Crowdfunding companies have defended their approach to valuations, as they raise millions from unsophisticated Australian investors for start-ups that often claim to be worth more than firms backed by professional investors or public markets.

Statistics from Cut Through Venture, a data provider on Australia’s start-up sector, show firms raised $32 million on Birchal and rival firm Equitise this year, but an analysis of the figures also reveals the high valuations claimed by some of the companies that raised.