Techboard

Australian Startup Funding in Review 2024

03/02/202517/02/2025 Peter van Bruchem

The Fintech Funding Project 2023 Report Published

29/08/202402/05/2025 PeterVB

Australian Startup Funding in Review 2023 (With March 2024 update)

03/05/202429/08/2024 Peter van Bruchem

Techboard is pleased to present its Latest Report, Australian Startup Funding in Review 2023 which includes an update on the March Q 2024.

This Review includes in depth analysis of Startup Funding in Australia including breakdowns by deal size, funding label, category and state. The Review contains many breakdowns by founding team gender. An interactive chart of average deal size per category and deal label is also provided.

Highlights from the Review and update:

2023

In 2023 Techboard captured $4.438 billion in Investment from 621 private announced investments.
2023's result was just over 50% lower than 2021's 's $8.991b and down 37% from the 2022 level of $7.047b.
In 2023 average deal sizes took a hit almost across the board, with the largest proportional drops being experienced in the later deal stages. In later deal stages, average deal sizes in 2023 had dropped to below levels seen in 2018, with Series B and earlier sitting at closer to 2020 levels or higher.
In 2023, New South Wales companies accounted for around two thirds of all investment.
Viewed on a per capita basis all states show a continued decline since 2021 or 2022 except the ACT who has experienced a continuing increase in funding (apart from the nil result in March Q 2024).
Climatetech was the most funded sector with $777m in announced private investments, closely followed by Fintech with $758m, with Healthtech coming in at $574m.
In 2023 solely women-founded ventures had their strongest year since 2020, capturing 3.88% of all private announced capital raised during the year from 12.58% of deals.

MarQ24

Startup investment in 2024 has started quite slowly with $761m captured from 82 deals announced during the quarter. This level is closely comparable to what was seen in the March Quarter of 2020, in terms of dollar value captured but from 27% fewer deals. The quarter was the slowest quarter since the Sept Q 2020 ($401m) but larger than every quarter pre-June Q 2019. In terms of number of deals March Q 2024 had the lowest quarterly number of deals captured by Techboard (going back to 2017).
In the March Quarter 2024, the dominance of NSW on a dollar basis had dropped to closer to 50%, with Victoria starting to close the gap, moving from around 18% to closer to 30% of all funds.
March 2024 was the best quarterly result for solely women-founded ventures for the last six years at 16.36% of all capital raised but behind the result of Sep Q 2017 (25.68%).

Western Australian Startup Funding in Review 2023 (With March 2024 update)

03/05/202403/05/2024 Peter van Bruchem

Winners of Australian Angel Awards for 2023 have been announced

12/12/202303/02/2025 Peter van Bruchem

FUNDED September Q Funding Update

12/10/202317/10/2023 Peter van Bruchem

Australian Angel Awards 2023 – brought to you by Techboard and Angel Loop

20/09/202312/12/2023 Peter van Bruchem

Techboard is pleased to be back with the Australian Angel Awards for another year, this time with a new partner, Angel Loop.

The purpose of these awards is to celebrate the contribution Angel investors make to the startup ecosystem and overall economy and community in Australia. Angel investors not only provide their own money as capital to startups and early stage businesses, they are also generally active in their support of their investee companies, providing guidance, mentoring, introductions and more.

The winners were announced in Perth on 7 December 2023.

FUNDED FY23 – Australian Startup Funding in Review

23/08/202302/05/2024 Peter van Bruchem

Techboard is pleased to present its Latest Report, FUNDED FY23, Australian Startup Funding in Review including a follow up to our "Funding of Women-Led Ventures Report"

This report includes in depth analysis of Startup Funding in Australia with a strong emphasis on private funding including breakdowns by deal size, funding label, category and state. The report contains many breakdowns by founding team gender and also includes analysis of investors for FY23.

The report also introduces Techboard's new Fintech Funding Project aimed at putting unannounced deals under the spotlight.

Techboard’s Fintech Funding Project

23/08/202302/05/2025 Peter van Bruchem

The Fintech Funding Project 2023 Report was published on 29 August 2024.

The funding events captured and reported on by Techboard are collected from public announcements and from direct reports to Techboard. Avid readers of Techboard's releases might have noticed a shift in the terminology we have been using and the increasing reference to "announced" deals. This is not only because we have long known that not all capital raises by Australian Startups are announced. We estimate that public announcements may account for less than 50% of private investments into Australian Startups in both number and dollar value and Techboard has been developing an approach to identify measure and reveal these unannounced investments. This approach enables us to identify:

Total capital raised by the company since incorporation (of the relevant capital entity).
Unannounced capital raising activity both before and after the commencement of the project
The capitalisation table for the Fintechs that are Pty Ltd companies (or owned by Pty Ltd holding companies), except where complicated corporate structures makes this difficult.
The amount raised and a calculated valuation or deal price for any capital raises by target companies occurring after the commencement of the project.

Our approach involves obtaining data from the Australian Securities and Investments Commission (ASIC) which is derived from the filings Australian companies must make with ASIC following a capital raise involving the issue of shares. This ASIC company data is publicly accessible but sits behind a paywall, making any sort of investigation into investment trends very expensive and also time consuming.

We have been piloting this approach on Australia's Fintech sector since late in 2022 with a view to extending this approach to monitor the entire Australian startup ecosystem.

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Key Numbers

Australian Fintech companies* being actively monitored for capital raising activity c.800 *Privately owned (non-acquired and unlisted)

Fintechs identified as having issued shares - 170 in H2 2022 and 140+ in H1 2023

Fintechs announcing private investment deals in FY23 - 91 (raising $1.009b) in CY 2023 - 83 (raising $758m)

Fintechs with significant unannounced deals pre-2023 - TBA

Amount of capital raised in unannounced deals in 2023 - TBA

Number of Investors/shareholders identified - TBA

The identity of key investors backing Australian Fintechs in unannounced deals in 2023 - TBA

NOTE:

Our approach is only able to identify capital raises where shares have actually been issued as opposed to investments by way of convertible or SAFE notes.
Not all Share issues are connected to genuine capital raises.

We have analysed the data collected and will soon be publishing a report to demonstrate the power of this data. The Report will contain an aggregation of the data we have captured as well as examples of specific unannounced deals.

Please get in touch if you are interested in supporting this project or accessing the data we are compiling on the Australian Fintech Ecosystem. All data captured during the course of the project will be available to our Project Partners.

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FUNDED June 2023 – Including a Teaser of Funded FY23

28/07/202302/08/2023 Peter van Bruchem

Welcome to our summary of Australian startup and tech company funding news for the month, FUNDED for June 2023.

FUNDED is out a little later than usual as the Techboard Team have been hard at work putting together FUNDED FY23 Australian Startup Funding in review which will be out next week.

For the month of June Techboard captured $309m worth of private investment from 79 deals. To save you the effort of going back over previous editions of FUNDED this takes the total VC/private funding for the June quarter 2023 to $1.182b from 162 announced and reported deals and $2.193b from 284 announced and reported deals for H1 2023.

For the record Techboard captured a total of 90 funding events for June, including 79 private investments, 3 public investments, 3 grants, one debt financing and 3 acquisitions. We created new profiles for 69 new companies, 22 new funders/investors and 100 new company founders.