Start-up stars: what’s happened to tech’s Class of 2021
Venture capital firms that wrote huge cheques on very generous valuations in 2021 are now nervously watching Australia’s most heavily backed start-ups. How are they going now?
Canva’s Melanie Perkins, Rokt’s Bruce Buchanan, Airwallex’s Jack Zhang and Pet Circle’s Mike Frizell all raised big money in the zero interest rate period.
For many of Australia’s best-known technology companies, 2021 was the year that made them – from design software firm Canva to payments platform Airwallex and pet supplies business Pet Circle.
Buoyed by historically low interest rates during the pandemic, investors pumped a staggering $13.3 billion into local tech start-ups between the start of 2021 and early 2022. It was a bumper 15 months that has not been repeated. Last year, local start-ups raised just $3.5 billion.
Tess BennettTechnology reporterTess Bennett is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter. Connect with Tess on Twitter. Email Tess at tess.bennett@afr.com
