Australian startup RedEye has received a state government grant while IoT firm CPP has announced plans to raise $3 million through an IPO. In another development, New South Wales government has set up two grants to promote the entrepreneurial ecosystem in the region.
RedEye gets $250K state grant
Australian company RedEye has received a $250,000 grant from Queensland’s Ignite Awards Fund to roll out its new workforce mobility software across the country. The Ignite Ideas Fund is part of a government initiative to provide businesses with funding to “take their innovation to the next level”.
RedEye co-founder and CEO Wayne Gerard said, the tech startup has been building the prototype since last year, with the product being designed around solutions rather than for clients themselves.
CPP plans $10m IPO, backdoor ASX listing
Melbourne-based Internet of Things (IoT) firm CPP – which offers temperature and energy monitoring solutions to cafes, hospitals, and supermarkets – has announced plans to raise $3 million through an IPO in what could be the last backdoor listing on the ASX before new rules are put in place to block out early-stage startups. As part of the process, CPP would be acquired by listed shell company Agenix Limited.
The startup’s reverse listing could be the last of its kind in Australia. Agenix, a 30-year-old publicly listed shell company, came to an agreement which ensured the provision of sufficient working capital to get CPP through the process of listing. CPP plans to float 60 million shares at 5 cents each to raise $3 million, valuing the company at more than $10 million.
New South Wales sets up two startup grants
To boost the entrepreneurial ecosystem in the region, the New South Wales (NSW) government has set up two new grants; the Minimum Viable Product Grant providing up to $25,000 for startups in the pre-revenue stage, and the Building Partnerships Grants which offer up to $100,000 to fund partnerships or projects.
Under the Jobs for NSW fund, it will be contributing $10 million to support local accelerators and incubators. Jobs for NSW’s programme also includes $50 million in loan guarantees for SMEs, $30 million to entice overseas companies to set up shop in the state and $30 million in funding growing regional companies.