{"id":40265,"date":"2023-10-20T15:07:11","date_gmt":"2023-10-20T15:07:11","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/melbourne-startup-bidenergy-raises-7-million-and-completes-backdoor-listing-on-the-asx-startupsmart\/"},"modified":"2023-10-20T15:07:11","modified_gmt":"2023-10-20T15:07:11","slug":"melbourne-startup-bidenergy-raises-7-million-and-completes-backdoor-listing-on-the-asx-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/melbourne-startup-bidenergy-raises-7-million-and-completes-backdoor-listing-on-the-asx-startupsmart\/","title":{"rendered":"Melbourne startup BidEnergy raises $7 million and completes backdoor listing on the ASX – StartupSmart"},"content":{"rendered":"
\"\"<\/div>\n

Melbourne-based energy spend management platform BidEnergy has successfully completed a backdoor listing on the ASX after raising $7 million in funding.<\/p>\n

The funding round, raised following a reverse takeover of Cove Resources late last year, was led by Canaccord and Cynget.<\/p>\n

BidEnergy is a cloud-based subscription service giving business clients into energy consumption and spending across the business and then allows energy suppliers to bid to provide the most cost-effective service.<\/p>\n

It has brought all 20 major commercial energy suppliers in Australia on board and boasts large corporate clients including Cotton On, General Electric Australia and Luxottica.<\/p>\n

Business as usual<\/h3>\n

BidEnergy began trading on the ASX on Wednesday morning, marking an \u201cextraordinary milestone\u201d for the startup, CEO Stuart Allinson says.<\/p>\n

\u201cThis is a huge effort from our staff,\u201d Allinson tells StartupSmart<\/em>.<\/p>\n

\u201cThis has all been locally developed \u2013 we\u2019re a Melbourne tech story. We have some incredibly talented people and they\u2019ve been a key part of our success story.\u201d<\/p>\n

But Allinson says that after a few moments of celebration the real work will begin.<\/p>\n

\u201cWe\u2019re excited but it\u2019s business as usual,\u201d he says.<\/p>\n

\u201cOur staff were briefed to take a moment to celebrate and congratulate each other on this extraordinary milestone, but this is about getting us to the start line. We\u2019re treated it as a normal day.\u201d<\/p>\n

Allinson says the process of auditing a large company\u2019s energy consumption was previously the domain of \u201cspecialists with spreadsheets\u201d, and that BidEnergy\u2019s fully automated approach will revolutionise the market.<\/p>\n

\u201cUltimately it\u2019s a flexible approach to this supply chain category,\u201d he says.<\/p>\n

\u201cThat\u2019s why digitisation is so valuable and why we\u2019ve been so successful.\u201d<\/p>\n

Through the backdoor<\/h3>\n

The Melbourne tech company launched in 2012 with $40,000 in seed funding and closed a round of $300,000 from friends and family in late 2013.<\/p>\n

The $7 million funding round will be used to implement a \u201cthree pronged strategy\u201d, Allinson says, consisting of an increased focus on enterprise sale, pushing the product through different channels and international expansions into the US and UK.<\/p>\n

\u201cFundamentally we\u2019re seeing and tackling a global problem,\u201d he says.<\/p>\n

\u201cWe\u2019ve built a global platform.\u201d<\/p>\n

The former chair of the Climate Change Authority says he had a \u201cgalvanising\u201d moment while at a conference in America last year that convinced him to take BidEnergy public.<\/p>\n

\u201cMy main takeaway from that was that if we wanted to break into the US market we really had to be listed on a recognised stock exchange,\u201d Allinson says.<\/p>\n

\u201cThat was the lightbulb moment for us and showed us where we needed to go next.\u201d<\/p>\n

Tech companies taking the \u201cbackdoor\u201d to list on the ASX has become increasingly controversial, with the market currently considering a proposal to tighten financial restrictions on this method.<\/p>\n

But Allinson says it is a \u201cvery sensible and legitimate\u201d route to going public.<\/p>\n

\u201cWe\u2019ve had a great experience with the process and we\u2019ve had strong private and institutional support in the lead up to this,\u201d he says.<\/p>\n

\u201cI don\u2019t have a problem with this as a method of getting to market.\u201d<\/p>\n

He says it\u2019s crucial for an early-stage tech company to bring in outside support from experienced individuals and to be always looking towards the next step in the startup journey.<\/p>\n

\u201cYou need to be getting the right support at the right time,\u201d Allinson says.<\/p>\n

\u201cIt\u2019s about being very disciplined about setting milestones that your investor community is comfortable about.<\/p>\n

\u201cWe\u2019ve been trying to behave as though we were listed for the past year. You need to be thinking at that next level of operating.\u201d<\/p>\n

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Melbourne-based energy spend management platform BidEnergy has successfully completed a backdoor listing on the ASX after raising $7 million in<\/p>\n","protected":false},"author":2,"featured_media":61173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40265"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=40265"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61173"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=40265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=40265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=40265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}