AI Startup Flex Doubles Valuation to $1.2B After $70M Funding Round
The AI startup, Flex said it raised $70 million in a round led by Halo Fund, a venture firm co-founded by Utah Jazz owner Ryan Smith and Accel partner Ryan Sweeney.
The three-year-old startup didn’t disclose its valuation officially. Returning investors Portage Ventures and Crosslink Capital also participated in the new funding round.
Flex Targets Mid-Sized Businesses
Flex has now raised $180 million in equity and $300 million in debt funding. The company works primarily with mid-sized businesses generating tens to hundreds of millions of dollars in revenue a year.
It is one platform that brings together private credit, business finance, personal finance and payment tools into one service. It also features AI tools, such as Beacon AI, where business owners receive weekly information about their finances. It claimed a few thousand customers, is trending four times tops year over year, and is sitting on a nine-figure annualised revenue run rate.
Funds to Support Global Expansion
Flex said the new funding will be used for international expansion, increased marketing and increasing its staff to more than 200 employees by year-end from 110. It also introduced Flex Global, a stablecoin service that moves cash in more than 100 countries in minutes, enabling owners to keep 32 currencies.
AI Startup Reflection Signs Over $1 Billion Computing Deal With Nebius
Key Highlights
Reflection has agreed to a computing contract with Nebius valued at over $1 billion.
It gives access to Nvidia’s newest chips for AI.
The deal comes after Reflection in June 2023 signed a computing agreement with SpaceX.
The AI startup Reflection has clinched an agreement with Nebius worth over $1 billion for computing capacity, including access to Nvidia’s latest chips, a deal hit amidst a furious battle among AI companies worldwide vying for the essential infrastructure necessary to build advanced models.
The deal comes on the heels of Reflection’s agreement with SpaceX in June for computing capacity, which media reports estimated would cost around $150 million a month through 2029.
AI Companies Compete for Computing Power
Because of the growing demand to train and run AI models, but how this is rarely serviced by an accelerating volume of new data centres, more and more AI startups are getting contracts for long-term computing capacity.
As more companies look to be able to utilize some form of AI in the operation, it has created a greater competition for computing infrastructure, which will lead in turn require larger processing power.
Reflection Is Strictly About Open Source AI Models
Founded by two ex-Google DeepMind researchers, Reflection creates open-source AI models to compete with products from OpenAI and Anthropic.
Open-source models are less costly to implement and more flexible than closed-weight tools. These models have gained vested interest as companies search for alternative ways to cut down costs of AI usage.
The additional computing capacity will enable the company to train its frontier AI models at scale, Reflection said.
Thomson Reuters to Sell 51% Stake in Global Print Business to KKR for $500 Million
Key Highlights
Thomson Reuters has agreed to sell a 51% stake in its Global Print business to KKR for approximately $500 million.
The companies will create a new venture to publish Thomson Reuters content, in print and digital books.
Editorial rights, intellectual property and a 49% ownership of the venture are retained by Thomson Reuters.
Thomson Reuters said it has reached an agreement to sell a 51% stake of its Global Print business for approximately $500 million in cash to private equity firm KKR. The companies will set up a joint venture which would hold the exclusive publisher’s license for the sale of Thomson Reuters intellectual property in book print and digital formats
Global Print Business
Each year, Global Print provides its customers across the globe with legal and tax information through print and digital books. It also serves as a commercial printer for book publishers.
KKR Expands Media Investments
KKR has purchased media and publishing companies that larger acquirers have been divesting as they pivot to more quickly growing digital businesses.
As part of the agreement, Thomson Reuters said that the separation will result in a dedicated investment in its Global Print business, as well as improved operational capabilities and acting with greater independence than it could within the larger firm.
KPMG Australia to Cut Hundreds of Jobs, Reduce Partner Pay
Key Highlights
KPMG Australia is preparing to axe hundreds of jobs, according to a report.
Partner compensation may be slashed by as much as a fifth.
The steps come after claims employees abused confidential information in order to win contracts.
KPMG Australia to cut hundreds of jobs and slash partner pay up to 20% in response to allegations it misused confidential information.
The job cuts have not yet been finalised and could be larger than 1,000 positions, the report added, citing sources familiar with the matter.
Restructuring Plans Under Review
KPMG Australia has about 10,000 staff members across its national network of offices and more than 600 partners, according to its website. As the firm deals with allegations that it failed to protect its confidential information, the reported job cuts and partner pay reductions remain on the table.
China’s Exports Jump as AI Boom Fuels Trade Growth
Chinese exports in June climbed 27% on the year, the strongest increase since October of 2021, after firms rushed to ship goods ahead of two key business outcomes, higher US tariffs and escalating demand for AI hardware.
Export growth accelerated from 19.4% in May and beat an economists’ forecast of 18.2%, the customs data showed.
For the first half of this year, China reported fastest-growing export categories such as semiconductors, rare earths and automobiles & ships for weaker growth on toys, footwear steel and furniture.
Trade Surplus at $125.6 Billion as Imports Jump
Imports increased 36% in June from 27.4% in May, beating economist forecasts for 24% growth. The nation ended with a $125.6 billion trade surplus. Weakness continued in other categories, reflecting weak domestic demand while imports like exports were dominated by high-tech products.
Trade to US, EU and ASEAN
China’s exports to the US rose by 14% in June while imports from the US were up 26%. Exports to the European Union increased by 18.5% to 35%. Imports from the EU grew by 9% and 27%
Manufacturers bid for new tariffs from US President, Donald Trump’s 301 probes as the 10% current US tariff ends on July 24.
Oil Imports Ahead of GDP
In June, China’s crude oil imports fell to 29.3 million tonnes, also down its lowest level in nearly a decade and dropped 41% on year. Overall oil imports fell 11% in the first half of this year.
China will release second quarter GDP, as well as industrial output and retail sales data on Wednesday with investors eyeing signs of what economic stimulus measures could be taken following a Politburo meeting later this month.
SoftBank’s Son Says AI Will Need $5 Trillion in Annual Investment by 2040
Key Highlights
Masayoshi Son, CEO of SoftBank, said AI will need $5 trillion of investment a year by 2040.
Son dismissed the idea that AI is in a bubble and called it “the most absurd thing I ever heard of.
He said global GDP could be artificially intelligent (AI) by 20% in 2040.
SoftBank Group CEO Masayoshi Son said developing artificial intelligence will take 5 trillion dollars (800 trillion yen) in annual investment over the next two decades, and dismissed worries that there is an AI bubble.
Softbank founder Son said at SoftBank World 2026 in Tokyo that the size of investment will be justified if AI accounts for 20 percent of global GDP by 2040. In the last two years, SoftBank has invested tens of billions of dollars into OpenAI, funded AI data centres and backed robotics companies as it aims to become a leading AI platform.
SoftBank Expands AI Investment Strategy
OpenAI is expected to be SoftBank’s largest AI investment with a cumulative investment of more than US$60 billion by the End of 2026.
Son has developed a reputation for investments in nascent technologies, including early-stage investments in Alibaba and the introduction of Apple’s iPhone to Japan. But WeWork was among a series of investments that didn’t produce the hoped-for returns.
Investors are worried if the sector can produce returns to justify the large spike in valuations for AI companies and infrastructure spending.
According to Son, AI data centres would need 3 terawatts of power generation by 2040, the equivalent of 1.8 times global current demand for electricity. AI infrastructure would primarily depend on gas-powered energy at the start, and only after nuclear fusion becomes the dominant form of energy you can see as per him.
Agent-Based AI World by 2040
Son also shared his 2040 vision of a world where more than 100 trillion AI agents are making independent decisions, completing tasks and communicating with each other.
He stated that this change would take society from a human-centred model, to an agent-centric world as AI developed further.
US States Challenge Paramount’s $110 Billion Warner Bros Acquisition
Key Highlights
California, among others, is fighting to block Paramount’s $110 billion acquisition of Warner Bros. Discovery.
The states say the merger will form a giant media company capable of increasing prices in film and television.
Paramount claimed competition in the entertainment industry is misrepresented by the lawsuit.
California and 11 other states sued to block Paramount’s $110 billion takeover of Warner Bros. They had previously opposed the deal, claiming it would give it too much power in film and television markets.
The lawsuit, which was filed in federal court in Oakland, jeopardizes Paramount CEO David Ellison’s efforts to reshape the company into a larger competitor to Netflix and Disney.
The states (New York, Arizona and Minnesota) argued the merger would hurt movie theatres, television distributors and consumers by reducing competition, increasing prices, and suppressing wage competition for workers.
States Raise Competition Concerns
According to the lawsuit, the new company would own over 25% of revenue based on a combination of theatrical film revenues in wide release and basic cable channels in the United States.
The states also contend that the merged company could dominate 27 percent of the film distribution market in the U.S., 30 percent of blockbusters and 27 % of basic cable channels.
A transformation enabled Warner Bros. a competitive advantage when developing rival film projects between them, insiders say. That means premium prices at the box office and pay-TV, and fewer options for theatres and distributors.
Paramount Defends the Deal
Paramount said that the lawsuit mischaracterizes well-established antitrust law and competition in the entertainment industry.
That merger, it has previously said, would enable the company to make more content after cutting $6 billion in overlapping infrastructure and marketing and corporate jobs. The new announcement also stated, David Ellison has insisted that the new studio will produce 30 features a year.
The states referred to the pledge as unenforceable and contended it would not prevent the merged company from making price hikes and quality cuts.
Paramount Defends the Deal
The states have requested Paramount defer completion of the transaction until they finish their legal process. If the company moves forward, they said they will seek a court order that would prevent the merger.
And Warner Bros. will receive approximately $650 million per quarter as part of a deal with Paramount. Shareholders of Discovery if this Acquisition Agreement is not consummated before October. The company warned delays could inflate financing costs, create uncertainty for shareholders or risk the deal altogether.
Paramount shares closed up 1.5%, with Warner Bros booked 1.5%. The revelation of the lawsuit boosted Discovery shares by 1.9%.
Does Every Startup Need Venture Capital in Australia?
For any new business in Australia, it’s simple to believe that the key to success is raising large VC investments. The truth, though, is that getting VC funding is not always essential and not always a prerequisite for a successful, highly profitable business.
However, venture capital is a highly specialized approach to growth, one that is designed only for a select few. For the most part, other forms of investment would be better suited for most startups to grow in. It all depends on your target market, how fast you want to expand, and ultimately what your goals are.
The Reality of the Australian Funding Landscape
The State of Australian Startup Funding 2025 report from Cut Through Venture showed that the local funding market bounced back, totaling A$5.48 billion in 390 deals. This capital was very concentrated, however.
The top 20 deals were responsible for 58% of capital raised, while the rest of the early-stage businesses were able to find other sources of capital.
Data from Dealroom indicates this has continued with capital continuing at a steady A$953 million in Q2 2026, suggesting that capital is available but it is targeted at a small number of high-growth companies.
Venture Capital: Definition and How It Works?
Venture Capital is one form of private equity in which venture capitalists inject capital into young companies that have extremely promising growth prospects. The venture capitalists get shares or equity in exchange for the cash they inject in such firms.
In contrast to a bank loan that needs to be paid back after some time, venture capital investment does not demand repayment of the money immediately. This form of finance runs on the principle of risk and reward. Venture capitalists understand that most of the time their investments will not succeed; however, they need a few successes that would make 10 to 20 times of their money.
So, what kind of startups really need VC funding?
VC money is similar to high-octane fuel. It’s tailored for companies with heavy initial requirements and the need for a lot of cash to get started, or businesses that must expand around the world quickly enough to outpace competition.
Deep Tech and Biotech: Companies working on cutting edge hardware, space technologies or medical treatment. It takes many years of research, development and regulatory approval before they can make their first dollar of sales.
High-Growth Software (SaaS): Companies with a need to develop software platforms quickly and invest heavily in sales and marketing in order to get a significant share of the market.
Infrastructure Heavy: Companies that require only basic infrastructure in order to run at scale.
How Industry Type Affects Your Need for Capital
Your industry dictates how much cash you need to get started. The table below illustrates why different sectors require completely different financial approaches:
Industry Sector
Cash Needed Upfront
Primary Funding Target
Typical Timeline to Scale
Deep Tech / Biotech
Very High (Years of R&D)
Venture Capital / Government Grants
7–10+ Years
B2B Software (SaaS)
Moderate to High
VC / Revenue-Based Finance
5–7 Years
Retail / Consumer Brands
Low to Moderate (Inventory)
Bootstrapping / Crowdfunding / Debt
2–4 Years
What Are the Alternatives to Venture Capital?
If VC isn’t right for your start up, there are a number of great options for raising startup capital in Australia:
Angel Investors: Individuals that invest their own funds into small businesses. They’ll tend to make smaller investments than VC firms and their terms tend to be more flexible and founder-friendly.
Equity Crowdfunding: This involves a brand such as a consumer product being raised by a crowd of individuals, who, in return for a small portion of the company, are given equity in that brand.
Revenue Based Financing: Lenders give you a lump sum of cash, and you repay them a small percentage of your monthly income going forward. This way, you don’t need to lose any equity.
Government Grants: Tax incentives such as the Australian Government’s Research and Development (R&D) Tax Incentive, or the Export Market Development Grant (EMDG) provide cash back to companies with the potential of innovation and growth in the local market or overseas expansion.
Pros and cons of VC funding
Going through the venture capital process is a process that alters the way your business operates. When starting a business, founders need to consider the compromises:
The Pros:
Fast Growth: You can recruit the best employees, spend money on advertising and establish overseas branches within a short period of time.
Strategic Network: VCs with solid industry connections, advice and introductions to big clients or potential buyers.
Market Credibility: When you raise money from an established venture capital firm, this is a way to demonstrate to the market that your business plan is a professional and viable one.
The Cons:
Ownership Dilution: When you sell a large percentage of your business, you will get less money when you exit or sell.
Loss of control: You no longer are able to make major strategic changes, hiring decisions or exit choices without the input and oversight of others.
Extreme Pressure to Grow: While the venture model is often seen as a route to failure, the desire for stable, healthy and organic growth is often regarded as such.
A Quick Checklist: Is Your Startup “VC-Backable”?
If you’re considering pitching to VC’s, you should ask yourself these four questions to see if your startup is suited for them.
Do you have a large enough target market? Is the market size of billions of dollars available for your business?
Do you have evidence that you can present to support your stance? Do you have a technology, patent or brand loyalty that you can’t beat?
Does your model work in large or small scale? Is it possible to double or triple your income without doubling staff or overhead?
Have an exit plan? Have a clear exit strategy of listing the company with the stock exchange or selling it to a larger company within 7-10 years?
Bootstrapping: What is it and when is it better?
Bootstrapping refers to financing your business with your own money, first profits, and hard work. It makes it mandatory for a start-up to be profitable and make its customers happy from the first day.
This is a great strategy to use if you are not the first player to win in the market. Many big Australian businesses, such as Envato and Atlassian, have started off small and worked their own way up for years before seeking external capital. This enabled the founders to retain a high degree of ownership and control of the business decisions.
What Do People Do If They Invest In VC But Don’t Scale Quickly?
When you take on venture capital, you’re saddled with a fast growth trajectory. It can create tension if your business is growing at a healthy rate but isn’t necessarily fast.
Growth is slow, therefore raising new capital is extremely difficult. That can result in down rounds, where you have to raise funds at a lower price than originally, effectively diluting your own stock. It can sometimes result in company restructuring, job cuts, or a pressure on the board to sell the company prematurely at a discount.
Great Southern Launches 15,000m Drill Campaign at WA Gold Discovery
Key Highlights
Great Southern Mining kicks off a 15,000m RC drill campaign at the Golden Boulder discovery.
The company is focused on exploration along a 3.5km gold corridor at its Duketon Gold Project in Western Australia.
The base program is fully capitalised after the company raised $4.6 million (before costs) via an ASX placement of Equity units.
Great Southern Mining is launching a 15,000-metre RC drilling campaign at the Golden Boulder discovery within the nucleus of the Duketon Gold Project, Western Australia
At Golden Boulder, 15 km southwest of Regis Resources’ (ASX: RRL) Garden Well processing plant on the Rosemont-Ben Hur structural corridor the drilling program is designed to define the full extent of a high-grade 3.5-kilometre gold corridor.
The company said that the project sits in a proven gold district with over 50 historical workings, emphasising that previous mining only targeted shallow quartz veins.
Multi-Targeting Gold with Phase 5 Drilling
Earlier drilling on three parallel trends, the Main Line, Eastern Line and Ogilvies, has already confirmed gold mineralisation through historical workings and the new drilling campaign will now test underneath.
The 3.5km strike length of higher grade grades defined by the Main Line is still open at depth, along strike as well as to possible parallel lodes.
Previous drill results from 2025 returned several high-grade insomecluding 5 metrmanygrams per tonne (g/t) gold within it, including 1 metre at 70.9g/t, and then again for example for 6 metres at 6.7g/t gold including an intersection of higher grade down to as much as a gram or better; including one equal measure obviously in history.
The recent diamond drilling has helped unlock a better understanding of the geological structures hosting the gold mineralisation in addition to bolstering the potential for substantial depth extensions was managing director Matthew Keane.
Next features by Amy Clarke and Mon Ami
The drilling program is anticipated to continue for as long as 12 weeks, after which the drill rig will shift 4km northwest to the Amy Clarke prospect.
Results so far from drilling at Amy Clarke have mapped out 4.7 kilometres of mineralisation including results such as 8 metres at 6.7g/t gold and 2 metres at 23.9g/t gold.
At the company’s Mon Ami Gold Project, 12 kilometres south of Laverton, a 16-hole, 3,100-metre RC drilling program has also been completed. Results of the assay are due in the next 3 to 4 weeks.
Mon Ami has an existing gold resource of 55,500 ounces on a granted mining lease and close to existing processing infrastructure. The news means Great Southern has multiple drilling campaigns in a strong pipeline of continuing exploration activities across its Western Australian gold projects at Golden Boulder and Mon Ami, as well as the planned development of Amy Clarke
Australian men’s skin care brand Frasé Skin generated $1.2 million in funding for its US expansion efforts via an equity crowdfunding campaign.
The raise was backed by 535 investors, and it’s used to help the firm expand into the United States, where it’s already established its dedicated online store and is eyeing expansion on Amazon US.
The company has been advertising its U.S. launch in New York’s Times Square and is seeking to raise awareness among U.S. consumers in tandem with the online rollout.
Beau and Zac London, the Dubbo brothers who used to work as a plumber and carpenter, launched Frasé Skin, a business dedicated to skin care products for those who work long hours outdoors. It generated revenue of $3.4 million in FY26 and served over 40,000 customers through a diversified product line, the company said.
Its range of products includes facial cleansers and moisturisers, exfoliators and SPF products. It also has a proprietary Vitamin D SPF formula, which is designed to provide UV protection but allow Vitamin D to be synthesized normally by the body.
In addition, Frasé Skin is also working to achieve broader retail distribution in Australia, with final stage negotiations with key supermarket chains in the country. For the next phase of growth, the business recently added chief executive Mat, who has over 40 years of experience in the banking and startup arenas.
Growth Continues at Home and Abroad
The men’s grooming products market size was estimated to be US$298.9 billion in 2025 and is projected to grow to US$506.7 billion by 2033, according to the Men’s Grooming Products Market Size, Share & Trends Analysis Report by Grand View Research.
According to the report, North America is one of the largest regional markets while Asia-Pacific is projected to show the highest growth rate during the forecast period.
The new injection of funds gives Frasé Skin extra headroom to continue to grow its brand in Australia and expand into the United States.
