# MGA Thermal funding: rounds and investors > MGA Thermal has raised $12M across 2 rounds since 2024. Investors include IP Group Australia, IP Group and Australian Renewable Energy Agency (ARENA). Source: https://millionrounds.com/company/mga-thermal (Millionrounds; every figure on the page links to its filing or article) Australia · [Venture startup](https://millionrounds.com/companies) # Who invested in *MGA Thermal* 2 rounds we have observed, with the 6 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. Cleantech Climate Tech Manufacturing Raised 8 months ago Follow MGA Thermal and see its new rounds in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Fcompany%2Fmga-thermal) Funding summary Updated 5 Nov 2026 **$12M** raised across 2 rounds since 2024, from 4 sources **$130K** Round **$12M** Venture - **Latest round:** Venture, $12M Mar 2026 - **Led by:** IP Group Australia - **Step-up i:** 92.6× - **Investors:** 6 (1 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2025 2026 **$130K** Round **$12M** Venture - **First round:** Round, $130K - **Biggest round:** $12M - **Between rounds:** 15 months ## The rounds - **Mar 2026** Venture **$12M** *4 new* [IP Group Australia](https://millionrounds.com/fund/ip-group-australia) Lead [IP Group](https://millionrounds.com/fund/ip-group) [Australian Renewable Energy Agency (ARENA)](https://millionrounds.com/fund/australian-renewable-energy-agency-arena) [Main Sequence Ventures](https://millionrounds.com/fund/main-sequence) Reported by Startup Daily and 2 others - **Dec 2024** Round **$130K** *2 new* [Electrifi Ventures](https://millionrounds.com/fund/electrifi-ventures) [Climate Salad](https://millionrounds.com/fund/climate-salad) Reported by Startup Daily ## Founders and team From MGA Thermal's own website: 2 founders, 9 on the team. **Dr. Alexander Post** Chief Technology Officer & Co-Founder **Dr. Erich Kisi** Chief Scientist & Co-Founder - **Mark Croudace** Chief Executive Officer - **Anna Starrett** Chief Financial Officer - **Greg Fyffe** Chief Commercial Officer - **Annie Lacombe** Head of Engineering - **Dr. Evan Keyzer** Head of Research & Development - **Krista Crockett** Head of Finance - **Sara Benvenuti** Head of People & Culture - **Will Furness** Head of Business Development - **Joanne Sacco** Marketing Manager ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Round** 2024 **Venture** 2026 [IP Group Australia](https://millionrounds.com/fund/ip-group-australia) L [IP Group](https://millionrounds.com/fund/ip-group) [Australian Renewable Energy Agency (ARENA)](https://millionrounds.com/fund/australian-renewable-energy-agency-arena) [Main Sequence Ventures](https://millionrounds.com/fund/main-sequence) [Electrifi Ventures](https://millionrounds.com/fund/electrifi-ventures) [Climate Salad](https://millionrounds.com/fund/climate-salad) ## Everyone who backed them [IP Group Australia](https://millionrounds.com/fund/ip-group-australia) VC firm **1** round, led 1 [IP Group](https://millionrounds.com/fund/ip-group) VC firm **1** round [Australian Renewable Energy Agency (ARENA)](https://millionrounds.com/fund/australian-renewable-energy-agency-arena) Investment firm **1** round [Main Sequence Ventures](https://millionrounds.com/fund/main-sequence) VC firm **1** round [Electrifi Ventures](https://millionrounds.com/fund/electrifi-ventures) VC firm **1** round [Climate Salad](https://millionrounds.com/fund/climate-salad) Investment firm **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=mga-thermal). ## Also claim to have backed them These 3 firms list MGA Thermal as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above. [EnergyLab](https://millionrounds.com/fund/energylab) Accelerator Per its own site [Melt Ventures](https://millionrounds.com/fund/melt-ventures) VC firm Per its own site [Saltwater Fund](https://millionrounds.com/fund/saltwater-fund) Investment firm Per its own site ## Quick answers about MGA Thermal ### Who invested in MGA Thermal? MGA Thermal's investors include IP Group Australia, IP Group, Australian Renewable Energy Agency (ARENA), Main Sequence Ventures and Electrifi Ventures, and 1 more on record. IP Group Australia led its latest round. ### How much has MGA Thermal raised? MGA Thermal has raised $12M across 2 rounds since 2024. ### When did MGA Thermal last raise? MGA Thermal's most recent round was a Venture of $12M in Mar 2026, led by IP Group Australia. ### What was MGA Thermal's biggest round? Its most recent round, $12M in Mar 2026, is also its largest on record. ### Who backed MGA Thermal first? MGA Thermal's first round on record, in Dec 2024, was backed by Electrifi Ventures and Climate Salad. ### What stage is MGA Thermal at? MGA Thermal's latest named round is a Venture, in Mar 2026. ### Where is MGA Thermal based? MGA Thermal is based in Australia. ### Who led MGA Thermal's rounds? IP Group Australia led the Venture in 2026. ## Companies like MGA Thermal In the same sector, and raised in the last eighteen months. [**Okra Solar** $15M · Nov 2026](https://millionrounds.com/company/okra-solar)[**DryFlow Magnetics** $44M · Oct 2026](https://millionrounds.com/company/dryflow-magnetics)[**Hysata** $146M · Sept 2026](https://millionrounds.com/company/hysata)[**Amber** $148M · Sept 2026](https://millionrounds.com/company/amber)[**Amber Electric** $56M · Sept 2026](https://millionrounds.com/company/amber-electric)[**Gridsight** $38M · Sept 2026](https://millionrounds.com/company/gridsight) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app