InQueensland

NEWS •⁠ POLITICS •⁠ BUSINESS •⁠ CULTURE

Get InQueensland in your inbox Subscribe

Floodmapp scoops up $8 million in expansion funds

Business

Brisbane-based tech firm Floodmapp has announced a $US6 million ($A8.3 million) fundraising round led by New-York based Union Square Ventures.

Print article

The company, which provides real time, property-specific flood forecasts, inundation maps and analytics to improve all phases of emergency management, said the funding round would be led by Union Square Ventures’ climate fund.

Funds raised would be used to scale up the company and expand into new markets.

Co-founder and chief executive Juliette Murphy, said this funding round presented an incredible opportunity for the company to establish themselves as world-leaders in real-time flood intelligence for emergency management.

“Since founding the company in 2018, we’ve assembled an incredible and multidisciplinary team who have made the impossible possible in a deep tech. Following years of R&D in AI, hydrology and hydraulics, we’ve developed and scaled our groundbreaking new flood model and we’ve proved the technology in real flood events,” Murphy said.

Sunshine Coast company Fënn Foods has also raised $3 million in an oversubscribed private capital raising, which it said was strongly supported by existing and sophisticated investors.
Executive chairman Nicholas Simms said the injection of capital would enable the company to increase its investment in innovation, marketing and production and also allow it to meet the increased demand for its products, enter new categories and explore distribution into select international markets.

“Plant-based foods are one of the most rapidly growing segments of the global food market and, according to Food Frontier, in Australia alone, the plant-based market is estimated to generate approximately $3 billion in retail sales by 2030,” Simms said.

More Business stories

Loading next article