☕️ Deep tech departure

Blackbird's scientist-in-residence Clare Birch moves on

August 13, 2024

Good morning.

Blackbird Ventures scientist-in-residence Clare Birch is leaving the venture capital firm to focus on her own science and startup ventures.

As Capital Brief’s Bronwen Clune tells us, the deep tech doyenne’s tenure, which stated in 2021, brought a scientific edge to the firm’s investment strategy. Birch also helped shape Australia’ quantum future as part of Innovation Minister Ed Husic’s National Quantum Advisory Committee.

According to Clune’s reporting, her exit is timed with new hires and not tied to recent controversies over the firm’s investment in PsiQuantum.

“I’m excited for the future, but these things are always bittersweet,” Birch told Clune. “In this case, I’m optimistic and lucky that this is an evolution in my relationship with the Blackbird team, not the end.”

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Market movers

JB Hi-Fi's $438.8m net profit beat market expectations and turned the retail gloom into a glimmer of hope. With an 8% share price spike, investors are betting the consumer electronics giant is coping while others fret over markdowns.

While profits dipped, sales at Australian and New Zealand stores saw healthy growth.

The quick sync

  • Woodside is the worst performing large cap stock in Australia over the past year and pressure is mounting on Australia’s largest oil and gas producer to define an investor-friendly growth trajectory. (Capital Brief)

  • The Small Business and Family Enterprise Ombudsman urges tax offsets for startups to help encourage founders launch new ventures and reinvest. (Capital Brief)

  • The number of Australian companies seeking the ethical B-Corp credential has more than doubled since before the Covid-19 pandemic. (Capital Brief)

  • Five Canva executives with experience at Meta, Adobe and Google departed over the past 18 months and ahead of its planned IPO. (AFR)

  • ANZ will put 3000 executives through a new AI course with US giant Microsoft as it begins to phase out a homegrown AI agent, which was launched just last year. (The Australian)

Trading floor

M&A

  • Silva Capital's $250m carbon credits fund, backed by Rio Tinto, Qantas, and BHP, will invest in reforestation projects on Australian agricultural land. (Capital Brief)

  • Houlihan Lokey has started the sale process for Nature’s Care, in receivership since March. (AFR)

  • Viburnum Funds, holding 27.54% of Coventry Group, is pushing for the divestment of Fluids Systems to enhance shareholder value. (AFR)

  • EQT and Goldman Sachs Asset Management are eyeing Compass Education, owned by Advent Partners, with a $700m price tag. (The Australian)

  • AustralianSuper is disputing with Optus over undelivered mobile towers worth nearly $2bn. (AFR)

  • Indian firm Exicom buys bankrupt Australian EV charger maker Tritium for $45m. (Startup Daily)

  • TPG Capital plans to sell its clinical trials business Novotech for at least $3bn by year-end. (AFR)

  • Potential buyers are avoiding the Regional Express sale due to the advantage of a government-backed deal. (The Australian)

  • Sims has sold $435m in assets, including its UK metal recycling business and a stake in CLP Circular Services, to boost shareholder returns amid challenging economic conditions. (AFR)

  • Albemarle may sell its 49% stake in the Greenbushes lithium mine to IGO, following recent job cuts and facility closures. (The Australian)

Capital Markets

  • JB Hi-Fi's profit fell due to discounting and weaker earnings at The Good Guys, despite steady sales. (Capital Brief)

  • Aurizon posted profit growth, met earnings guidance, and announced a $150m buyback, driven by strong coal EBITDA despite bulk haulage challenges. (Capital Brief)

  • Adelaide's Silver Fleece knitting mill saved from closure by a successful crowdfunding campaign. (BNA)

  • B-Corporation certification in Australia has more than doubled since the pandemic, with 52 companies gaining status in the past year, bringing the total to 571. (Capital Brief)

VC

  • Hapana raised $17m to expand globally and launch a new platform for fitness franchises. (Capital Brief)

  • Sydney’s Proto Axiom, a biotech investment incubator, has raised $20m, valuing it at $90m. (AFR)

  • Australian biotech startup Cauldron Ferm receives a $4.3m government grant to scale fermentation system. (Smart Company)

  • Aglow secures $1.25m in funding as its membership model takes off. (BNA)

People moves

  • Jack Briggs has joined Ellerston Capital as a portfolio manager after First Sentier's emerging companies fund closed. (AFR)

  • Johnny Lau is transitioning from Citi Australia to RBC Capital Markets in November as head of electronic trading. (AFR)

☝️ Know about a deal or people move we don’t? Hit reply.

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