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​Muru-D alters funding model to attract more mature firms

​Muru-D alters funding model to attract more mature firms

8 startups offered $60,000 in seed capital

muru-D, a startup accelerator backed by Telstra, has updated its funding model which has helped it attract more ambitious and mature organisations to its fourth Sydney cohort, #SYD4.

Eight startups have been offered up to $60,000 in seed capital investment for the program, which began on February 6.

“We updated our funding model in November to an uncapped SAFE note, made popular in the USA, which means we no longer take a fixed amount of any company, and instead follow the market value, said muru-D’s ‘entrepreneur-in-residence’, Ben Sand.

“We also actively hunted for more mature companies, who traditionally would be less likely to consider an accelerator. We travelled around Australia to visit universities and co-working spaces, and also met with venture funds and leading startups to help source these companies.”

Sand said the incubator had 150 applications for #SYD and the new cohort demonstrated a depth of experience, innovation and global ambition that is a level above what it had seen previously.

The 8 startups include:

  • AgriWebb, which is using technology to transform livestock production. More than 800 farmers are using its product and the company has raised more than $4 million
  • Alta, a startup which is developing the first multiplayer game with a long playtime for virtual reality.
  • Bron.tech, which is making a blockchain product that is as easy to use as a ‘coupon at the grocery store.’ It has a team that includes some of the most experienced blockchain developers in Australia
  • Flobox lets small businesses fight back against large marketing teams by taking strong ad strategies for social media and making them ‘easier to use than a spreadsheet.’
  • Flurosat, a company that uses hyperspectral cameras mounted on drones and nano satellites to look at crop health
  • GeoInteractive has built a hardware product, similar to GoPro, that provides an underground map like Google Street View.
  • Patch’d, an organisation that has hired former Cochlear engineers, has developed a medical sensor that provides real-time patient monitoring from anywhere in the world
  • Snooper has developed a crowd-sourcing app that pay shoppers to collect in-store data and share their own experience with brands in real time.

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