Hi there,
Headlining this edition is Everlab’s $65m Series A, taking the company to almost $500m in value as it expands into the UK. We've pushed into investing in AI Native-Services (AINS) as a key thematic - with portfolio company Arintra closing their US$25m Series B to continue their AINS ramp in building autonomous coding for the healthcare industry.
Elsewhere, TEN13's new division Entrepreneurship through Acquisition (EtA) has completed its first three acquisitions since launching, plus new technology portfolio companies Vexev raised US$6m to push its autonomous vascular imaging platform into the US, and Flyweel and Bower join the portfolio, in advertising fintech and AI for scientific research.
Read on for more.
Everlab raises $65m at almost $500m.
Everlab, the preventative health platform built on catching problems before they become crises, has had its biggest quarter yet. The company closed an oversubscribed $65m Series A led by AirTree Ventures, with participation from Plural and existing investors Left Lane Capital and b2venture, alongside angels including Australian Test captain Pat Cummins. The round takes Everlab to a valuation of almost $500m and funds expansion into the UK.
Founded in Melbourne in 2023, Everlab has now completed 40,000+ consultations for 20,000+ patients and corporate partners including Boston Consulting Group, BHP and Bain & Company. It has processed more than 21 million biomarker results.
TEN13 first backed Everlab in 2023 via their Pre-Seed and then Seed Round.
Read more in the AFR: Pat Cummins backs body-check start-up Everlab’s $65m raise →
Arintra raises US$25m to automate medical coding with AI.
Led by Define Ventures, alongside TEN13, Peak XV, Yale, YC and others.
Arintra is an enterprise AI platform for revenue assurance in healthcare. It pairs agentic AI with clinical expertise to autonomously code every chart, explainably, across 23+ specialties and every care setting a health system operates, then cascades that intelligence through documentation intelligence and denial appeals.
This is our third investment in Arintra and in co-founders Nitesh Shroff and Preeti Bhargava. US health systems lose over US$100bn a year to denials, delays and undercoding, made worse by a shortage of human coders.
Around 86% of charts are now coded without a human touch, at 96% accuracy, with the remaining volume routed to existing coder workqueues. Arintra processes US$5bn in annual claim value for customers representing more than US$50bn in combined net patient revenue.
These are the outcomes we look for under our AI-native services thesis.
Read the coverage in Fierce Healthcare: Arintra banks $25m Series B for AI-driven revenue assurance →
ENTREPRENEURSHIP THROUGH ACQUISITION
TEN13 ETA closes its first three deals.
Earlier this year we introduced TEN13 ETA, backing talented operators to acquire and grow established, profitable SMEs rather than build from scratch. An approach known as 'Entrepreneurship Through Acquisition'. Around 600,000 SME owners in Australia are approaching retirement, many without a succession plan, and businesses are transacting at roughly 4x EBITDA in ANZ against 7x in the US. The opportunity is underpriced and under-institutionalised.
Since then we have moved from thesis to deployment. We are actively deploying capital into the sector, three deals are now done, and operators are in seat across a range of industries.
SPL Security
SECURITY SYSTEMS & MONITORING
Kylie Wright has acquired SPL Security, a security systems and monitoring provider looking after 6,000+ systems across Australia, predominately in Queensland.
AutoLift
MANUFACTURING & SERVICE
Ashley Alfs has acquired AutoLift, a Sydney-based garage door manufacturer, installer and servicer with close to 40 years in the NSW market. Ashley brings 15 years of supply chain and manufacturing experience to the business.
CTE - Custom Transport Equipment
HEAVY TRANSPORT MANUFACTURING
Stijn De Vriendt is stepping in as CEO of CTE, a custom truck trailer manufacturing business with an experienced production workforce.
NEW TO THE TEAM · OPERATING PARTNER
Mads has joined TEN13 as an Operating Partner to drive our ETA efforts.
An INSEAD MBA with a background in finance (CBA, UBS) and fintech scale-ups in Asia (Visa, OYO), plus extensive time as one of Australia's first funded Searchers. Mads will work across origination, operator relationships and deal execution as we back more Australian operators to acquire and grow established SMEs.
We are also launching ETA Academy, a new event series for prospective searchers who want to understand the model before committing to a search.
The pipeline of upcoming opportunities is plentiful. If you are a prospective acquirer (a ‘Searcher’), reach out to anyone in the TEN13 investment team at investments@ten13.vc. To learn more about investing in ETA opportunities alongside us, email investor@ten13.vc.
Three additions to the portfolio.
Flyweel.
TEN13 led the A$2.4m Pre-Seed Round.
Flyweel is building the financial layer underneath ad spend. Performance Capital is an embedded lending product that funds ad spend upfront and gets repaid as revenue lands; spend cards and bill pay give businesses real-time control over where the money flows. The team has already managed more than $110m in ad spend across nearly 1,000 businesses.
Founders Reuben Scheckter and Matteo Calo understand this space as well as anyone. Reuben built a lead generation business to a successful exit and managed more than $40m in ad spend himself before starting Flyweel. Matteo led payments engineering at Adyen and Mollie, then ran teams processing over US$300m annually at Semrush.
The round had support from Antler, QIC, and fintech operators including Mollie CEO and former Klarna CTO Koen Köppen, Zip co-founder Larry Diamond, and Stake co-founder Matt Leibowitz.
Read more in Startup Daily: Advertising fintech Flyweel nabs $2.41 million pre-Seed →
MEDTECH · SYDNEY
Vexev.
US$6m raised to take vascular imaging into the US.
Vexev has raised US$6m to accelerate US commercialisation of its autonomous vascular imaging platform. Vascular ultrasound today depends on a skilled sonographer holding a probe by hand, which caps how many scans a clinic can run and how consistent the results are. The Sydney team has automated the scan itself: a robotic system captures the vessel in 3D without an operator, so the imaging is repeatable and the bottleneck moves off the roster.
The raise funds the US rollout, where the company has been running with dialysis clinics. Vexev is also hiring - see the roles below.
Read the announcement: Vexev raises US$6m to accelerate US expansion →
AI FOR SCIENTIFIC RESEARCH
Bower.
TEN13 led the A$2m Pre-Seed Round.
Bower is a voice and mobile-first AI research partner for scientists. It captures observations hands-free at the moment they happen, through voice, photo and text, makes them instantly searchable, and holds the traceability research requires. AI has reached most knowledge professions and left science behind, largely because every existing tool asks a researcher to stop doing science in order to document it.
The founding team combines rare experience across scientific research, product and commercialisation: Mish MacRae (CEO) built 0-to-1 AI products at Microsoft, Dovetail and Google. James Boysons (CRO) scaled revenue at EQL after senior commercial roles at Google. David Lyon (CTO) built knowledge graphs at Atlassian and went through Y Combinator. Renaud Joannes-Boyau (CSO) has 150+ publications and global research networks.
Read the investment note: Bower, the AI research partner for scientists →
RESEARCH · INVESTMENT THESIS
AI-Native Services: sell the outcome, not the software.
We published our research into AI-Native Services (AINS) in July. It is the thesis behind a growing share of what we are looking at in venture, and it explains why we backed companies like Arintra before the category had a name.
SaaS sells a tool to the people doing the work. An AINS company does the work itself and sells the result: the coding, the claim, the brief, the reconciliation. In 2025, for every dollar the world spent on software, roughly ten was spent on services. AI agents can now do a meaningful share of that work from start to finish.
The category is taking two shapes: autopilot-native firms built from zero to run on AI, and AI-enabled roll-ups that buy established service businesses and re-run them on an AI operating system.
25+ AI roll-up platforms backed since 2024 by General Catalyst, Sequoia, Emergence, a16z and Lightspeed.
$14bn Launch valuation of DeployCo, OpenAI’s AI services venture, on $4bn+ from TPG, Advent, Bain Capital and Brookfield.
The full paper covers why now, what breaks in the business model, the metrics we underwrite against, and where we think Australia can compete. If you are building in the category, or want to talk about the map, get in touch.
What’s going on across the portfolio.
Marc Hermann profiled in the AFR / Everlab
Beyond the raise, the AFR ran a long-form profile of Everlab co-founder and CEO Marc Hermann, tracing the childhood loss that set him on the path, the earlier exit that funded it, and the case for catching disease before symptoms appear.
HubSpot Ventures invests in Instant / Instant
Instant, the AI email and SMS marketing platform founded by Liam Millward and William Gao, has announced a strategic investment from HubSpot Ventures. For some customers the platform now drives 25–35% of an ecommerce brand’s annual revenue, more than they generate from Meta.
Kevin Lu on Brewed Abroad, Ep 25 / Atrium
Atrium founder Kevin Lu joined the Brewed Abroad podcast to talk through the origin story. He had 40,000 contacts spread across two CRMs after years at AirTree, so he built Atrium to fix it.
Australia’s most prolific vibe coder / me&u · AFR
The AFR profiled Ryan Hendler, a developer at me&u (formerly Mr Yum), on how he ships code overnight using AI tools like OpenAI’s Codex.
me&u launches Res, Voice AI and Functions / me&u
me&u has launched an all-in-one reservations, voice AI and functions product, taking it a year from an idea in an SMS to the biggest launch since the company started. The build was funded out of revenue while the business stayed profitable, kept stealth without raising, and co-designed with venue partners including Solotel and Artemus Group.
Venture, ETA, and where we’re spending our time / TEN13 7 Question Pod
A quick-fire episode on how we think about venture, ETA, and where we are spending our time.
READING LIST
What we’re consuming.
The AI-Native Services Playbook →
EMERGENCE CAPITAL
Emergence’s take on how AI is reshaping the services industry from the ground up, including pricing and why domain credibility is existential.
Software Finally Gets to Work →
MENLO VENTURES
Menlo’s thesis on vertical AI: the three capabilities that let software perform the work rather than organise it.
EUCLID VENTURES
An analysis of founder backgrounds across 673 vertical software and vertical AI companies, arguing domain expertise matters more in vertical AI than it used to.
Australia’s Startup Scene is Thriving at Last →
THE ECONOMIST
On why Australia’s startup ecosystem is finally having its moment. Australia now produces a higher ratio of unicorns per billion dollars of venture capital than most of the world.
RAMP
Real corporate spend data across tens of thousands of businesses, tracking which software and AI tools are being bought and which are being dropped. A useful read on where budget is actually moving.
EVENTS & COMMUNITY
Where to find us next.
Melbourne Tech Mixer / Richmond
TUESDAY 1 SEPTEMBER 2026 · THE HARLOW ROOFTOP, FROM 6PM
For those in Melbourne, join Stew, Sophie and Brendan for Melbourne’s biggest startup rooftop mixer. We are taking over The Harlow Rooftop in Richmond for an evening with 200+ of Australia’s best founders, operators and investors.
Jetstream 2026 / San Francisco
SUN 1 – FRI 6 NOVEMBER 2026
Our flagship investor tour returns to Silicon Valley for a curated week meeting leading VC firms, AI specialists and cracking founders.
The agenda is still open. If there is a firm, an operator or a founder you think we should be sitting down with while we are over there, send us a name →
SaaS Summit Brisbane 2026 / Fortitude Valley
WEDNESDAY 7 OCTOBER 2026 · 2:30–7:00PM · THE PRECINCT
We are co-hosting SaaS Summit with Five V Capital for a third year, with support from Stripe, Mighty Partners and Notion. An afternoon on the interplay between innovation and investment, and the dynamics shaping the Australian and global SaaS markets.
Content is aimed squarely at founders, CEOs and Heads of Revenue at fast-growing SaaS startups, with insights from active SaaS investors and subject matter experts.
Touchdown Party / Brisbane
WEDNESDAY 2 DECEMBER 2026 · FORTITUDE VALLEY, BRISBANE
Founders, investors and operators in one room to close out the year. Details and invitations to follow.
ROLES
Who’s hiring.
Forward this to anyone who might be a fit.
15 open roles across Sydney, Melbourne, London and remote, spanning engineering, product, clinical, marketing and operations.
Hiring across product, design, marketing, sales, customer success and operations in Sydney and New York.
US-based roles. Hiring remote across the USA, including Business Development Manager, Customer Success Program Manager and Product Marketing Manager. HQ in Austin, TX.
Growth Marketing Manager, national.
Software Engineer (frontend/backend), Sydney, leading delivery of their automated 3D ultrasound imaging platform.
A reminder about who we are:
We're building out Australia & New Zealand's largest syndicated venture capital platform, with 500+ investors made up of early employees, execs, and founders of some of the world's most exciting companies.
If you are excited about investing in global startup companies alongside us and our investors then you can sign up here (AUS/NZ Sophisticated investors only).