☕️ Nylon tech

Good morning.

With 4 million tonnes of the notoriously difficult-to-recycle nylon 6,6 produced annually and 92 million tonnes of textile waste piling up each year, you’d forgive me for cheering Samsara Eco’s ambition.

Chief commercial and operations officer Sarah Cook tells Capital Brief’s Bronwen Clune that in partnership with Israel’s NILIT the Aussie startup plans to build the world’s first nylon 6,6 recycling facility by 2026, tackling an environmental challenge that’s been likened to "unbaking a cake."

With the backing of its recent $100 million raise, the plans could reshape the future of sustainable fabrics, a market set to grow at 11.2% annually. How, you ask? Read it here.

🏆 LOI Subscriber #TBD

Market movers

Kelsian Group shares plunged on Monday as the bus and ferry operator unveiled an unexpected capex blowout.

Despite a hefty 176.2% jump in statutory profit, the market wasn’t buying the idea of splurging up to $190 million on landing facilities renos. Shares tumbled almost 24%.

The quick sync

• Procreate founder James Cuda doubles down on his criticism of 'overhyped' generative AI. (Capital Brief)

• Seek and Square Peg co-founder Paul Bassat emerges as founder and chairman of a new not-for-profit group Amplify. (AFR)(The Australian)

• 'Without change the industry is going to be a lot smaller, says Bendigo Bank’s outgoing CEO Marnie Baker. (Capital Brief)

• AustralianSuper has been forced to write off more than $1.1b in equity and loans tied to American online education start-up Pluralsight, in its single worst VC investment. (AFR)

• Perpetual $547m write-off haunts Pendal legacy (AFR)(Capital Brief)

Trading floor

M&A

• State Street Global Advisors acquired a 5% stake in Raiz Invest and partnered to enhance micro-investment options and financial education for Australian investors. (Capital Brief)

• Mineral Resources may be in talks with Mitsui amid active M&A in the Perth Basin. (The Australian)

• Uncertainty surrounds who will acquire Treasury Wine Estates' commercial brands after Pernod Ricard's sale, with Australian Vintage unlikely to pursue the deal. (The Australian)

• Johnny Zhang of Quadrant Private Equity made his first deal by investing in Evolution Surgical through the Growth Fund 2, partnering with the company’s management. (AFR)

• Elanor Investors is exploring sale options for its Elanor Hotel Accommodation Fund, including Cradle Mountain Lodge, while working on financial stabilization and refinancing. (The Australian)

• ISPT's shareholders are pushing for an IFM Investors takeover, driven by concerns over property valuations, with the deal nearing completion. (The Australian)

Capital Markets

• Frontier Energy, led by new chairman Mark McGowan, is raising $40m to address its cash shortage, with shares up 23% this year. (AFR)

• The Whiskey Project Group raised $5m led by Ellerston Capital and Bondi Partners’ 1941 Fund, targeting national security investments. (AFR)

• Stanmore Resources maintained its full-year production guidance, secured $450m to refinance debt, and announced a gas-to-electricity project in Queensland. (Capital Brief)

• AustralianSuper has written off $1.1bn from its investment in Pluralsight, its biggest venture capital loss. (AFR)

• Private equity firms, including Carlyle and Blackstone, are considering offers for Grant Thornton UK's stake, aiming for a £1.5bn valuation, with a September deadline for bids. (AFR)

• Redflow has entered voluntary administration and suspended its shares, just after announcing a 5 MWh project with Stanwell Corporation. (Startup Daily)

• RA, controlled by Rio Tinto, is aiming to raise at least $210m for rehabilitation after the Albanese government blocked its Jabiluka uranium project. (AFR)

• Scalare Partners seeks an $8m ASX listing via a reverse takeover of Candy Club Holdings. (BNA)

VC

• WhyHive raised $600,000 in a pre-Seed round, led by Skalata Ventures and supported by key investors, after six years of bootstrapping. (Startup Daily)

• Peak XV Partners invested $35m in Shift’s Series D round, following its previous investment. (Startup Daily)

People moves

• Abigail Bradshaw has been appointed as the new director general of the ASD, replacing Rachel Noble. (Capital Brief)

• Longreach Alternatives hired Andrew King to lead Longreach Capital Advisors with Pantheon Ventures as its first client. (AFR)

Together with FinTech Australia

Join us at Australia's largest, most influential fintech event on September 18 - 19

FinTech Australia's annual Intersekt conference (September 18-19) will be the place for pivotal discussions that shape the fintech and finance industry for the year ahead.

This year’s comprehensive agenda of topical panel discussions is complemented with valuable satellite events - roundtables, industry dinners, and pitch nights.

Expect to hear from fintech leaders from WeMoney, AirWallex, FrankieOne, Zip, Brighte and Monoova, presenting alongside executives from Mastercard, National Australia Bank, AMP Bank, Bendigo Bank and IAG. That’s in addition to speakers from groups and regulators that support the industry such as SquarePeg, Airtree, PwC, AP+ and AusPaynet.

Join us for an event that’s known for its networking potential and thought provoking discussions.

The watercooler