Dynamic Business brings you the key startup fundraising from this week:
Allegro Energy raises $17.5 million
Battery storage startup, Allegro Energy, has raised $17.5 million in a Series A round to develop its water-based Redox Flow Batteries (RFB), which store renewable energy. The Newcastle-based company, supported by energy giant Origin, plans to build an 800 kWh pilot storage plant at Origin’s Eraring site.
The round was led by The Grantham Foundation, with participation from U.S. fund Lightbank, Origin Energy, and local investors Melt Ventures and Impact Ventures.
Renewable Metals secures $8.1 million seed extension
Lithium battery recycling startup, Renewable Metals, has bolstered its Seed round with an additional $8.1 million, just under a year after raising $8 million.
The extension saw support from existing investors, including Investible’s Climate Tech Fund, which led the initial 2023 round, alongside Virescent Ventures and the U.S.-based Grantham Foundation, known for its philanthropic focus on climate change.
Directo raises $2 million to streamline pharmacy logistics
B2B marketplace Directo, which simplifies logistics, invoicing, and fulfillment for pharmacies and suppliers, has secured $2 million in new funding.
The round was supported by industry leaders and existing shareholders, including Paul Sinclair, former President of the Pharmacy Guild of Australia (NSW), David Vaux, current President of the International Pharmaceutical Federation, and Leon Steinkoler. The Melbourne-based startup had previously raised $2.3 million in a 2022 Seed round led by Sydney-based VC Investible.
Number 8 Bio closes $7 million seed round
Startup Number 8 Bio has raised $7 million in a Seed round to develop synthetic biology solutions aimed at reducing methane emissions from livestock. The round was led by CSIRO-backed Main Sequence, with additional support from Breakthrough Victoria, contributing $1.7 million, and The March Group. The funds will be used for product development, scaling manufacturing, and building commercial partnerships.
Nick Hazell’s Algenie secures $1.1 million pre-seed
Nick Hazell, the engineer behind v2food, has raised $1.1 million for his new venture, Algenie. The biotech startup focuses on using algae to produce sustainable alternatives to fossil fuels and plastics. Investors include the University of Technology Sydney (UTS) and Better Bite Ventures. Algenie aims to scale its algae-based platform to reduce carbon emissions and drive renewable energy solutions.
Keep up to date with our stories on LinkedIn, Twitter, Facebook and Instagram.
