Melbourne-based digital assets marketplace Envato, majority owned by Rich Listers Cyan and Collis Ta’eed, has made about 100 staff redundant, as it shifts focus from older assets to its newer subscription products.

The company, which is one of the most successful Australian bootstrapped private tech companies (a business that has not taken on external funding), is largely immune to the valuation pressures posed by the listed tech sell-off, but is still facing an increasingly challenging environment thanks to industry consolidation and users being able to access things such as stock photos for free.