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

Headlines

Breakthrough Victoria

• CEO exits amid ongoing legal battle with a founder.

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.

Interview

Slice's Farouk Ismail

• Farouk shares why Slice chose international funding and offers essential tips for Australian startups looking to break into the US market.

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

• Gemma on LinkedIn
• Will on LinkedIn

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Thanks to our sponsors for helping to make this episode of The Startup Retro possible.

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