Australia is one of the best countries in the world for starting new enterprises. With a score of 22.45, Australia was ranked as the eighth-best country for startups in 2022. Due to its physical infrastructure, internal market dynamics, and commercial and regulatory framework, it provides a favorable startup environment.
Australia is well known for having a diversified and modern economy. Australia continues to promote the expansion of several local businesses countrywide while making its worldwide debut as the best startup country. It is even recognized as one of the most straightforward locations in the world to start a business.
Australia today boasts one of the world’s fastest-growing startup ecosystems and one of the highest startup rates. Australian startups now are roaring with success and reaching the topmost pedestal.
Top Australian Startups In 2023
Canva
- Founders: Melanie Perkins, Cliff Obrecht, and Cameron Adams
- Headquarters: Sydney, Australia
- Industry: Graphic design Software
- Total Funding: $572.6 million over 14 funding rounds
- Valuation: $26 billion (2022)
Melanie Perkins, Cliff Obrecht, and Cameron Adams were the three co-founders that were responsible for the product’s official debut in 2012. Canva quickly rose to prominence because to its intuitive interface and capacity to reduce the complexity of graphic design.
This Australian startup boasted one million users by the time 2014 came to a close, and the number of users increased to 4 million by the middle of 2015. Canva became the most recent “unicorn” firm to be founded in Australia in 2018, with an estimated worth of more than one billion dollars — and it is still expanding.
Canva now has over 10 million users all around the world, according to estimations made by the company. Reaching 3.2 billion customers is the firm’s goal (according to techcrunch.com).
Envato
- Founder(s): Collis Ta’eed, Cyan Ta’eed, Jun Rung
- Funding/Estimated Wealth: $1 billion
- Founded: 2006
- Industry: Online Marketplace and Freelance Services
WordPress themes, animation movies, and plugins are some of the creative materials that can be found on Envato, which is an excellent location to search. They also launched Elementor, which is widely considered one of WordPress’s finest DIY editors.
Envato has a community of more than ten million people who use the platform to buy and sell creative assets on Envato Market. These individuals use the site to purchase and sell creative assets. It is a brand that includes the following sub-brands: Envato Market, Envato Studio, Envato Tuts+, and Envato Elements.
- Envato Tuts+ is a network dedicated to education.
- Envato Studio is a marketplace that brings together carefully selected independent contractors and customers to complete creative projects in a collaborative environment.
- Envato Elements is a membership service that gives users unrestricted access to download millions of ready-to-use graphic layouts, fonts, and other assets.
The expansion of Envato:
In 2006, husband and wife Cyan and Collis Ta’eed, along with a close friend of the family named Jun Rung, launched Envato out of the garage of Collis’s home in Bondi. Since then, the firm has operated independently, without receiving any money from other sources. In 2008, Vahid Ta’eed, who is the brother of Collis Ta’eed, became an executive director for the firm.
The growth narrative of Envato in terms of financial growth is incredible (consider this), and it goes like this: –
- The pre-tax profit for the 2014 fiscal year for Envato was $33 million in the United States.
- During the 2015 fiscal year, this figure reached a whopping $73 million
- By the end of the year 2017, the total revenues of the Envato Market community had surpassed $750 million.
- In 2009, it was estimated that Envato had a value of over one billion dollars.
Cyan and Collis Ta’eed, who helped develop this Australian startup together with their brother, landed in the number four spot on the AFR Young Rich List in 2019. Within the past year, it is believed that the couple’s fortune has increased from $428 million to almost $799 million, virtually doubling in size.
Atlassian
Founder(s): Mike Cannon-Brookes, Scott Farquhar
Funding/Estimated Wealth: $22.76 billion
Founded: 2002
Industry: Software Development
Atlassian is the firm or Australian startup that is mostly credited with putting the country on the map of global startup locations. Jira and Confluence, two of the most successful project management applications, are both products of the Atlassian brand. It is reasonable to claim that the solution for Project Management was the one that reintroduced the word “agile” back into the realm of Agile Project Management.
The growth story of Atlassian is as follows:
Atlassian was founded by Mike Cannon-Brookes and Scott Farquhar in 2003. The firm now counts companies such as ANZ and NASA among its roster of satisfied customers.
By going public at the end of 2015 at a price of 21 dollars per share, Atlassian was able to raise a total of 462 million dollars. Later on, the corporation spent $425 million to purchase Trello together with its project management tool at the beginning of 2017. Atlassian reported a revenue of $2.1 billion in 2021, with more than 230,000 customers located in over 190 different countries using their services.
It has evolved into a multinational corporation with branches located in the United States of America, the Netherlands, Japan, the Philippines, and India. Additionally, the market value of Atlassian has increased to new heights, reaching $US22.76 billion ($33 billion).
99 designs
Founder(s): Max Harbottle and Matt Michkiewicz
Funding/Estimated Wealth: $45 million
Founded: 2008
Industry: Freelancing and Crowdsourcing
Matt Mickiewicz and Mark Harbottle are responsible for the launch of 99designs in 2008. The firm, which has its headquarters in Melbourne, operates a freelancing network that brings together customers and graphic artists.
99designs is the place to go if you have an idea for a design and want to turn it into a tangible product. They are capable of designing everything, from logos to business cards, websites to brand guidelines, packaging to T-shirt designs, and book covers to designs for the front and back of books.
What makes this Australian startup unique? The answer to that question can be summed up in a few words: user-friendliness, the absence of geographical restrictions, lightning-fast service, and a full refund guarantee. These are the reasons why 99 designs have garnered so much confidence in the Australian market in such a short amount of time.
The company’s development into Asia was fueled by a USD$10 million Series B financing that was headed by Recruit Strategic Partners the previous year. Japan has become the market with the highest pace of growth to this point.
99Designs’ 1-to-1 Projects service, which was responsible for 15 percent of the company’s total income as of 2016, was growing at a rate of 50 percent year-over-year. The year 2017 marked the year the business turned a profit, and in February of 2018 it claimed annual sales of $60 million.
The Iconic
Founder(s): Adam Jacobs, Finn Age Haensel, Andreas Otto
Funding/Estimated Wealth: $44 million
Founded: 2011
Industry: Fashion/Ecommerce
Since it was established in Sydney in 2011, The Iconic has grown to become Australia’s most successful online retailer of fashion and sports goods. Adam Jacobs, together with Andreas Otto, Cameron Votan, and Finn Age Haensel, all quit their lucrative day jobs in order to start one of Australia’s most successful online shopping sites, which now employs more than 900 people. Jacobs was one of the company’s co-founders.
The Iconic provides free returns, has a three-hour shipping policy, and has 1500 different brands under one roof. This Australian startup has experienced exceptional growth throughout the course of its existence. However, the Sydney business did not always experience what one could consider being “success,” and the startup did go through a few difficult periods.
The Story of an Iconic Growth Spurt:
In December of 2018, the company declared a revenue of $370,500,000, which was more than twice as much as the revenue that was reported in 2016. A recent poll revealed that 15 percent of households do their shopping on The Iconic’s website. As a part of the Global Fashion Group, the company that started out as a startup is now a multi-million dollar fashion empire that serves more than 17 million people.
HealthEngine
Founder(s): Marcus Tan, Adam Yap
Funding/Estimated Wealth: $100 million-plus
Founded: 2006
Industry: Healthcare
Patients are able to arrange appointments with trained physicians 24 hours a day, 7 days a week with the assistance of the web portal, which functions as a booking platform.
By bringing together experts from a diverse range of fields, the team at Health Engine hoped to improve the overall care that they provided to patients. At this time, the platform is able to assist patients in making appointments in general practice, dentistry, psychological counseling, and physiotherapy.
The new venture started off as a list of companies that provided medical services, but it quickly morphed into an online booking platform.
The Growth Story of HealthEngine:
In 2013, HealthEngine was awarded a total of $10.4 million by a business that included included Telstra and Seven West. It continued its fundraising efforts and brought in a staggering $26 million in series C investment. The website is one of the most popular destinations in Australia for those looking for information about consumer healthcare.
Since 2012, the platform of the firm has enabled more than 8 million reservations, and its mobile app has been downloaded more than 500,000 times.
The development of the platform began in 2010 with two developers, and since then, the team has expanded to include one hundred people. The company’s revenue has increased by a factor of three year over year at HeathEngine.
At this time, this Australian startup has 7,500 registered healthcare providers who are making their services available to 3.9 million people who have enrolled for the program.
FAQs
Q: What types of startups are popular in Australia?
A: Australian startups are diverse, but some popular industries include technology, fintech, biotech, and renewable energy.
Q: What is the startup ecosystem like in Australia?
A: The startup ecosystem in Australia is growing and becoming more robust. There are many resources available for entrepreneurs, including accelerators, incubators, and co-working spaces. The government also provides support for startups through programs such as the Entrepreneurs’ Program.
Q: Are there any specific challenges for Australian startups?
A: Some challenges that startups in Australia may face include access to funding and a smaller domestic market compared to larger countries like the United States and China.
Q: Are there any government incentives for Australian startups?
A: Yes, the government offers a variety of incentives for startups in Australia, including tax concessions, grants, and access to funding through programs such as the Entrepreneurs’ Program.
Q: Are there any well-known Australian startup success stories?
A: Yes, there are many successful startups in Australia, including Atlassian, Canva, and Afterpay.
