run for decades.

Fundraising PROS:

• You can scale rapidly and capture market share that might otherwise be impossible 

• You get access to networks, expertise, and credibility beyond your immediate circle 

• It inevitably lights a firecracker under your *ss – accountability can be a powerful motivator 

Bootstrapping PROS

• You maintain complete control and ownership of your vision 

• You can build at your own pace and on your own terms (although scarcity in this case becomes the motivator for urgency)

• You can optimize for sustainable profitability rather than hypergrowth

Fundraising CONS:

• You're on a hamster wheel of fundraising, always chasing the next round 

• You'll be perpetually "ahead of your skis," often running at an aggressive burn rate 

• The business is no longer just yours – you've got investors with expectations

Bootstrapping CONS:

• Growth will likely be slower and more constrained by resources

• You're limited to businesses with manageable upfront costs 

• The burden of success falls entirely on your shoulders

In short, if your goal is to build a high-growth company that dominates a market, VC might be the right tool. But if you want to build a stable, profitable business that you can run for decades, bootstrapping might be the right choice.

The most important thing is to choose deliberately. Understand that you're not just deciding how to fund your business, you're deciding what kind of business you're building.

Curious to hear from other founders: Which route did you choose and why?

Ross Chaldecott of Kinde

Local Measure acquired by Zendesk for $100m

Jonathan Barouch, founder of Local Measure has just sold his startup for $100m to $10b behemoth Zendesk.

It’s taken 10 years and a lot of ups and downs to become an overnight success!!

Why Zendesk bought Local Measure

Local Measure is known for its contact centre solutions and was acquired by Zendesk in a move to strengthen its omnichannel offering. 

The deal highlights how a focused SaaS product with a strong niche can attract global players.

Capital raised 

Chaired by Investment Banker Kim Jacobs , Local Measure raised $4.5m in 2014 and  then a further $7.5m in October 23 at a $50m valuation - as it pivoted into Contact Centre management rollling out generative Ai features - after being devastated by Covid !

Investors 

Local Measure has many investors including Sydney’s Future Now Capital and Canadian telecommunications giant Telus

The Zendesk opportunity 

Local Measure are at  about 50 to 60 customers, but with Zendesk the opportunity is to take the platform to 20,000 customers 

Onwards and upward I say 🚀

Microsoft turns 50 Today

Today marks 50 years since Paul Allen and I officially  started Microsoft. Back then, we were just two kids obsessed with computers, convinced that software could unlock a better future—and determined to make that future happen.

We dreamed of a computer on every desk and in every home. In 1975, that sounded like a pipe dream to most people who didn’t even know what a computer was, let alone why they’d want one. But we believed that if we could make this technology accessible and useful, it could change the world.

And it did.

What started as a crazy idea between childhood friends became a company that helped spark the personal computing revolution. That revolution has transformed how people work, create, and connect across every industry and every country.

To think that Microsoft has been part of half a century of progress—from floppy disks to cloud computing, from DOS to AI—is surreal. I feel incredibly lucky to have been part of that journey. I only wish Paul were here to take it all in, too. But I’m deeply grateful to everyone who helped make the dream he and I shared a reality: from early pioneers like Steve Ballmer to today’s visionary leaders like Satya Nadella—and, of course, the many brilliant people who have worked at Microsoft along the way.

To celebrate this milestone, I wanted to share something special: the code that started it all. Altair BASIC was the first software Paul and I ever sold—and the first product Microsoft ever made (back when we still spelled it "Micro-Soft," with a hyphen). It remains the coolest code I’ve ever written. You can learn the story behind it on Gates Notes now—and even download the original source code yourself to see how it all worked.

Thanks, as always, for being an Insider—and for being part of this journey, too. Here’s to the next 50 years.

Tony Surtees - thank you for your tremendous contribution to Australian Innovation

Today marks the end of Tony Surtee’s  tenure as Chair of the Entrepreneurs Program Committee at the Australian Federal Department of Industry, Science and Resources of Industry, Science, and Resources. 

Tony in his humble way said

 “It has been a privilege to serve in this role for two terms as Chair and four terms since July 2015, with my term concluding today.

During my time in this position, our dedicated team facilitated the selection of grant funding recipients for over 640 businesses in Accelerating Commercialisation (AC), conducting merit assessments totaling more than $300 million. Additionally, the Business Research Innovation Initiative (BRII) successfully tackled 27 challenges from 20 government agencies, providing over $38 million in funding to 84 innovative businesses to enhance service delivery across various Federal Government Agencies.

I am immensely grateful to my colleagues and team members who contributed their expertise, industry knowledge, and diverse skills to support entrepreneurs in their ventures. These entrepreneurs exemplify Australian innovation and resilience, and it has been our goal to assist them in navigating the challenges of establishing new enterprises. On average, each business that accessed grant funding was able to add 7 new staff members, fostering growth and opportunity.

I extend my heartfelt thanks to all my colleagues, team members, and Ministers of Industry for their unwavering dedication and collaboration throughout these years. The experience of working together to identify deserving recipients of commercialisation and innovation grants has been enriching both professionally and personally.

Thank you to Steve Telburn, Carrie Hillyard AM, Bessi Graham, Rachael Neumann, Jan Bingley, James Williams, Paul Hunyor, Peter Bradd, Mitchell Hooke, Peter Riddles, and Nicola Hazell for their invaluable contributions and support.”

We look forward to working with you , Tony , to nurture innovation in Australia and globally for many years to come

Onwards and upwards 🚀

What’s a great piece of advice you would share with your younger self?

Photo :- Robyn and Maya in Paris  

Great gem 💎 posted by my friend 

Farid Zaki 

When you have a dream that you can't let go of, trust your instincts and pursue it. 

But remember: Real dreams take work, They take patience, and sometimes they require you to dig down very deep. Be sure you're willing to do that - Harvey Mackay 

#Inspiration

#Motivation

#Leadership

Great comment by Harleen Sohana

So often, we expect things to happen overnight, but when you’re willing to put in the time and effort, it becomes so much more fulfilling.

Ivan Kaye’s  💎 gem 

They say it takes 20 years to become an overnight success!!

#perseverence #resilience 

Share your 💎 gem :) 👇 below 

FarmCap raising $100m agri fund

FarmCap founded by Jonathan Weinstock , is a non - bank lender  that lends to farmers and agricultural assets

The firm is raising $100 million for its inaugural FarmCap Private Credit Agricultural Mortgage Fund (Diversified) to lend to Australia’s thriving agri sector, and has $40 million worth of deals under offer

The Agricultural sector  is predicted to grow from $82 billion in farm production to $100 billion by 2030.

Potential Investor returns 

Potential investors have been told to think of 9.5 per cent to 11.5 per cent in annual return – or 5 to 7 per cent over the cash rate – from a portfolio that will include first and second-mortgage loans. 

How the Fund will earn a living 

The Fund Manager  will charge base fees of 1.75 per cent, and a 15 per cent performance fee after a minimum return of 4 per cent over the bank bill swap rate.

The Ideal Farmer Client

The typical borrower is a farmer seeking up to $15 million, to be paid back over six months to 24 months, to fund broadacre, irrigated cropping, livestock and horticulture needs. 

Shiperoo partners with aus post to disrupt the logistics and shipping market

Congrats to the amazing founders of Shiperoo with endless energy - supply chain gurus Nishan Wijemanne 🇳🇿  and Rizan Mawzoon  and to the amazing team at Auspost (who have just taken a 25pc stake  ) led by Gary Starr , and the chairman Paul Greenberg.

This team is creating  the uber and airbnb for shipping and logistics 

Brothers, Gabby Leibovich and Hezi L.  have been supporting the growth of shiperoo from day 1, and  the sky is the limit with the disruption of  #logistics and #returns and f the massive growth of #ecommerce in Australia.

Shiperoo is a 3rd party logistics company that thinks and executes outside the box, and is working together  with Australia's leading box mover - Australia Post - to make logistics and shipping more efficient and cheaper for retail and ecommerce 

“You don't need to run your warehouses, employ people or buy forklifts, Shiperoo can do it all for you. Stick to what you know best : marketing and sales of your amazing products.” Says Gabby Leibovich

Shiperoo runs 3 robotic warehouses in Melbourne and Sydney 

David Sacks - the Burn Multiple

https://sacks.substack.com/p/the-burn-multiple-51a7e43cb200

David Sacks of PayPal, Twitter and All in game talks about a burn multiple

Two simple ways to measure capital efficiency are the Hype Ratio and Bessemer’s Efficiency Score:

1. Hype Ratio = Capital Raised (or Burned) / ARR
2. Efficiency Score = Net New ARR / Net Burn

David  think Bessemer has the right idea but prefers to flip the numerator and denominator, so the ratio is an annualized version of the Hype Ratio. 

He  calls this the Burn Multiple:

Burn Multiple = Net Burn / Net New ARR

In other words, how much is the startup burning in order to generate each incremental dollar of ARR?

The higher the Burn Multiple, the more the startup is burning to achieve each unit of growth. 

The lower the Burn Multiple, the more efficient the growth is.

For venture-stage startups, these are reasonably good rules of thumb:

For example, Q1 just ended and it’s time for a board meeting. The startup reports that it burned $2M in the quarter while adding $1M to its ARR. That’s a 2x Burn Multiple — reasonable for an early-stage startup. On the other hand, if the company burned $5M in Q1 to add $1M of net new ARR, that’s a terrible Burn Multiple (5x). It should probably cut costs immediately. That company is spending like a later-stage company without delivering later-stage growth.

Too many startups report their growth without contextualizing it as a function of investment. If extraordinary investment (3x burn or more) is required to deliver that growth, it’s an indicator that product-market fit isn’t quite what it appears to be or there’s some other problem in the business

These are some of the things that can affect the burn multiple and your business

For example:

• A gross margin problem — If the company spends too much on COGS in order to deliver the product or service, its burn will increase rapidly as it scales. If there’s not operating leverage in the business, the Burn Multiple will not improve with scale.
• A sales efficiency problem — If CAC is prohibitive or sales productivity is diminishing, burn will increase relative to new ARR, causing the Burn Multiple to worsen even though growth continues.
• A churn problem — Churn will net against the denominator of the Burn Multiple, causing the multiple to increase. A leaky bucket makes it hard to grow efficiently.
• A growth challenge — If growth is stalling, the company may seek to compensate by spending more on marketing, give-aways, discounts, or promotions. That will be picked up in a higher Burn Multiple, as burn rises faster than new sales.
• A founder leadership problem — If the founder lacks the skill or will to control burn, that will show through in the Burn Multiple.

Burn Multiple by Stage

The Burn Multiple should improve as the startup matures. 

For example, a seed stage company might have a Burn Multiple of 3 because it just started selling. After the Series A, it might drop to 2. After the Series B, when the sales team should be operating at scale, the expectations for efficiency increase even more. 

Eventually, for a company to become profitable, burn must reach 0, which implies that the Burn Multiple should also approach 0 over time.

If the Burn Multiple is going in the wrong direction as the startup matures, that’s a indicator that something is wrong, even though headline growth might still be increasing in nominal terms.

What Founders Can Do

1. they should keep salaries and expenses low in the early days — 

2. strengthen the impression of product-market fit for when they go out to raise a venture round.

3. cut costs, the Burn Multiple doesn’t care about sunk costs and always gives founders the chance to improve.

4. It be worth giving up some revenue (e.g. unprofitable growth) if it brings the Burn Multiple down to a much healthier ratio.

It’s not just about growth  but the efficiency of growth .

It’s an indicator that incremental spend is working 

As everyone in the startup ecosystem scrutinizes their runway and makes tough decisions about how to extend it, the Burn Multiple is a useful rule of thumb for founders and investors alike to keep in mind.