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Daily Markup #340: Gilmour gets a US$725,000 boost for its race to space; Carousell talks IPO & creating a marketplace free of fraudsters; Horangi offers free trial & pledges donations to Afghanistan

Ching Yee Ho

Published

23.09.21

Credit: Gilmour Space Technologies

Ready for liftoff

  • 500-backed Gilmour Space is getting a ~US$723,000 lift. The rocket startup landed a government grant under the country’s Moon to Mars initiative. It is aimed at helping Australian space businesses improve their technical capabilities and help them enter new national and international markets.
  • Gilmour Space will be using the grant to improve its manufacturing capability to produce vessels that can hold fluids under pressure, for use in the aerospace industry.
  • Acting Minister for Industry, Science and Technology said the grants will also boost the economy and create new high-skilled jobs. 
  • “With this support, these Australian companies will be able to expand their capability and tap into new supply chains around the world – which adds up to opportunities here at home,” Head of the Australian Space Agency Enrico Palermo said.
  • Read the full press release here.

Credit: The Star

Soaring high

  • Last week, 500-backed second-hand marketplace Carousell turned unicorn after raising fresh funds of US$100 million. This week, the media is all abuzz with co-founder and CEO Quek Siu Rui sharing with CNBC that the startup is exploring all options to grow the business, which includes a likely initial public offering (IPO).
  • “With this round of funding, we are actually in a very well-capitalized position for what we need to do, and that really is because of the great support that we have got from our investors,” he said.
  • “Ultimately we want to make sure that we have a good investor base that will support our long-term growth story, who appreciates our business model and where we’re headed,” he added.
  • He also said that consumer trust and safety is the crux of any marketplace. He shared that the company reduced fraud on its platform by 67% in 2020. Today, only two to three out of 10,000 transactions are fraudulent on the platform.
  • Watch the full interview on CNBC here.

Credit: Joel Muniz on Unsplash

Rise to the call

  • 500-backed cybersecurity startup Horangi has pledged ~US$6,000 in donations to the United Nations World Food Programme (UNWFP) to lend support to Afghans who are facing a severe humanitarian crisis.
  • How can you help? For every signup for a Warden trial, Horangi will donate an additional ~US$7 on top of its original donation. 
  • According to Horangi, Warden is an all-in-one security solution that can be set up within minutes. The platform can detect and fix security threats in real-time.
  • Read more about the donation pledge here.

Ching Yee Ho