A decade on from its 2012 program, the country’s best-known start-up accelerator, Startmate, has scored its first exit from the fund, selling out of property tech company HappyCo, to provide investors with a nine times return on their capital.

HappyCo banked a $72 million raise from US real estate tech venture capital firm Camber Creek in January, in which Startmate divested all of its shares, netting investors around $3.4 million – a more than 100 times uplift on Startmate’s initial $25,000 investment.