Today
From a Moroccan villa to the courtroom: how StrongRoom AI’s good times went bad
Court filings that allege fraud at the tech start-up paint a picture of company funds being used to fund a lavish lifestyle of foreign trips and fine dining.
This Month
EVP claims StrongRoom founder admitted to fraud, faked accounts
Documents filed by the venture capital firm also allege one of the software start-up’s directors used company money to pay for a holiday to Morocco.
StrongRoom AI administrators launch firesale despite freezing order
HLB Mann Judd said it would seek “urgent” bids for the pharmacy software start-up’s assets this week even as it clarifies whether they can be sold.
EVP issues ill-timed capital call amid StrongRoom AI fiasco
Sources suggested EVP would have been better off delaying the capital call until it had better clarity on the recoverability at StrongRoom AI.
OpenAI finalises biggest ever tech funding round at $US300b valuation
The ChatGPT maker has closed the largest private funding round in history, at $US40 billion, led by Japanese investor SoftBank.
March
Inside StrongRoom’s breakneck trip from hero to zero
Three months ago, the pharmacy software start-up was on top of the world. New investors, plenty of blue sky. Then came the allegations from its new backers.
NSW plans investment funds to boost innovation and productivity
Strategic investment and emerging technology commercialisation funds will be considered for June budget, innovation minister Anoulack Chanthivong reveals
StrongRoom AI goes into administration two weeks after $70m valuation
The future of the software start-up, which will be put up for sale, has been in doubt since EVP, a venture capital investor, raised doubts about its finances.
You don’t need a family office to buy shares in unicorns
For as little as $8000, investors can buy stock in unlisted tech superstars like Airwallex on a market that, at first glance, looks and feels a lot like a public market. Is Canva next?
Used car refurbisher and dealer Carma hopes to break the IPO drought
Should it proceed with an initial public offering, it would counter a trend of venture-backed companies delaying listings for years or even indefinitely.
PsiQuantum targets $9.5b valuation, handing Labor a potential windfall
The Silicon Valley-headquartered quantum computing start-up is heavily backed by the federal and Queensland governments, and is raising about $1.2 billion.
Sydney VC firm calls in forensic experts, police at start-up StrongRoom AI
EVP has called in legal and forensic accounting experts to plough through the financial accounts of StrongRoom AI, which makes software for pharmacies.
McNamara set to depart Potentia Capital after $1.35b Micromine exit
The fall-out between Andy Gray and Tim Reed of Potentia Capital fame has claimed another high-value victim at the technology-focused buyout firm.
Three young venture capitalists get creative to break through
It’s a cut-throat world, and that’s not just for the start-ups scrambling to raise money. Many junior dealmakers need to think differently to progress.
King River lands Future Super, wealthy families for $150m AI fund
The Sydney-based crypto and software investor has landed its first superannuation backer for a new AI-focused venture capital fund.
Late Immutable accounts a glimpse into crypto game developer’s health
The Australian developer behind popular online video games Gods Unchained and Guild of Guardians said revenues had jumped after a near $80 million loss in 2023.
14 venture capitalists unpack the year ahead
More than a dozen of the country’s biggest tech investors say floats will return, there’s no AI bubble, and Donald Trump may be good news for local firms.
Uni side hustle grows to nearly $70m valuation
Three friends have turned their university side hustle into a software business after landing new venture capital investors.
Investors hope for U-turn in Baraja fortunes after millions wiped out
Investors in former star tech start-up Baraja are waiting to see if a change of product direction can revive the tech company, before considering a sale of its assets
Wellness app Sonder secures $40m from Blackbird, Seek and Hostplus
The start-up said the round had left it with a “material uplift” on a $150 million valuation secured last year. It will use the money to expand overseas.