Australian workforce management software maker Deputy has cracked the billion-dollar valuation milestone, with its first external investment in six years making it the first private technology “unicorn” company to emerge since the tech funding market soured in early 2022.

The more than doubling of its valuation since 2018, when it last raised capital, marks a major turnaround for the start-up. Deputy almost went bust during the COVID-19 lockdown era, when demand for its software, which helps shift workers communicate and organise their rosters, dropped dramatically.