Business News Australia

Business News Australia covers important business updates across the nation, with a particular emphasis on local developments. The outlet provides timely news as it happens, along with stories of business successes, innovative leaders pushing boundaries, and companies thriving in the market, regardless if they are emerging startups or well-established public firms. Staffed by a committed group of business journalists, Business News Australia delivers exceptional insights into the accomplishments of top entrepreneurs, executives, and industry influencers.

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Kip McGrath to exit loss-making USA business Tutorfly

5 days ago | businessnewsaustralia.com | Matt Ogg

In 2021 the tutoring group's then-CEO Storm McGrath was upbeat about a deal to acquire Texas-based Tutorfly, whose founders were able to deliver on two ambitious revenue growth targets within a matter of months to secure cash and share-based incentives. Kip McGrath Education Centres forked out approximately US$2.1 million in total for the business, although the returns to its founders would have been higher if not for a 45 per cent decline in KME shares since the deal was struck.
NexusMD raises $6.3m to put its AI agents in more hospitals

5 days ago | businessnewsaustralia.com | Matt Ogg

A Melbourne-based startup whose co-founders previously sold an online medical encyclopedia to TikTok owner ByteDance has seen its customised AI agents adopted by three emergency rooms in Victoria, and NexusMD has just raised $6.3 million to deploy them in more.
Voice AI startup Phonely enters partnership with TSA Group

6 days ago | businessnewsaustralia.com | Matt Ogg

Now based in California but with one of its founders Nisal Ranasinghe still in Melbourne, Phonely has finetuned its offering so that AI agents can be used for the majority of call volumes for many businesses, following pre-defined scripts around tasks such as appointment scheduling and lead qualification.
RLF AgTech settles legal case with former CEO

1 week ago | businessnewsaustralia.com | Matt Ogg

Hancock had led the seed priming technology group for more than two decades when he was fired on 4 June 2024, having steered it through the initial public offering (IPO) process just over two years prior for its ASX listing in April 2022. His sacking was swiftly followed by a review of the company's previously announced revenue guidance of $15-16 million for FY24, which then-chairman David McLay - who has since left the group - later noted was "unlikely to be achieved".
Raptis can't explain sudden surge in share price

1 week ago | businessnewsaustralia.com | Matt Ogg

Gold Coast-based company Raptis Group (ASX: RPG) is unable to explain why its share price has more than tripled over the past week to nine-year highs, amidst a capital raise to secure funds for buying the property management rights business of the Sterling Broadbeach residential development under construction in Broadbeach. Raptis launched the capital raise in May with plans to more than double its number of shares on issue to up to 350.68 million.
Canberra-based xAmplify receives investment from Macquarie

1 week ago | businessnewsaustralia.com | Matt Ogg

Automation systems and AI integrator xAmplify has received a "significant equity investment" from Macquarie Capital Principal Finance to accelerate the Canberra-headquartered company's national expansion, and strengthen its capability to deliver digital transformation services to government and enterprise clients. Founded in 2018, xAmplify has grown rapidly on the strength of its integrated offerings across AI, cybersecurity, managed services, business transformation, and automation.
Shearwater Capital partners to leave WiseTech board

1 week ago | businessnewsaustralia.com | Matt Ogg

Two Shearwater Capital founding partners are set to exit the board of WiseTech (ASX: WTC), including one who only joined in February to lead a board review, and another who was a longstanding chairman and in December sold just enough stock to no longer be considered a substantial holder in the logistics software company.
Vow cultured meat approved for sale in Australia, NZ

1 week ago | businessnewsaustralia.com | Matt Ogg

Cultured meat derived from Japanese quail will now be allowed for sale in Australia and New Zealand after Sydney-based startup Vow secured a breakthrough approval from food regulation authorities, building on a similar milestone achieved in Singapore last year. Vow's CEO and founder George Peppou wrote on his LinkedIn today that people will be able to taste cultured meat at dozens of Australian restaurants for the very first time by the end of this month.
Sydney Angels sidecar fund secures $3.5m raise

1 week ago | businessnewsaustralia.com | Matt Ogg

VentureCrowd CEO and founder Steve Maarbani says the Sydney Angels Sidecar Fund 3 raised $1 million in just three hours, rising to $3.5 million over seven days with half the funds coming from new investors. Opening up access to startup deals that are normally the domain of insiders and venture capital, the fund offers wholesale and pre-approved investors the chance to co-invest in a curated portfolio of emerging Australian startups.
Dubber sues former auditors at BDO over missing funds

1 week ago | businessnewsaustralia.com | Matt Ogg

Last year an audit of Dubber's half-yearly accounts showed the funds held in a term deposit on behalf of the company by third-party trustee Christopher William Legal, representing close to half of $60 million deposited between mid-2019 and August 2021, were no longer available. A trust account ledger provided by the law firm showed many unauthorised transfers in and out of the account, which was unknown to the company until 27 February 2024.