As more venture capital funding becomes available in Australia, the country’s startups are seeing bigger and bigger deals. Now a list of the 10 largest deals in the past year has been revealed, giving a glimpse into the state of the industry.
Releasing the company’s quarterly report on startup deals, Right Click Capital partner Ben Chong said that software and services sector is experiencing “exponential growth” for investments and acquisitions in Australia.
“Contrastingly, we’ve seen larger investment rounds in Asia Pacific attributed to media companies offering video streaming services such as iQiyi, iFlix and Bigo Live,” he said.
“In Australia, we’ve also seen larger investment rounds occurring in the transaction sector, attributed to fintech companies such as Prospa and ChronoBank, while in the Asia Pacific region, larger investment rounds have occurred in online marketplaces; local commerce platform Koubei raised $US1.1 billion and online used car dealership Uxin raised $US0.5 billion.”
But as for the last 12 months, here are the top 10 investment rounds for Australian startups for the year ending March 31, as compiled by Right Click Capital’s Internet Dealbook:
10. ROKT raised $US15 million
Former Jetstar boss Bruce Buchanan formed this marketing tech startup after leaving the airline in 2012. Its technology allows businesses to market complementary products immediately after a transaction has completed, making suggestions based on intelligent algorithms. Read more here.
9. Airtasker raised $US16.4 million
The labour exchange platform has had a massive year after clinching its series B in June 2016. Co-founder and chief Tim Fung said that the money allowed it to work “on making Airtasker a household name”, culminating in the big television and internet advertising campaign “Like A Boss”. While Airtasker fought off accusations of IP infringements from fellow Australian startup Freelancer, Fung’s company has gone from strength to strength, landing deals with the Commonwealth Bank and Unions NSW.
8. Vinomofo raised $US19 million
A year ago, the online wine retailer landed the single biggest funding round by an Australian startup without an overseas investor. In October, co-founders Andrew Eikmeier and Justin Dry were named equal 7th in the Business Insider Tech 100 list. In November, the company expanded to Singapore. Cheers to a great year!
7. Prospa raised $US19.2 million
Online lender Prospa claimed in February that its $25 million funding round led by AirTree Ventures was the biggest fintech investment from a VC in the nation’s history. AirTree managing partner Craig Blair declared it the “coming of age of the fintech sector in Australia”. Prospa co-founder and executive officer Beau Bertoli was even good enough to tell Business Insider readers his three secrets to taking a startup to the top.
6. SafetyCulture raised $US22.9 million
The Queensland startup responsible for a workplace safety app used by more than 75% of ASX50 companies scored the massive capital injection in October, with Atlassian co-founder Scott Farquhar backing up his previous investment, saying there is “strong market potential” for the product globally.
5. Medical Channel raised $US25 million
This Sydney digital media startup, which provides flatscreens and content for waiting rooms in clinics, had a massive September with a funding round that allowed to acquire competitor Community Network. Read more here.
4. SocietyOne raised $US25 million
Online peer-to-peer lender SocietyOne clinched the series C round a year ago, challenging the financial establishment at the same time as receiving investment from it. Westpac’s Reinventure Group, G&C Mutual Bank and Maritime, Mining & Power Credit Union all bought into the startup, which later came #50 in the international Fintech 100 rankings.
3. Deputy raised $US25 million
The January series A round was not only a big deal for the Sydney staff management software startup, but it was also the biggest single investment for US venture capital firm OpenView. OpenView managing director and now Deputy board member, Daniel Demmer, said at the time that co-founders Steve Shelley and Ashik Ahmed had built “a truly extraordinary platform that automates a broken and manual workflow for hundreds of thousands of users around the world”.
2. BigCommerce raised $US30 million
The ecommerce giant saw its total capital raise bump up to $210 million with last year’s $40 million round. BigCommerce, which produces software-as-a-service for managing online business transactions, now has its global headquarters in Austin, Texas, and has partnered with big hitters like eBay and Square.
1. SimPRO raised $US31 million
The maker of cloud software for tradespeople went to New York’s Level Equity for its $40 million fix last year. SimPRO chief executive Brad Couper, according to the AFR, was incredulous that the company’s local bank, one of the big four, refused a $2 million business expansion loan just six months earlier. Couper said at the time the company preferred not to give away equity and “a $2 million loan would have been enough to continue our growth”.
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