Pre-seed
Investment Notes: CounterCurrent
Investible's climate fund has invested in CounterCurrent with UNSW and unnamed angels; the note argues new shipping carbon rules make its AI navigation technology valuable.
Startup · $1.5m raised · Climate and sustainability · Software · AI
Trace
AI-powered software for climate compliance and carbon reporting
Funding history
-
Unnamed stage : $1,500,000
Investors
Every investor coverage indicates participated in a round Trace raised.
| Investor | Rounds | Invested |
|---|---|---|
| 5 Pillars Capital | Unnamed stage | - |
| Antler Australia | Unnamed stage | - |
| Collis Ta’eed | Unnamed stage | - |
| Dragonfly Enviro Capital | Unnamed stage | - |
| Epoch Capital | Unnamed stage | - |
| Existential Capital | Unnamed stage | - |
| The Fund | Unnamed stage | - |
On a portfolio page
Investors whose own portfolio pages list Trace, even though we haven't found any coverage of the round yet.
| Investor | Listed on |
|---|---|
| Giant Leap | its portfolio page ↗ |
| Giant Leap | its portfolio page ↗ |
Disclosed deals
Every published round Trace took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted.
| Company | Stage | Announced | Amount | Role | Alongside | Sources |
|---|---|---|---|---|---|---|
| Gega Elements | Pre-seed | 23 Oct 2025 | $925k | Participant | gegaelements.com, Investible |
Portfolio
Companies Trace has backed in a published round, and companies whose existing shares it bought off another holder.
| Company | What it does | First invested | Rounds | Led |
|---|---|---|---|---|
| Gega Elements | Develops low-carbon extraction of gallium and germanium from industrial waste streams | 23 Oct 2025, Pre-seed | 1 | 0 |
Funds
Fund closes reported for Trace, as distinct from the investments it has made.
Portfolio companies acquired
Companies Trace has backed that another company then bought. An exit for the holding, not a deal Trace did.
| Company | Bought by | Kind | Announced | Price |
|---|---|---|---|---|
| No portfolio company of Trace is recorded as having been acquired. | ||||
What Trace bought
Companies Trace acquired or merged with, per published coverage. Buying a company is not investing in one: nothing here counts in the deals column.
People
| Name | Role | Sources |
|---|---|---|
| Joanna Auburn | Co-founder, CPO | Startup Daily, Trace team page |
| Cat Long | Co-founder, CEO | Startup Daily, Trace team page |
Coverage
Stories naming Trace. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Pre-seed
$925k
Investment Notes: Gega Elements
Investible's note explains its pre-seed backing of Gega Elements, which extracts gallium and germanium from industrial waste, alongside Flying Fox Ventures and Salus Ventures via a co-investment program with TRaCE.
Also gegaelements.com
Unnamed stage
$67.2m
Catalysing capital: a new playbook argues for rewriting climate tech investment
A Greenhouse report argues Australia's climate funding problem is deployment rather than capital, citing case studies including NRN's recent $67.2 million raise and blended finance models from Investible and Wedgetail.
Funding announcement
Investible teams up with UNSW to back climate tech uni spin-offs
A venture firm and a university program launch a co-investment scheme for climate-tech spin-offs, with a growth fund also involved; a hydrogen-diesel startup was the first company funded under it in August.
News
Virescent Ventures and UNSW to invest $1.6m in Australia’s most promising climate startups
Virescent Ventures and TRaCE will jointly back UNSW Founders' Climate 10x accelerator with $1.6m for local climate startups; successful applicants can get $120,000–$330,000 each, and expressions of interest open 12 April.
News
VC player Antler reportedly gauging interest in new multimillion-dollar fund targeting earliest-stage startups
Antler is reportedly sounding out investors about a $60 million fund for very early Australian startups, while its first Australian fund has nearly fully deployed and applications remain open for its pre-launch program.
News
Stone & Chalk Group builds solutions for tomorrow through increased Climate Tech commitment
Stone & Chalk Group reinforces its support for Australian climate tech startups, highlighting partnerships with Trellis and Ping while listing portfolio companies focused on sustainability.
6 deals
A Blockbuster moment: how climate tech became a hot startup sector
A Climate Salad community leader argues climate tech keeps booming, citing global investment data and listing recent raises by member startups FloodMapp, Gridcognition, Accurassi, Trace, Cecil and World's Biggest Garage Sale.
20 deals
Ignition Lane's Weekly Wrap: Tech's climate fight, another big raise week, valuations set to fall?
Ignition Lane's weekly technology roundup: climate-tech funding activity, Grok's bid for AGL, King River Capital's digital asset fund, a batch of Australian startup raises, Maropost acquisitions, GigSuper's collapse and a National AI Centre appointment.
Unnamed stage
$1.5m
Small business carbon tracking software startup Trace raises $1.5 million
Carbon accounting platform for small businesses secures a seven-figure round from a broad backer group including a family office and angels, with founders ex-Finder and Macquarie, and an earlier pre-seed recalled.