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Funding highlights: October 12 to October 19

Here’s a recap of recent funding developments from Australia, India, the US and beyond.

Employment Hero Achieves $2b valuation with $263 million Series F Round 

The HR platform, Employment Hero, has secured the largest funding round of 2023, raising an impressive $263 million in a Series F round. Leading the round is the US-based fund Technology Crossover Ventures (TCV). Approval from the Foreign Investment Review Board is pending for TCV’s backing, and existing investors such as Insight Partners, AirTree, Seek Investments, and OneVentures have also contributed to this substantial round. This remarkable achievement underlines the company’s growing influence in the industry.

Darwinium raises $28.2 million in Series A funding for digital security

Darwinium, a digital security and fraud prevention startup, has successfully secured $28.2 million in its Series A funding round, marking its second funding round within a year. The round was led by US Venture Partners (USVP), with participation from last year’s Seed investors including Blackbird, Airtree, and Accomplice. Founded by Bondi entrepreneur Alisdair Faulkner, Darwinium is based in the United States and was established following the sale of his previous cybersecurity startup, ThreatMetrix, for over A$1.2 billion in 2018.

AI Build Raises $8.5 Million in Series A Funding for innovative manufacturing Solutions 

Ai Build has closed a Series A funding round, raising $8.5 million, with IQ Capital taking the lead and participation from Nikon, as well as existing investors Superseed, ACT Venture Partners, Atlas Ventures (UK), and Seedcamp. Founded in 2015 by architects Daghan Cam and Michail Desyllas, Ai Build offers a cloud-based solution to manufacturers, aiming to streamline the additive manufacturing process, reduce costs, lead times, and material waste. This technology addresses the historical challenges of laborious and error-prone additive manufacturing.

Early-Stage Startups in India, Tap Invest, Madsto, and Alwrite, Secure Funding 

Two early-stage startups in India, Tap Invest (formerly Leaf Round) and fashion retail brand Madsto, have successfully raised funding. Tap Invest has raised $2 million in a seed funding round, led by Turbostart, with participation from Snow Leopard, Kunal Shah (founder of Cred), Kashyap Shah of Creditstar UK, and existing investors Upsparks and Superb Capital. Meanwhile, Alwrite has secured $1.2 million (Rs 10 crore) in seed funding from various investors. Alwrite, a B2B insurtech startup founded in 2022, offers solutions for quote procurement, underwriting, user management, and knowledge and risk management to insurance companies and intermediaries, with plans for geographical expansion across India.

JOOR secures $25 Million Investment to Drive Growth and Innovation 

JOOR, the preeminent digital wholesale ecosystem globally, unveiled a successful $25 million funding round, spearheaded by Brightwood Capital and Tamarix Capital Partners. Longstanding investors, including Macquarie Capital, Battery Ventures, and Canaan Partners, have also contributed to this round. This fresh injection of capital will empower JOOR to further enhance its platform, catering to its expansive international network of fashion brands and retailers. In addition to data-driven initiatives, JOOR intends to refine its JOOR Pay solution and broaden its presence in segments such as footwear, sports, and outdoor products.

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