Australia’s tech ecosystem has developed rapidly in less than a decade. The thriving startup scene is growing at a rate of 5.8 percent a year, one of the fastest in the world. In fact, tech startups are expected to contribute US$109 billion to the country’s economy.
Here are eight startups from Australia to keep tabs on.
Funding to Date: US$210 million
Atlassian has garnered attention for its rapid rise up the ranks of global tech stocks. With a market cap of US$66.4 billion, it would sit safely in the S&P/ASX50. The company even generated a revenue of US$1.61 billion last year amidst the pandemic. Safe to say, this NASDAQ-listed company is one of the biggest tech success stories to come out of Australia.
Founded in 2002, Atlassian is a software company that builds platforms and tools for software managers. It boasts a variety of different products. For instance, Kanban-style app Trello, which captures and adds structure to team work. Bitbucket, a source code hosting service, allows teams to share and manage codes.
Funding to Date: US$373 million
You have probably used Canva at least once. This startup from Sydney creates design tools for non-designers. Its platform is simple and easy to use. Non-designers can use its array of layouts for any occasion. You can use Canva for presentations, graphics, posters, and even your resume.
Since 2012, Canva has bagged more than US$372 million in funding. Just two months ago, its valuation almost doubled to US$15 billion after a new investment of US$71 million. This brings its market cap to three times that of Qantas, the national airline.
This comes as no surprise when you realize how many people rely on Canva. It has more than 55 million monthly active users. Also, 85 percent of Fortune 500 companies use the platform.
Funding to Date: US$106 million
Everyone knows that human resource management can be a pain. That’s why startups like Deputy are pushing solutions that streamline this process. Deputy provides employee management solutions. Its services help simplify schedules and timesheets. Deputy’s solutions also improve workplace communication.
Based in New South Wales, the startup has been around since 2008. Its goal? To simplify shift work for workers and businesses. Across the world, more than 260,000 companies use Deputy to manage schedules and communicate with their employees.
Funding to Date: US$158 million
This Melbourne-based startup’s mission is short and sweet — to create an employee experience that people love.
Culture Amp’s founders realized that teams face many challenges when the company expands faster than its people can adapt. Thus, they decided to solve this issue. Culture Amp provides tools and insights that help teams manage and develop employees. Their clients include household names like Airbnb, Etsy, Slack, and even McDonald’s!
Culture Amp provides a variety of services that companies can use to improve their employee’s workplace experience. For example, survey templates can be used to gain more insight. Other tools like turnover forecasts, goal trackers, and skills coaching also help employers and employees create a culture-first workplace.
Funding to Date: US$250 million
Though not currently based in Australia, this startup was founded in 2004 by two friends from Sydney. To date, they have already raised US$250 million in funding. Campaign Monitor also earned US$153 million in revenue in 2019.
In essence, the startup provides email marketing software. Their simple, drag-and-drop interface is specially tailored for companies that want to make an impression on their audiences. Companies like Buzzfeed, Coca Cola, and Rip Curl all use Campaign Monitor to launch email campaigns for their customers and grow their business.
Funding to Date: US$31 million
Based out of Sydney, Spaceship aims to make it quick and easy for anyone to invest. It was founded just four years ago, but already boasts more than 175,000 customers.
The startup has a few key selling points. Firstly, there is no minimum investment. Users’ investment portfolios are also instantly diversified. Lastly, the platform charges no fees on the first A$5,000 invested. All these lower the barrier to entry for investing. The fintech startup does all the number-crunching. Users can then sit back and watch their wealth grow.
Despite Covid-19, Spaceship has grown. In July 2020, funds under management increased by 42 percent compared to the year before. Furthermore, the number of retail investors on the platform doubled during the same period.
Funding to Date: US$502 million
Airwallex is a cross-border payments startup based out of Melbourne. It was founded in 2015 by a group of friends that experienced first-hand how high banking costs and transaction fees affected profit margins. Thus, they set out to create a better payment solution for businesses operating across borders.
In line with its cross-border mission, the company is expanding globally. It was recently granted a license in the Netherlands. It also rolled out an online payment system in Hong Kong. In April, Airwallex made headlines for its latest US$100 million funding round, which brought its valuation to a staggering US$2.6 billion.
Funding to Date: US$63 million
This is another Sydney-based startup that focuses on human resources. It provides a suite of tools that small and medium-sized businesses need to manage their employees. Using cloud technology, Employment Hero combines HR software, financial services, scheduling, payroll tools, and employee benefits into a single platform.
Now, more than 5,000 businesses use Employment Hero for their management needs. Most recently, the startup raised US$35 million during its Series D funding round. This brought its valuation to US$193 million. The growing startup is also making plans to further its expansion into Southeast Asia.