Techboard is very pleased to publish our latest report: "Unannounced investments in Australian Startup and Tech Companies 2025: Enriching and Supplementing Data on Announced Investments With Insights From Analysis of Regulatory Data"

Techboard has been rolling out a new approach to capture a fuller picture of capital flows into Australian startups and tech companies utilising a blend of announced deal data and data sourced from Companies’ regulatory lodgements. This new approach which was piloted by Techboard in the fintech sector will greatly improve the level of data Techboard can provide on who and what is getting investment, who is investing and at what valuation. 

Techboard is building towards being able to confirm or validate unannounced investments requiring the purchase of significant amounts of data. In the interim Techboard has implemented a key part of the necessary data infrastructure to automatically track Australian companies' ASIC lodgements so they can discover when any of the 8300+ companies we are tracking issue shares. These share issues indicate that the companies may have secured investment. 

Summary of Findings

In this latest report Techboard estimates that 1100 Australian Startup and Tech companies received external investment over the course of 2025. Just over ⅓ or 379 of those investments were announced deals (for 361 companies) raising collectively $5.2 billion. The balance of the investments were estimated based on Techboard’s analysis of share issuance data. Techboard estimates that in excess of 750 unannounced investments were made during 2025 (from almost 1500 companies with possible unannounced deals). 

In this report Techboard breaks down this possible unannounced investment activity in comparison with announced investments, with a particular focus on 2025 and upon four main industry cohorts of Fintech, Health/Medtech, Climate and AI. Other factors such as location, prior announced deals, company age and founding team gender are considered.

Of the 1493 companies with possible unannounced investments in 2025, just under ⅓ (452) had previously announced receiving investments between 2018 and 2024. Techboard identified 1052 Startup and Tech Companies that have not previously announced having received investment with possible unannounced investments in 2025. 

The possible magnitude of impact that this data approach could make on our understanding of investments in Australian startup and tech is illustrated in the chart below.