☕️ Fart Funding

Good morning.

Sydney-based Number 8 Bio has closed an $11 million Series A round led by Icehouse Ventures, as well as Main Sequence Ventures and ONE Innovators, to reduce methane emissions from cow belches and flatulence.

The Sydney startup has built a slow-release capsule that can reach the 70% of livestock methane emissions from cow burps & farts ‒ where most other solutions can't go.

Independent trials have shown up to 90% methane reduction, but co-founder and CEO Tom Williams told Capital Brief the real innovation is in delivery: a slow-release bolus—essentially a large capsule—that sits in the cow's stomach for four to six months.

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Market movers

Shares in Commonwealth Bank fell 6.6% Tuesday after posting a first-quarter cash profit that rose slightly to $2.6 billion, broadly meeting expectations but disappointing a market pricing “perfection.” The sell-off dragged the ASX lower despite gains across most sectors.

The quick sync

• StrongRoom AI’s founder tells the court it would be insolvent without capital for the MBA buyout, as liquidators examine its collapse and due diligence gaps. (Capital Brief)

• Dual-class shares won’t revive IPOs and would hurt governance without solving real issues, writes Max Cunningham.(Capital Brief)

• Christian Porter breaks Bret Walker’s High Court streak with return in oligarch case. (Capital Brief)

• Sussan Ley risks resignations and deeper splits as moderates resist Coalition move to drop net zero, and polling shows most voters want it kept. (Capital Brief) (Capital Brief)

Trading floor

M&A

• Megaport buys Latitude.sh for up to $459m, raises $200m to fund the deal and boost India expansion. (Capital Brief)

• Healthscope receivers may push the hospital operator’s auction into 2026, with Calvary and Pacific Equity Partners leading bids to acquire and restructure the 37-hospital chain. (The Australian)

• Catalyst Metals acquires Aureka’s 49% Tandarra stake for $1.3m, ending joint venture dispute. (Capital Brief)

• PwC markets Solar Battery Group, a $100m-a-year battery installer, for sale. (AFR)

• Cromwell buys 19.9% stake in Straits’ $470m industrial portfolio for $47.6m, boosting AUM growth strategy. (Capital Brief)

• SGH signals openness to acquisitions for Seven West Media and Beach Energy. (The Australian)

• Tribeca, Terra back $322m SPAC to acquire a critical minerals asset. (AFR)

• Nebius inks USD3B AI deal with Meta as Q3 revenue surges 355%, targeting up to USD9B annualised revenue by 2026. (Capital Brief)

• Despite $480m losses, Network Ten may bid for NRL rights. (AFR)

• Macquarie-led consortium to buy Potters Industries from TJC for USD1.1b. (Capital Brief)

• Mineral Resources is seeking buyers for its Bald Hill lithium mine to cut debt, with investment banks advising and potential stakes for LG Chemical or Mitsubishi. (The Australian)

• SoftBank offloads USD5.8b Nvidia stake to fund OpenAI and Stargate AI initiatives. (Capital Brief)

• Goldman Sachs earns record USD110m fee in Electronic Arts deal. (FT)

Capital Markets

• CBA shares fall 6.5% after Q1 profit meets forecasts but costs rise and capital ratio dips, testing lofty market expectations. (Capital Brief)

• Bain plans ASX return for Estia Health, lining up fund managers for a $2b listing. (AFR)

• Bendigo Bank shares fall 7% after Q1 profit and cost miss, as higher expenses offset margin gains. (Capital Brief)

• BMC Minerals seeks $500m+ valuation in $100m ASX float. (AFR)

• Domino’s doubles ingredient margins for franchisees, sparking store-owner backlash. (AFR)

• Life360 shares drop 7% as investors balk at USD120m Nativo buyout despite upgraded guidance and strong Q3 results. (Capital Brief)

• Quadrant refinances $1b debt for TEEG’s arcade expansion. (AFR)

• L1 Capital Long Short Fund moves to quarterly 3.5c dividends, posts 23% annual return, and looks abroad for value as Australian stocks near peak valuations. (Capital Brief)

• Humm chairman’s requested ASX revisions during $286m buyout raise ASIC conflict-of-interest concerns. (AFR)

• Scentre Group confirms 2025 outlook after Westfield foot traffic rises 3.1% and business partner sales hit $29.5b. (Capital Brief)

• UniSuper gives $765m infrastructure mandate to Macquarie, defying in-house management trend. (AFR)

• Consumer sentiment surges 12.8% in November to 103.8, the strongest reading in seven years, says Westpac. (Capital Brief)

• HealthEngine courts PE investors after earlier IPO plans. (AFR)

• SunDrive gets $25m from ARENA to advance and commercialise its copper solar cell tech at its Kurnell facility. (Capital Brief)

• Epiminder targets $125m ASX IPO following US approval of its epilepsy implant. (AFR)

• Microsoft to spend USD10b on AI data hub in Portugal’s Sines. (Capital Brief)

• Tech leaders say January merger law changes may stifle start-ups and push them offshore. (AFR)

• ASIC accuses AVZ Minerals and two directors of failing to disclose key DRC lithium project info; AVZ denies wrongdoing. (Capital Brief)

• Woodside backs $27b Louisiana LNG project, adds partners and college football sponsorship. (AFR)

• US private-sector jobs fell 11,250 per week in late October, signaling a slowing labor market, ADP reports. (Capital Brief)

• Dual-class shares are a quick fix that could harm investors, doing little to solve Australia’s IPO slump. (Capital Brief)

• Point72 Asset Management’s new AI-focused stock-picking fund delivered gains of about 30% this year. (Bloomberg)

• UK banks push for easing of capital rules to counter surge in private credit. (FT)

• Jack Ma’s wife buys former Italian embassy in London for £19.5m (FT)

• Chinese bitcoin fugitive jailed in UK over Ponzi scheme. (FT)(Reuters)

VC 

• Sydney startup Fabra raises $2.8m pre-seed to grow its intuitive 3D product design platform, launching public beta and planning full release in 2026. (Capital Brief)

• Wayfinding startup BindiMaps relaunches with new owners, planning to broaden its indoor navigation tools. (Smart Company)

• UX research startup Good Question, founded by Ned Dwyer and PJ Harvey, closes $20m Series A to expand its UX research platform. (Capital Brief)

• Heatseeker is the sole Australian winner of L’Oréal’s 2025 Big Bang Beauty Tech program, gaining access to pilot projects with L’Oréal brands. (Smart Company)

• Sydney startup Number 8 Bio secures $11m to launch capsules tackling the bulk of cow methane emissions. (Capital Brief)

People moves

• Endeavour Group appoints ex-Supercheap Auto chief Benjamin Ward as Dan Murphy’s MD and adds Qantas executive Catriona Larritt as chief customer officer. (Capital Brief)

• Airlie hires ex-Blackwattle portfolio manager Ray David. (AFR)

• Vaxxas appoints former CSL Seqiris president Brent MacGregor to its board after $90m raise and CEO transition. (Capital Brief)

• Ahead of full-year results, Elders may update on CEO Mark Allison’s succession, as the company searches for his replacement, with Tom Russo a possible candidate. (The Australian)

• Anduril Australia at 250+ staff, plans hundreds more hires to deliver $1.7b Ghost Shark submarine contract. (Capital Brief)

The watercooler