Some of the best-known startups and small businesses originate from Australia. The country has a reputation for its unique startup ecosystem.
It doesn’t come as a surprise that it has produced the leading tech unicorns in the last 5 years. As we speak, Australia hosts even 832 private startup firms, many of which worth more than $1 billion.
Let’s check out the impressive Australian unicorns.
Canva
The first of these Australian unicorns is Canva. The company has been around since 2012, and it took it only a couple of years to be classified as a unicorn. We’ve all used it at some point, but not that many people know it is located in Sydney Surrey Hills.
The original idea belongs to Melanie Perkins, who was only 19 at the time. She was studying at Perth but also teaching design programs to other students to ensure extra cash. She founded the company with her partner Cliff Obrecht. A few years later, ownership was also shared with co-founder Tasmanian software expert Cameron Adams. How inspirational for all training providers!
Not that many successful startups specialize in design. Canva is unique, as it offers both free and paid templates and plenty of great functionalities. Australia can be proud of the online design tool. It is not that often that a private company grows as fast as Canva did.
The value jumped in 2021. The online design tool got to a $40 billion valuation from only $6 billion. However, nonofficial information reports that the value has declined to $26 billion in 2022.
Airwallex
Airwallex is another master of the digital revolution. It is the tool that brings businesses to the online world and expands their reach globally.
The purpose of this enterprise software is simple. It lets businesses operate wherever and whenever they want, without restrictions. In such a manner, it propels the growth of the global economy. Not every private company can brag about something like that!
No wonder small business customers turned to it so quickly! The global trade finance platform has multiple useful functionalities. It supports an international payment network. Also, it enables a financial ecosystem for asset and digital currency trading. It is an all-in-one solution to receive money internationally.
The initial idea belongs to Jack Zhang and Max Li. The couple was trying to start their own business with a coffee shop but soon realized this was not easy. They were burdened with administration and high exchange rates and wanted to solve this problem for everyone else.
The Melbourne-based business has a net worth of US $100 million and grows at a stable pace. And yet, the instability of private equity valuations affected many successful startups. This Fintech, for instance, didn’t report any growth since November 2021.
What the company managed well is to expand internationally. It created dozens of offices worldwide and operates in China, Europe, and North America. It is amazing how well-accepted it was in the leading e-commerce markets: USA and UK.
If we add the valuations of all offices (including Headquarters Hong Kong), the international payments network is worth $5.5 billion.
SafetyCulture
SafetyCulture also belongs to unicorn companies dealing with technology. It is an employee analytics platform worshiped by leaders and their teams. It enables observation at scale – leaders know what is happening, and employees get a say in how something is done. It improves the safety and efficiency of the working place, and teams love using it.
SafetyCulture was developed in a garage in Townsville when a couple of students decided to start their own business. The idea was to focus on safety, and they would never have guessed how successful it will be. The platform was even promoted on reality TV The Block!
So far, over 100 million inspections were conducted with this app. With full access, you can use it to collect data, draft reports, streamline operations, and more.
Culture Amp
While on it, here comes another extremely successful employee analytics platform. Unlike SafetyCulture, Culture Amp focuses on analytics and staff statistics. It was founded in 2011 in Richmond, and it is currently worth over $2 billion. Seems like the COVID-19 pandemic only enhanced its growth – the numbers are raising as we speak.
As an employer, you can use Culture Amp to conduct surveys among employees, and use data to improve working culture. It is a great tool for human resources, and performance management, and it is recommended by many leading companies. For instance, the tool is being used by Mcdonald’s and Airbnb.
Linktree
Linktree was founded by brothers Anthony and Alex Zaccaria in 2016. Later on, co-founder Nich Humphreys joined the team. The idea was inspired by the administrative hurdle of running a digital agency.
The team wanted to improve access for their clients and manage better their social media. Regardless of how bio updates sounded in the past, Linktree used this simple idea to make billions of dollars. At the moment, they are the leading social media startup in Australia worth $1.7 billion. The biggest support came from the Aussie social media group which invested $150 million in this idea.
Thanks to Linktree, thousands of brands, agencies, and publishers stay in control of their online presence. They have almost 25 million users around the world.
Pet Circle
Sometimes, it takes an idea way simpler than a dynamic content-driven platform to conquer the market. Pet Circle played with emotions and reached out to pet owners all over Australia. Would you also like the best products for your pets at a lower price? Pet Circle can make this true!
Unicorn companies Pet Circle specialize in all sorts of pet products. They offer food, toys, treats, and medication. They operate entirely online, and with customers who have a subscription.
Their breakthrough happened almost overnight. In only 2 years, the boosted puppy and kitten food sales for entire 50%. On average, an Australian pet owner spends $1,000 per year on their products.
To make matters even better, platform experts offer tips for pet care to their loyal customers.
Immutable
This NFT startup followed the trend of the best unicorn companies and got a valuation of $2.5 billion in only a couple of years. The latest funding it received was the largest one – an incredible $200 million!
Immutable offers global blockchain technology and leverages the capacity of immutable NFTs. It takes both commerce and ownership straight to the digital world. The group consists of Immutable Games Studio and Etherium-scaling Layer 2 platform Immutable X.
The leading titles of the platforms are Guild of Guardians and Guild Unchained.
Several names signed on this idea: Robbie Ferguson, James Ferguson, and Alex Connolly. They created the unicorn companies in 2018 in Sydney.
The young startup now employs 165 people, which makes it the fastest-growing unicorn in Australia. As they report, they are planning to hire 200 additional employees in 2023, mostly for their sales and marketing department. Funds should be repurposed to expand the platform into innovative verticals and to obtain new partnerships.
GO1
GO1 is also specialized in human resources. It helps leaders optimize the potential of their team, conduct on demand training, and improve content.
This enterprise software also came to be in a garage. Its original purpose was web development, but as it turned out, it was capable of much more. In 2015, it was even accepted by the prominent Y-Combinator accelerator and opened offices around the globe. The dynamic content-driven platform is now present in South Africa, USA, UK; Malaysia, and Vietnam.
The platform has a strong focus on corporate training and demand training. In a similar fashion to other unicorn companies, it covers a wide range of regions and industries. So far, thousands of companies have used its potential to inspire and reinvent learning.
Judo Bank
Judo Bank (or Judo Capital) gathered some of the top investments in Australia. In 2018, it got $140 million from both international and Australian investors, which raised its value to $1.9 billion. As Ironbridge Capital reports, the company increased by almost 60% during the Covid pandemic.
Rather than an international payments network, Judo Bank is an Aussie challenger bank, and it is unique of its kind. There is no local bank account, and everything happens digitally. Distance and location are completely irrelevant.
The venture capital arm belongs to the well-known family Myer. It was created by NAB banker Joseph Healy and co-founder David Hornery. Both founders have created dozens of successful projects.
Zip Co
Zip was founded in 2013 by Diamond and co-founder Peter Gray. Nowadays, it has 1.3 million customers, and it can brag with over 14,000 major merchant retailers. The list even includes Chemist Warehouse and Bunnings.
This Fintech is Australia’s finest. It is a global leader in public limited financial technology. It lets you buy immediately but pay later, in the form of a seamless solution. Companies use it to simplify their payment procedures and attract more customers in such a way.
FAQ about Australian unicorns
What are some examples of Australian unicorns?
The companies Canva, Afterpay, Atlassian, Airwallex, and Judo Bank are examples of Australian unicorns. These businesses have all amassed market values of over $1 billion because of their cutting-edge business structures and potent marketing approaches.
How do Australian unicorns compare to other unicorns around the world?
Even while there may not be as many Australian unicorns as there are in the US or China, they have proven to be quite successful and have significantly influenced the world’s startup ecosystem.
Australian unicorns frequently concentrate on technology, fintech, and e-commerce and have proven to be capable of scaling their businesses and going global.
What industries do Australian unicorns operate in?
Australian unicorns work in a range of sectors, including financial, e-commerce, technology, and healthcare. Software solutions are the primary emphasis of businesses like Canva and Atlassian, while Zip Co. and Afterpay are setting the pace in the buy now, pay later market.
While healthcare unicorn Pro Medicus is utilizing technology to enhance medical care, Airwallex is concentrating on changing the traditional banking industry.
What are the most successful Australian unicorns?
With a valuation of over $40 billion, Canva is now the most prosperous Australian unicorn. Some profitable unicorns include Judo Bank ($1 billion valuation), Atlassian ($75 billion valuation), and Afterpay ($39 billion acquisition by Square).
How do Australian unicorns raise funds?
Australian unicorns raise money in a number of ways, including venture capital, private equity, and initial public offerings (IPOs).
Many of these businesses have received finance from prestigious investors on both the domestic and global markets, and they have fueled their growth and expansion using this money.
How do Australian unicorns impact the country’s economy?
Australian unicorns significantly contribute to the nation’s economy by fostering innovation and generating jobs in important sectors.
Additionally, these businesses provide the government with tax income and help Australia maintain its standing as a center of innovation and entrepreneurship.
What are the challenges facing Australian unicorns?
Australian unicorns have a number of difficulties, including as stiff competition from international rivals, restricted access to talent and money, and regulatory obstacles.
These businesses have also faced new difficulties as a result of the COVID-19 pandemic, particularly in the fields of supply chain management and remote employment.
What is the future of Australian unicorns?
Australian unicorns have a promising future ahead of them, with major industries predicted to experience ongoing growth and expansion.
These businesses will probably continue to prioritize innovation and digital transformation, and they will be crucial in determining the direction of the Australian economy in the future.
How do Australian unicorns differ from traditional Australian businesses?
Australian unicorns are fundamentally different from traditional Australian firms in a number of areas, including their emphasis on technology and innovation, capacity for rapid growth, and attitude toward the world.
These businesses frequently compete in markets that are undergoing fast change and demand a high level of flexibility and adaptability.
How do Australian unicorns contribute to the startup ecosystem in Australia?
Australian unicorns inspire and serve as role models for prospective entrepreneurs, which benefits Australia’s startup environment.
Additionally, these businesses draw top personnel and funding, which supports the expansion of additional entrepreneurs in the ecosystem. Moreover, unicorns frequently launch new businesses and fund additional startups, fostering a positive feedback loop for development and innovation.
Conclusion on these Australian unicorns
According to 2022 reports, Canva is the most successful Australian unicorn so far. Australia has 10 private companies valued at over $1 billion (unicorns), which makes it one of the leaders worldwide.
If you liked this article about Australian unicorns, you should check out this one with Canadian unicorns.
