Australia ranks among the leading countries for startups worldwide. With a score of 22.45, Australia ranks the 8th best country for startups in 2022. Its physical infrastructure, internal market dynamics, and commercial and legal infrastructure are favorable to the startup environment.
Australia is known for its diversified and technologically advanced economy. Australia continues to encourage the development of several local startups nationally with an international launch. It is also considered one of the quickest countries in the world to start a business. Thus the startup ecosystem in Australia is now one of the fastest-growing globally, with the startup rate being one of the highest in the world.
As of August 2022, the value of Australian-based venture capital funds was over $539.34 million and around $331.73 million in 2021. With an innovative approach, the startups have gained global market reach taking pride in their “Unicorn” status which is worth more than a billion US dollars. For a more elaborate view, let’s take a look at our favorite startups, piling up more information on each company and its counterparts.
Judo Bank
Canva
Spaceship
Uno
99Designs
Go1
Lendi
Power Ledger
Assembly Payments
Employment Hero
Judo Bank
| Founders | Alex Twigg, Chris Bayliss, David Hornery, Jacqui Colwell, Joseph Healy, Kate Keenan, Mal Hiscock, and Tim Alexander |
|---|---|
| Founded in | 2016 |
| Headquarters | Melbourne, Australia |
| Industry | Financial services |
| Total Funding | 1.8 billion over 9 funding rounds |
| Valuation | $970.1 Mn (2022) |
Judo Bank is an online business bank backed by the SME Guarantee Scheme. With a team of dedicated officials, Judo Bank develops a trustworthy relationship with the proprietors and their SMEs. It provides financial assistance and business loans imperative for each SME. As business is all about striking while the iron is hot, Judo Bank helps SMEs to back their ideas with the funding they need.
Canva
| Founders | Melanie Perkins, Cliff Obrecht, and Cameron Adams |
|---|---|
| Founded in | 2013 |
| Headquarters | Sydney, Australia |
| Industry | Graphic design Software |
| Total Funding | $572.6 million over 14 funding rounds |
| Valuation | $26 billion (2022) |
Canva is the world’s most inclusive graphic design tool that can be used to design and work more seamlessly. Be in logos, web pages, brochures, presentations, social media graphics, business cards, etc. Canva is the most productive digital creator. Available in over 130 languages and on any device, the users can start with one of Canva’s 250,000+ free templates and see where their creativity takes them.
Spaceship
| Founder | Kaushik Sen |
|---|---|
| Founded in | 2016 |
| Headquarters | Sydney, Australia |
| Industry | Fund-investing platform |
| Total Funding | $54.58 million over 3 funding rounds |
| Valuation | $360.82 Mn (Jun 2022) |
Spaceship is a fund-investing platform designed to help the younger generations to invest in their future. Spaceship offers two portfolios to its customers-Origin and Universe.
Origin is somewhat similar to an index ETF, however, it is not market cap weighted. It invests in 100 Australian and 100 International companies. The minimum fee is 5$. On the contrary, The Universe is more of an active fund. The investment philosophy is based on WWG’s “Where the World is going” principle.
Companies are screened on factors like market cap, future growth potential, management, and even liquidity among other things. The minimum fee is 1$ P/A. With companies such as Amazon, Google, Facebook, and more. Spaceship guides the users to invest in a curated global portfolio.
Uno
| Founder | Vincent Turner |
|---|---|
| Founded in | 2016 |
| Headquarters | Surry Hills, New South Wales, Australia |
| Industry | Financial Services |
| Total Funding | $36.86 million over 7 funding rounds |
| Valuation | – |
Uno is one of the world’s most authentic platforms that facilitates users with better financial decisions. The best part is that Uno offers online tools to compare loans so that the interest rate does not affect the cost of loans. Whether it is to buy real estate property or to avail of a new loan, Uno can assist with better guidance.
99Designs
| Founder | Mark Harbottle |
|---|---|
| Founded in | 2008 |
| Headquarters | Melbourne, Australia |
| Industry | Design Services |
| Total Funding | $45 million over 4 funding rounds |
| Valuation | Acquired by Vista Prints for an undisclosed amount |
99designs is an online platform where you can find designers for clothing and merchandise, art and illustration, packing and labels, magazines, flat-out logos, etc. A bunch of logo designers will throw their hats on their rings and develop various designs based on the specifications you outlined.
However, the whole idea is to have a plethora of options to choose from. The minimum price is $299. Besides collecting briefs from customers online, 99designs offers the services of its community of professional designers to deliver the client’s requirements at the earliest.
Go1
| Founder & CEO | Andrew Barnes |
|---|---|
| Founded in | 2015 |
| Headquarters | Brisbane, Queensland, Australia |
| Industry | E-Learning Providers |
| Total Funding | $373.25 million over 10 funding rounds |
| Valuation | $2 Bn+ (2022) |
Go1 is one of the most dedicated platforms wherein companies get curated training courses from the world’s skilled training institutions for their employees. It is easily accessible and is one of the ruling eLearning library learning and education that has been famed across countries such as Australia, the United States, South Africa, Vietnam, the United Kingdom, and Malaysia.
Lendi
| Founder | Martin Lam |
|---|---|
| Founded in | 2016 |
| Headquarters | Sydney, New South Wales, Australia |
| Industry | Financial Services |
| Total Funding | $57.38 million over 4 funding rounds |
| Valuation | – |
Lendi is one of the most reliable online platforms for home loans. Here, users are allowed to choose home loans freely from more than 25 major lenders. Facilitating the acquisition of houses and refinance loans, Lendi thereby negotiates better loans for its users and also empowers them through its online tools and a team of experts.
Power Ledger
| Founders | Dr. Jemma Green and John Bulich |
|---|---|
| Founded in | 2016 |
| Headquarters | Perth, Western Australia, Australia |
| Industry | Software Development |
| Total Funding | $35 million over 2 funding rounds |
| Valuation | $57 Mn (2022) |
Power Ledger is a tech company that has developed a blockchain-enabled renewable energy trading platform. With market abilities, the company has built a series of products to enable energy trading, renewable asset financing, and moving efficient carbon and renewable carbon credits transactions.
Assembly Payments
| Founder and CTO | Simon Jones |
|---|---|
| Founded in | 2013 |
| Headquarters | Victoria, Australia |
| Industry | Technology, Information, and the Internet |
| Total Funding | $12.25 million over 8 funding rounds |
| Valuation | – |
Assembly Payments is a complete payment gateway that helps businesses manage payment workflows and move funds without any delay. Perhaps it is the perfect way to capture credit cards without a lot of coding on the user’s side. However, Assembly is committed to going beyond excellence to deliver a highly secure system, that meets regulatory standards.
Employment Hero
| Founder and CEO | Ben Thompson |
|---|---|
| Founded in | 2014 |
| Headquarters | Sydney, New South Wales, Australia |
| Industry | Human Resources Services |
| Total Funding | $290.93 million over 7 funding rounds |
| Valuation | $837.45 Mn(2022) |
Employment Hero is the best HR software that Australia has to offer. With Employment Hero, SMEs can easily manage HR payroll, employee engagement, and benefits. Along with a team of experts, it has a wide range of products and services lining up for hassle-free compliance with minimum paper works and delivers better employee allowances.
Conclusion
The economy of Australia is growing by leaps and bounds with the technological advancements of its rising startups. While some are fast-moving for completion, others are balls against walls, however, predominantly focused to become the next market leaders.
The series of startups focusing on and winning economic dynamism implies several industries and businesses, but the importance of tech startups is limpid, as enormous companies are either cloud-based platforms or software-based. From professional forums to Financial Technology and from e-commerce to Artificial Intelligence (AI), Australia is no easy feat.
FAQs
What industries are booming in Australia?
Manufacturing Industry, Healthcare Industry, Energy Industry, Food Industry, and Technology Industry.
How many startups fail in Australia?
20% of businesses fail in their first year in Australia.
What is the biggest industry in Australia?
Consumer Goods Retailing in Australia is one of the biggest industries in Australia.
Which country has the most startups?
The United States has the most startups, i.e. more than 70,000 active startups. With a total score of 195.37, the US was by far the best country for startups in 2022.
How many startups are there in Australia?
There are over 1800 startups in Australia.