Algae supplements for cows, pet stem cell therapy, preventative health care and an AI tool for retailers: the Australian startups that raised capital this week are as varied as they are interesting.
Keep reading to learn more about Provectus Algae, Everlab, Source and Elita Genetics.
Provectus Algae: $19.2 million
Provectus Algae founder and CEO Nusqe Spanton. Source: LinkedIn
Noosa-based startup Provectus Algae leads this week’s funding round-up with a combined $19.2 million in Series A and grant funding.
Founded by marine biotechnologist Nusqe Spanton in late 2017, Provectus Algae is developing a seaweed-based cattle feed supplement called Surf’N’Turf, which is designed to aid animal digestion and reduce methane emissions from livestock.
The company’s latest funding round includes US$10.1 million in Series A funding. The round was led by Sydney-based investor At One Ventures, with At One Ventures’ founding partner Tom Chi set to join the Provectus board of directors.
Other investors participating in the round included Methane Mitigation, Mort & Co and existing investor Hitachi Ventures, among others.
Provectus Algae has also secured a US$2.5 million Commercialisation and Growth grant from the Industry Growth Program run by the Australian Government’s Department of Industry, Science and Resources.
According to AgFunderNews, the company has now raised a total of $33.5 million in funding to date.
On LinkedIn, the company said it plans to use the new funding to further scale production of its Surf’N’Turf ruminant livestock feed supplement, conduct large-scale pilot trials for the product on commercial operations, and supply large quantities of the supplement to the market.
“This milestone is a testament to our team’s determination and their desire to deliver lasting advancements in sustainable biomanufacturing,” said the company.
Everlab: $15 million
Everlab founding team. Source: Supplied
Melbourne healthcare startup Everlab has secured $15 million in seed funding to help it continue building out this digital platform that is focused on making high-quality, personalised preventative health care more accessible.
As reported by SmartCompany, the funding round was led by global growth equity firm Left Land Capital.
Everlab operates on a membership model, with members given year-round access to a suite of diagnostic tests, including whole-body MRIs, blood testing, DEXA scans, VO2 max, ECG, glucose monitoring, CT coronary angiograms, and food journal analysis.
The results of these tests are combined with digital-first doctor consultations and AI-generated summaries to build health prevention plans that are tailored to individual members and their risk profiles.
The platform is underpinned by the company’s proprietary AI system, which can be integrated with national pathology and radiology systems, with each diagnostic process overseen by a licensed doctor.
Everlab has recently launched in multiple Australian cities and says it has a customer waitlist in the tens of thousands. International expansion is on the cards for 2026.
CEO and co-founder Marc Hermann told SmartCompany the company plans to maintain its “aggressive growth trajectory”.
“For us, sustainable growth means not just meeting demand, but doing so with reputable systems, scalable infrastructure, and proven clinical outcomes across diverse populations,” Hermann said.
“We’re building the future of preventative healthcare. Even at seed level, we delivered the kind of impact and momentum that is more typical of a later-stage business.”
Source: $2.1 million
Source co-founder Liam Fuller. Source: Source
Also raising this week was Source, an AI-powered procurement platform for retailers co-founded by Irish-Australian teenager Liam Fuller.
Now 18, Fuller secured a meeting with Square Peg co-founder and partner Paul Bassat earlier this year after cold emailing investors while in Australia visiting his grandparents.
Square Peg has now led Source’s $2.1 million (US$1.4 million) pre-seed round, with Fuller becoming the youngest founder to date to receive investment from Square Peg.
The funding round also included participation from TEN13, former Stripe chief technology officer David Singleton, Eucalyptus co-founder Charlie Gearside, and other angel investors.
Source is designed to help retailers eliminate manual processes involved in managing their inventory. The platform integrates with a store’s email and point of sale feeds, predicts when inventory will run low in real-time, and then sends purchase orders directly to suppliers.
The startup says it can help reduce admin hours by up to 80% for retailers, while also keeping their shelves stocked.
Fuller previously founded a startup called CartShare, which was a Shopify plug-in he developed while participating in the Stripe x OpenAI-based Patch youth accelerator. It was during this time that he posted his now-viral photo of himself taking a sales call in the bathroom at his school.
In a statement provided to SmartCompany, Fuller said the Patch accelerator gave him “both the mindset and the network to move fast”.
“Paul and the Square Peg team have scaled companies like Canva, Airwallex and Rokt, from seed to global, so their operating playbook and clear conviction to back me made them the perfect partner for Source,” he added.
Elita Genetics: $1.1 million
L-R: Elita Genetics co-founders Paloma Newton and Jackson Gritching, with pet Edgar Allan Paws. Source: Supplied
Melbourne pet health startup Elita Genetics has raised $1.1 million in pre-seed funding.
The round included backing from LaunchVic’s Alice Anderson Fund, Startmate, Side Stage Ventures, Archangel Ventures, M8 Ventures, and the Google alumni-founded XA Network.
Founded by Paloma Newton and Jackson Gritching, Elita Genetics is building a stem cell bank for pets, allowing owners to store healthy cells during routine procedures like desexing or dental work.
These cells can later be used for regenerative therapies to treat arthritis, dysplasia, and other chronic conditions.
Related Article Block Placeholder
Article ID: 317640
The startup launched publicly in December and has since expanded its service to collect fat samples whenever a dog undergoes anaesthesia. The service costs a one-off fee of $3,899 plus vet extraction costs, with an optional $16.50 monthly subscription.
Newton, who comes from a marketing background, co-founded Elita Genetics after learning her dog, Edgar Allan Paws, was genetically predisposed to arthritis.
She said the raise “was a far longer process than I had originally anticipated,” but was pleased to bring the Alice Anderson Fund onto the cap table.
LaunchVic CEO Dr Kate Cornick said Elita’s vision reflects the kind of “bold, cross-disciplinary thinking” shaping Victoria’s life sciences sector.