December 2024: Austin Startup Ecosystem Update + Event Details

Suman Poluri -

Welcome to the December 2024 update on Austin’s startup ecosystem! The startup scene here is buzzing with energy, innovation, and endless opportunities for growth. Here’s a quick dive into the latest trends, events, and insights that every early-stage founder should know about.

We had another great event as part of our Austin Startup Meetup. We started with the updates about the ATX Ecosystem, resources & networking. Then, we had founders coming out of their comfort zone and doing lightning pitches while the audience asked questions about their pitch.

We also gave away a 100% FREE personal subscription to a JetBrains product.

  • 📍 Where
    • Voltron (1st Floor) @ Capital Factory
  • 🕝 When
    • December 2, 2024 6pm-9pm CST
  • 🔗 Event details and RSVP for future events here.
  • 💻 Get the event presentation slides here.

State of the Startup Ecosystem

As of December 2024, Austin’s startup ecosystem continues to evolve, showing a mix of challenges and opportunities. While venture capital funding has tapered off from the highs of 2021 and 2022, sectors like AI, greentech, and healthcare are still drawing strong investor interest. Austin remains a vibrant innovation hub, thanks to its top-tier talent pool and close ties to research powerhouses like UT Austin.

Upcoming Events

There are several end-of-year events and next year events for startups to look forward to in Austin.

  • Wake Up! Austin CPG Meetup (December 26th): This casual event invites CPG brands, retailers, service providers, and enthusiasts to connect, share insights, and support the local CPG community. It’s especially welcoming to new startups and those new to Austin. Hosted by Marc Nathan, with sponsorship from Michael Best & Friedrich, LLP and Manufactured, a company offering PO financing and manufacturing sourcing solutions for consumer brands.
  • Capital Factory’s House and Startup Crawl (March 7-11, 2025): This event will provide a great opportunity for founders to network and for startups to showcase their products and meet potential partners and customers.
  • As always, the most anticipated event in the Austin calendar is the South by Southwest (SXSW), the annual conglomeration of parallel film, tech, interactive media, and music festivals and conferences. It is scheduled for March 7-15, 2025, with early preparation already starting for this significant tech and culture event. Keep an eye on the discounted ticket sales and applications for showcase or pitch events.

Large events are fun, but do not discount the power and personal nature of local meetups that can be as good or even more fulfilling. Here are some that you should know about:

Upcoming Deadlines

Here are some important upcoming deadlines for accelerator, incubator, and investment programs that Austin startups should keep an eye on:

  • January 13, 2024 – Central Texas Angel Network (CTAN) Cycle 1 application deadline. CTAN offers startups an opportunity to raise early-stage capital and gain access to a robust network of investors across Central Texas. The application deadline for Cycle 1 in 2025 is approaching for companies looking to secure funding and mentorship from local angel investors​.
  • February 11, 2024 – Y Combinator Spring 2025 Batch application deadline. As one of the most prestigious startup accelerators in the world, Y Combinator offers mentorship, funding, and networking opportunities. Startups accepted into the Spring 2025 batch will begin have the chance to pitch to some of the world’s top investors​.

Additionally, keep an eye out for other notable programs with rolling or upcoming deadlines, like Techstars and MassChallenge, which offer various programs for startups at different stages of growth. These accelerators often provide a mix of funding, mentorship, and exposure to a global network of investors and mentors.

News of Interest To Startups

The Central Texas Angel Network (CTAN) has launched Version 2.0 of its Startup Success Package, offering over $550,000 in credits and resources to support early-stage startups. The enhanced package includes credits from AWS, Google Cloud, and Microsoft Azure, along with legal, HR, and fundraising services. New partners like Dropbox, Rippling, and Notion add significant value to the package, which aims to help more than 500 founders annually. CTAN’s initiative is designed to foster innovation and accelerate startup growth in Central Texas.

For more information and how to apply, visit ctan.com.

Investments in Austin Startups

Despite a challenging funding environment, several Austin-based companies secured significant investments in recent months:

  • MakersHub Grows Seed Round to a Total of $11.5M for AP Automation: Austin-based MakersHub, an accounts payable platform co-founded by Wharton Executive MBA alumni Phong Ngo and Charley Howe, has raised an additional $7 million in Seed funding, bringing its total to $11.5 million. The round was led by QED Investors and TTV Capital, with participation from Dash Fund, TRB Advisors, and several angel investors. As part of the deal, QED Partner Laura Bock and Athletic Brewing CEO Bill Shufelt will join the Board of Directors. The new capital supports MakersHub’s plans to enhance its data-driven platform, expand its sales and marketing efforts, and continue its mission to streamline financial operations for businesses and accounting professionals.
  • enSights Raises $10 Million in Series A for AI-Powered Clean Energy Optimization: Austin-based enSights, co-founded by Alon Mashkovich (CEO), Roy Fadida (CPO), and Dekel Yaacov (CTO), secured $10 million in a Series A round co-led by JAL Ventures and XT VC, with additional support from the Menomadin Foundation. This capital will support enSights’ expansion—particularly in the U.S.—and further develop its AI-driven platform that combats underperformance in photovoltaic (PV) assets. With 6,000 clean energy assets under management across four continents, enSights aims to streamline operations and maintenance for an industry projected to reach $67–$101 billion in software spending by 2027.
  • Billd Secures $17.5M to Expand Construction Finance Solutions: Billd—known for empowering commercial subcontractors with flexible working capital—has announced a $17.5 million strategic funding round. The round was led by LL Funds and MissionOG, with participation from RJT Credit, Ulysses Management, and HighSage Ventures. This new investment follows Billd’s 120% revenue growth from 2021 to 2024, fueling the company’s product suite expansion and deepening its commitment to solving the unique cash flow challenges faced by subcontractors. Led by CEO Chris Doyle, Billd aims to continue modernizing construction finance, bringing stability to an industry traditionally hindered by broken payment cycles.
  • Marqii Secures $10M in New Funding, Doubling Total to $20M: Hospitality tech platform Marqii—focused on review management, online menus, and digital guest experiences—has raised $10 million in a round led by Next Coast Ventures and Rich Products Ventures, with participation from existing investor Maccabee Ventures. This infusion brings Marqii’s total funding to $20 million. The company, which now serves over 12,000 restaurant partners, plans to accelerate product development (including AI-powered solutions), expand its customer success team, and deepen integrations across the hospitality industry. With top-tier investors recognizing Marqii’s ability to boost revenue and enhance guest relationships, the startup is poised for even faster growth in the coming year.

Investors are paying close attention to Austin-based companies working on AI, fintech, hospitality, and health tech, signaling continued interest in innovative solutions coming out of Texas.

Launches, Exits, and Mergers

There have been some exciting exits and launches in the Austin startup scene recently.

  • Inspira Financial Acquires First Dollar to Expand Health & Benefits Platform: In a strategic move, Inspira Financial—serving over 8 million clients with more than $62 billion in assets under custody—has acquired Austin-based First Dollar, a tech company specializing in consumer-directed health benefits. While the acquisition price was not disclosed, First Dollar had previously raised $19 million in venture funding. This deal brings First Dollar’s 33-person development team and its flexible Health Wallet platform under Inspira’s umbrella, aiming to unify healthcare and financial services. By integrating First Dollar’s technology infrastructure, Inspira hopes to deliver customizable solutions for insurance providers and distribution channels, further enhancing health consumerism.
  • GROWL Debuts AI-Driven Boxing Platform with $4.75M Seed Funding: Austin and Paris-based GROWL has launched an immersive fitness platform that combines high-resolution projection, edge-AI computing, multi-camera 3D motion tracking, and Unreal Engine technology. The $4.75 million seed round features lead investor Skip Capital alongside Teampact.ventures, Kima Ventures, and professional athletes including Ciryl Gane, Gaël Fickou, and Julien Marchand. Designed for users ages 10 and up, GROWL’s wall-mounted device delivers personalized, real-time coaching and offers a range of workout modes—from boxing to yoga—priced at $150 per month on a 48-month plan or $190 on a 36-month plan.

Conclusion

The Austin startup ecosystem continues to evolve, showcasing its resilience and innovative spirit through new funding rounds, strategic partnerships, and exciting events. With a robust lineup of upcoming meetups and conferences, there's no shortage of opportunities for founders, investors, and entrepreneurs to connect and grow. Despite challenges like fewer tech deals, the ecosystem remains strong, driven by sectors like AI, health tech, and greentech. As Austin leads in creativity, sustainability, and technology, now is the time for founders to take advantage of the city's thriving community. Join us at the next Austin Startup Meetup, stay connected with fellow innovators, and let's continue building the future of Austin together!