Four ANZ companies, one week in July, and well over half a billion Aussie dollars between them. But it was mostly two companies.
AdvanCell
US$315M Series D, led by Ally Bridge Group and co-led by Alpha Wave. AdvanCell makes a radioactive medicine, a lead-212 therapy that targets prostate cancer cells. The money pushes its lead program, now in Phase 2, towards Phase 3 trials.
Cover Genius
US$100M backed by Vista Credit Partners, at a US$1.9B valuation. Aussie founded Cover Genius does embedded insurance: it lets online stores sell cover right at the checkout.
Lug+Carrie (Melbourne)
An A$18M asset backed debt facility from Catalytic Impact Capital. Brothers Daniel and Ben Carr run e-bike subscriptions in Melbourne, Sydney and Brisbane, and on the US West Coast under the brand Wombi. Debt, not equity, because the bikes are hard assets earning subscription revenue.
Ceretas (Brisbane)
An A$8M IPO and an ASX debut on 23 July. A University of Queensland spin-out using focused ultrasound through the skull to target Alzheimer’s and other brain diseases.
My read
One of the biggest weeks for ANZ funding this year, and it was basically AdvanCell and Cover Genius. The headline totals look huge, but under them are two very different pictures: biotech and insurtech raising nine figures, and everyone else raising single digit millions.