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☕ State of Australian Startup Funding
Good morning. The State of Australian Startup Funding report from our friends at Cut Through Venture and Folklore dropped today.
The 80+ page report confirmed what we all knew... funding to venture funding dropped a lot, dropping by more than $3B from the 2021 peak.
The good news is that the Australian market fell less than most other funding markets globally, and pre-seed and seed-stage funding hit an all-time high. There's a few spicy founder survey insights in there, too. Check out the report at AustralianStartupFunding.com.
ps. we're moving to a new email service let us know if you experience any issues + check out VCinsights.co
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MARKET MOVERS
*Stock data as of the market close. Commodities and crypto data in USD.
Market news: Bit of an Ausome day to be a Newcrest shareholder after the gold miner confirmed media reports it had received a monstrous takeover offer.
Turns out its older, bigger, American brother Newmount Corporation has made two approaches to Newcrest -- first offering 0.363 Newmount shares for each Newcrest share before upping it to 0.380 Newmount shares.
The offer was worth over $24bn and implied about $27.16 a share.
TRADING FLOOR
M&A:
QIC and GIC enter the race for Healthscope's hospital properties. (The Australian)
Morgan Stanley analysts believe a merger between Bendigo and Adelaide Bank and Bank of Queensland makes sense. (The Australian)
Adamantem Capital has snapped up a majority stake in the Boost Juice and Betty’s Burgers chains. (AFR | BNA)
K-PRIME was pitched as a one-stop-shop to invest across of KKR’s global private equity portfolio. (AFR)
Newcrest Mining received an offer from Newmont Corporation. (AFR)
Newcrest investors say $24.4b bid is not enough. (AFR|The Australian)
Bank of America and Lazard are advising Newmont Corporation. (AFR)
Newcrest board mulls a $24.45bn takeover bid from US company Newmont. (AFR)
JPMorgan handled 25% of Newcrest shares traded on Monday. (AFR)
Mineral Resources sold their shares in Warrego Energy to Hancock Energy, handing them a majority in the takeover battle. (AFR)
Laundys agree to pay $150m to acquire full ownership of 5 NSW pubs. (AFR)
ECM:
VC:
None
Other:
Goldman Sachs has lost two senior bankers rom its private credit/special situations unit. (AFR)
Openpay’s demise comes at a testing time for BNPL sector. (The Australian)
THE QUICK SYNC
👀 Sam Bankman-Fried's psychiatrist became confidante at doomed crypto exchange
💰 Rothschild family plans to take Rothschild & Co private
⚽ Man City charged over multiple financial breaches
📊 Elon Musk says Twitter saved from ‘Bankruptcy,’ on track to breakeven
TOGETHER WITH FUNDABL
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THE WATERCOOLER
THE TRADE
Corporate Development Manager — Suncorp (Learn More)
M&A Lead — Woolworths Group (Learn More)
Early Stage Investments Analyst — No Brand Holdings (Learn More)
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