Billion-dollar tech founders turn investors with new $50m fund
A group of Australian technology entrepreneurs who have built billion-dollar start-ups have joined forces to invest in a new $50 million venture capital fund, to back the next wave of local founders.
More than 15 founders of so-called 'unicorn' start-ups, including Go1 co-founder Andrew Barnes, A Cloud Guru co-founder Sam Kroonenburg and former Aconex chief executive Leigh Jasper, have invested in Glitch Capital.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
7NEWS
33 minutes ago
- 7NEWS
Kia Australia product boss "would love" the K4 Wagon, but it might be too niche
The Kia K4 Sedan will soon be joined by a hatchback body style and a more efficient petrol engine in Australia, and the wagon variant is also on Kia Australia's wishlist – but the business case may not stack up here. Speaking with CarExpert at the Australian launch of the updated Kia Sportage mid-size SUV, general manager for product at Kia Australia, Roland Rivero, said that while a K4 Wagon will likely be offered in right-hand drive for the UK, demand for wagons continues to shrink in Australia. 'The ultimate question is the appetite. The [Australian] market has evolved, and I think it's very SUV-biased. I'd love a wagon, but I think the business case for our market is not as much as Europe's,' Mr Rivero said. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Above: 2026 Kia K4 Wagon prototype When asked if the wagon-bodied K4 could be reserved for a GT warm performance hero, Mr Rivero remained reluctant. 'It would be pretty expensive. We'd have to convince the Mexican plant for that additional variant, which isn't that hard because the UK will have it in right-hand drive – but it's still another derivative that the factory has to churn out.' A camouflaged Kia K4 Wagon prototype was recently spotted testing in Europe, ahead of its anticipated reveal later this year. The K4 will replace the popular European-market Kia Ceed, in the same way it replaced the Cerato in Australia. While heavily disguised under sheets and cladding, the K4 Wagon appears to have the extended rear overhang of the K4 Sedan, but with the high roof and tailgate of the incoming K4 Hatch. In the same interview, Mr Rivero confirmed the new K4 Hatch will introduce a more efficient petrol engine and transmission combination when it arrives in the latter stages of 2025. 'We've got [the] hatchback first. That does adopt a new powertrain which you're familiar with from the Seltos [small SUV]… which helps us out from a CO2 perspective – that will be our first adjustment in light of NVES [the federal government's New Vehicle Efficiency Standard],' Mr Rivero said. The powertrain in question is an Atkinson-cycle 2.0-litre four-cylinder petrol engine mated with what Hyundai and Kia call an 'IVT' or Intelligent Variable Transmission. Effectively, it's Hyundai/Kia-speak for a CVT. 'The CO2 on that is better than even the 1.6 turbo – I think it's about a 30g/km improvement [over the 2.0L MPI]. Whether we spec it with [idle stop/start] is TBC,' Mr Rivero added. Above: Kia K4 Sedan (left) and K4 Hatch (right) The current 2.0L MPI engine with a six-speed automatic in the K4 Sedan quotes combined fuel consumption of 7.4L/100km and CO2 emissions of 167g/km, while the more powerful 1.6 T-GDI engine in the GT-Line with its eight-speed auto quotes 6.7L/100km and 158g/km. Mr Rivero said the new drivetrain will be applied to both the upcoming K4 Hatch as well as the existing K4 Sedan during the fourth quarter of 2025, likely coinciding with model year 2026 (MY26) production. For reference, the related Hyundai i30 Sedan with the Smartstream-branded Atkinson-cycle engine and CVT quotes a much thriftier 6.1L/100km and 139g/km on the combined cycle. As yet there's still no word on a K4 Hybrid or HEV variant, which has been all but confirmed for future introduction. It will almost certainly draw upon the 1.6-litre petrol-electric system used in the i30 Sedan and Kona hybrids, in which it makes 104kW and 265Nm.
Perth Now
an hour ago
- Perth Now
Geely's first model in Australia gets its first running updates over the air
Geely Auto Australia has announced the first over-the-air (OTA) update for its inaugural model, the Geely EX5 mid-size electric SUV, which will be progressively rolled out to customers across the country. In a media release issued this week, Geely says its first OTA update will change the low-speed pedestrian alert sound 'to a more traditional humming tone, which will be less prominent in the [vehicle's] cabin'. Further, the update also brings 'enhancements to the vehicle's software, including optimised CarbitLink performance and improved range calculation when route planning in the Navigation app'. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Supplied Credit: CarExpert Geely Auto Australia CEO Lei Li said this first set of running changes are in response to initial customer feedback. 'Our team has analysed feedback direct from our customers and dealer network, and worked on an update that we're sure will make experiences with the Geely EX5 even more enjoyable,' Mr Li said. 'Geely actively listens to feedback so we can provide the right products for the local market; this step is one of the many actions that we can take in order to provide high value vehicles to our ever-dynamic Australian customers.' To access and apply this update, owners should navigate to the 'My Car' menu on their EX5's infotainment screen. The company recommends connecting to Wi-Fi or a smartphone hotspot before initiating the update 'to ensure a stable connection during download'. More information can be accessed at the Geely Auto Australia website. Supplied Credit: CarExpert The Chinese brand has already confirmed the next OTA update will be the addition of Apple CarPlay functionality, expected to become available mid-way through the third quarter of 2025 (July-September). Android Auto will follow, 'with anticipated delivery in late 2025'. To the end of May 2025, Geely has registered 1023 new EX5 vehicles in Australia. It's the first model to be launched as part of the Chinese brand's renewed assault on the Australian market. Next cab off the rank for the Chinese brand is expected to be a plug-in hybrid version of the EX5 – a direct rival for the top-selling Tesla Model Y – known abroad as the Geely Galaxy Starship 7. The SUV is powered by a 1.5-litre four-cylinder petrol engine and an electric motor that is fed by either an 8.5kWh or 19.09kWh lithium iron phosphate (LFP) battery. EV range is claimed to be 55-120km depending on battery variant. Supplied Credit: CarExpert Stay tuned to CarExpert for all the latest MORE: Everything Geely EX5
7NEWS
an hour ago
- 7NEWS
Lotto draw 1517: The ‘hot' and ‘cold' numbers you need to know ahead of tonight's Powerball's $100 million jackpot
About 10 million Australians are expected to take a punt on winning a whopping nine-figure sum of money. Powerball has jackpotted to $100 million and Thursday's draw 1517 is the highest lottery prize of the year. The last time a jackpot of such magnitude was up for grabs, ticket sales peaked at more than 6400 a minute. Only six people have won $100 million or more in Australian lotteries since 2018, with the seventh possible on Thursday evening. On Thursday, The Lott's Anna Hobdell joined Nat Barr on Sunrise, saying the best way to increase your chances is with a PowerHit ticket for the multimillion-dollar draw. 'We know many Aussies are vying for the chance to score the multimillion-dollar prize, and the best way to get a ticket is a PowerHit. It is a unique entry type to Powerball. 'It guarantees you the all-important Powerball needed to win Division One and a lot of people don't realise it is equivalent to 20 games. That's top tip for tonight's draw.' Hobdell then spoke of hot and cold numbers. Hot numbers being the most likely to be drawn out of the barrel, while cold numbers are the least likely to be drawn. 'When it comes to Powerball, our hot numbers from the main barrel are 9,17, 7, and you have also got your Powerball barrel which are 2 and 4,' Hobdell said. 'Our cold numbers are 33, 31, 29 from the main barrel, and the cold numbers from the Powerball barrel are numbers 14 and 12.' Hobdell explained how most winners spent their money. 'When we have surveyed our Division One winners months after the draw, we found that most of them invest for the future or perhaps help their nearest and dearest,' Hobdell said. 'We actually interviewed one of our winners recently who won $100 million, and she told us that she has bought a beachside property.' A Queensland woman was the last person to take home $100 million in February 2024, pocketing half of a $200 million Powerball jackpot. She has moved from Brisbane to the coast and says she is thankful for her dad, who picked up the winning phone call early in the morning. 'On a day-to-day basis, not a huge amount has changed,' the winner, who remained anonymous, said. 'I still get up for the 6am gym session and the dog still needs to be walked and fed.' An Adelaide man still holds the country's largest pay cheque from a lottery jackpot, after winning $150 million in May 2024. The odds of a single entry winning the division-one prize are more than 134 million to one. That's worse than successfully ringing someone by completely guessing their mobile number. - with AAP
