3 start-ups that have passed the COVID-19 test unscathed

Summary

• The young start-ups in Australia have remained resilient during a difficult time, attracted significant investment and provided support and comfort to their employees.
• In May 2020, SME-focused start-up Judo Bank successfully secured A$230 million funding and have lent over US$1.3 billion to Australian companies
• Technology company LAB3, which provides solutions to the app and web developers, continued to work without disruption in its existing projects and entered into new markets in Europe and in early March opened an office in London.
• GO1 witnessed an unprecedented increase in investments during COVID-19 and has raised US$40 million in series C funding in May 2020

There is no special report required to see the economic devastation knocking off many countries' economies down. Australia's small businesses are not immune to it either. Since March, most retail shops are closed, restaurants are closed, busy streets which are usually populated with tourists and working-class people are empty.

Even though the country is slowly getting back on its feet, the last few months were enough to destruct the small businesses and also severely impact big companies.

Amid uncertainty and sudden economic crisis, there are few start-ups which are shining brighter than ever. LinkedIn Top Startups 2020 list provides insights on the top 10 young, resilient Australian companies on the rise and where the Australians want to work.

Let us explore three start-ups that did well despite the coronavirus pandemic shaking the world almost unimaginably.

Do Read: A Quick look at three Neo Banks in Australia - 86 400, Xinja, Judo

Judo Bank

In May 2020, Small business focused Judo Bank raised A$230 million successfully. Till date, Judo Bank has raised total A$770 million financings in equity over three rounds.

Founded in 2015 by David Hornery and Joseph Healy, Judo Bank is Australia's latest fintech unicorn and first Aussie challenger bank to cross more than A$1 billion evaluation. The company was officially launched in 2018 to provide funding to SMEs.

The Australia-based neobank provides lending solutions from A$250,000 for small and medium-sized businesses and offers solutions such as business loan, line of credit, equipment loan, personal term deposits and finance lease. Soon it will launch other products like SMSF deposits and business deposits.

Given the challenges stemming from the pandemic, Judo Bank extended its support to the customers. SMEs are particularly facing challenges in the wake of the coronavirus outbreak. The neobank said that they are still lending to small and medium-sized businesses who are in need amid uncertainty.

Judo Bank has till now lent over US$1.3 billion to Australian companies.

Good Read: Tale of Judo Bank: The Latest FinTech Unicorn Amid COVID-19 Crisis

LAB3 Limited

Founded in 2015, a technology company LAB3 provides solutions to the app and web developers. The company designs and builds softwares to develop mobile apps, web applications, cloud-based platforms and also Augmented Reality or Virtual Reality.

The tech company, which was started in New Zealand, has its offices in Christchurch, Nelson and London while providing services worldwide. The company stated that it would be working remotely in full capacity during the lockdown period.

Despite the virus spread, LAB3 continued to work without disruption in its existing projects. Notably, the tech company entered into new markets in Europe and in early March opened an office in London.

The award-winning tech company has a culture of flexible working, which helped them in working from home transition during the pandemic.

INTERESTING READ: Shedding light on another World within sight - Virtual Reality

Go1

Brisbane based corporate training marketplace, Go1, provides a variety of training programs on its specially curated eLearning library. Go1 has training modules designed for businesses to upskill, retrain and retain their employees.

This edutech is assisting millions of people in thousands of organisations to deal with coronavirus pandemic impact via training and supporting employees.

Their training courses are specially designed to help employees perform well and feel encouraged amid disruption and uncertainty. Training sessions on topics such as optimising productivity, taking care of yourself, mental health & wellbeing, equip yourself as a remote worker are ensuring that the employees feel comfortable while working remotely.

The edutech start-up is also focusing on its employees' mental health and wellbeing and supporting them to ease the remote working transition. The company said that its teams performed "above and beyond expectations" during the pandemic crisis.

The investments in GO1 have also seen an unprecedented increase during COVID-19. One of the early investors in Amazon, Madrona Venture Group, has led a significant A$62 million capital raise in GO1.

This investment was not in isolation; it was backed up by multiple ventures such as the existing GO1 investor SEEK, Microsoft's M12 Ventures, Our Innovation Fund and Salesforce Ventures. The total capital raised during this fundraising was A$124 million.

Good Read: Aussie Start-up GO1 Manages To Bag Microsoft’s Confidence, Raises $30 Million Through Series B Funding