Wayflyer, Babel Finance and more

Shaun H. Ruff


Dynamic Business brings you the key startup fundraising from this week:

Scale Facilitation 

How much: Australia’s rights to advanced battery technology intellectual property (I.P) as well as $10 million in funding

Participants: Deakin University. 

Scale Facilitation will now launch Recharge Dynamics, the research and development (R&D) arm of Recharge Industries, as part of Deakin’s Recycling and Renewables Energy Commercialisation Hub (REACH), which received $50 million in funding from the Federal Government’s Trailblazer Universities Program. 

Recharge Industries is a Scale Facilitation portfolio company focused on the development of large-scale advanced battery manufacturing facilities, with significant intellectual property from the United States.

Regrow Ag 

How much: $50 million (US$38m) 

Participants: Galvanize Climate Solutions, founded by Tom Steyer and Katie Hall, is leading the round. Cargill, Main Sequence Ventures, Ajax Strategies, Neglected Climate Opportunities (NCO), Microsoft’s M12, and other existing investors returned, joined by new backers such as Salesforce founder Marc Benioff’s TIME Ventures and Rethink Impact, the largest US-based VC firm focused on female leaders.


How much: $7.5. million

Participants: The Australian Business Growth Fund 

Scipher operates one of the country’s largest facilities and is a pioneer in establishing market-leading and technology-focused e-waste processing solutions. ABGF provides growth capital to Australian small-medium enterprises (SMEs), filling the gap between late-stage venture capital and large buyout funds. 

Babel Finance 

How much: $80 million

Participants: Jeneration Capital and 10T Holdings, as well as existing shareholders Dragonfly Capital and BAI Capital, are among the major investors in this round. Circle Ventures and a number of Asian family offices are among the other investors.

Babel Finance is a wholesale crypto financial services provider 

Australian Manufacturing Week 2022 to start in June

In June, Sydney will host the inaugural Australian Manufacturing Week exhibition, which will feature the latest manufacturing technology and cutting-edge innovation.

AMW 2022 will be held at the International Convention Centre Sydney (ICC Sydney) from June 7-10, with the theme ‘Where technology meets innovation.’

AMW will cover every aspect of manufacturing technology, from the largest machine tools to the smallest precision cutting tools, as well as cutting-edge support systems, software and accessories, and the plethora of services required by any manufacturing operation. AMW 2022 will provide a broader range of technologies critical to the modern manufacturing industry.


How much: $1.2 million in seed funding

Participants: Folklore Venture Capital led the round, with assistance from accelerator programme Startmate. 

The investment will be used by the Brisbane startup to double its team and expand into new markets, including the United States and Europe.


Based: Australia

How much:  $300 million 

Participants: Debt financing from J.P. Morgan, with Neuberger Bermann acting as a mezzanine provider. 

The announcement comes shortly after Wayflyer announced its Series B round, which will take place in February 2022. Wayflyer’s valuation reached $1.6 billion after an all-equity round led by DST Global and QED Investors, with J.P. Morgan participating.

Convo Ink 

How much: $1.5 million in seed funding. 

Participants: 3C Capital, a UK-based private investment firm led by Australian investor Richard Gazal, and M2 Capital, a Sydney-based private investment firm led by tech entrepreneur Matthew Hunt, led the round. 

The funds will be used to expand the startup’s content platform capabilities and to further invest in the recently launched attention measure. 


How much: $20 million

Participants: Kim Jackson and Scott Farquhar’s Skip Capital. The company is also backed by SafetyCulture and Canva.

Daniel Danilatos, a former Google software engineer, founded Neara in 2016.

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