Aussie tech start-ups have grown rapidly, backed by an abundance of VCs with friendly terms – but as the market tightens founders are looking to avoid bad deals.
Jason Hosking, the co-founder and chief executive of Sydney-based retail technology start-up Hivery, knows he is one of the lucky local tech entrepreneurs to have closed a big recent funding round on favourable terms.
Even with a $US30 million ($43 million) cheque in his back pocket from a round led by New York-based Tiger Global, he has had a taste of the swift and sometimes painful shift in the private capital markets that has driven venture capitalists to slash the value of their investments and forced many company founders to quickly cut costs and reassess their growth ambitions.
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Tess 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
Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
