The ‘Aginic Ventures’ backed health tech startup ‘Cubiko’ has announced today a $475,000 funding injection comprising a $200,000 investment from Queensland Investment Corporation’s Business Development Fund (QBDF), as well as $275,000 from a consortium of family, friends, and fans.
The milestone raise sets the company on an amazing early-stage growth trajectory, as they look to enhance Cubiko to become Australia’s leading intelligence platform for healthcare practices.
Cubiko, whose software provides general practices across Australia with insights to improve their financial and operational performance, said that the recent raise offers newfound opportunities to build upon the momentum they’ve gained since launching in February 2019.
‘We’re delighted to receive this vote of confidence in our work,’ said Cubiko CEO and Co-founder Chris Smeed. ‘This investment is integral to Cubiko’s growth. It allows us to expand our data partners, move into new markets and continue working with industry to empower practices to perform at their best’
Aginic Ventures has been the powerhouse behind Cubiko since the very beginning, partnering with Smeed, and a raft of local industry supporters to build and launch the product in the market.
Aginic Director Rob Mackay said the investment of nearly half a million dollars is a testament to the reputation Cubiko has developed in the health and start-up community since launch.
‘We’re incredibly proud of the Cubiko team for what they’ve achieved in such a short period of time, and the role they’ve played in not only the general practice community but the broader innovation ecosystem here in South East Queensland.
‘For us, it’s about partnering with Founders who are ultra-connected to their vision, are looking to make a big impact on communities that need it, and in turn, supporting the incredible innovation ecosystem here in Queensland,’ said Mackay.
Piloted at not-for-profit general practice Inala Primary Care in early 2019, Cubiko has successfully innovated and commercialised into a business that employs 10 Queenslanders and delivers insights to general practices across Australia to help them respond to the needs of their communities.
Respected Brisbane GP, Dr. John Aloizos AM, who is also Cubiko’s chairman, is the lead co-investor alongside the QIC.
‘When you own or manage a practice, there is a huge amount of information to absorb and very little time to make sense of all that data,’ said Dr. Aloizos. ‘Cubiko distills the key information and gives you insights that help your practice thrive. That’s why I give my time and expertise to Cubiko as its chairman and am proud to be its lead co-investor.’
A growing number of practices have subscribed to the full version of Cubiko while over 100 have signed up for Cubiko Assist, a purpose-built dashboard to help practices respond to the clinical and financial impacts of COVID-19.
A Treasury spokesperson said ‘Queensland Treasury believes that supporting emerging companies through the $80 million Business Development Fund (BDF) underpins the Government’s commitment to growing jobs and strengthening the State’s entrepreneurial ecosystem.’
To learn more about Aginic Ventures, and it’s start-up portfolio click here.