Australia’s top 50 start-ups revealed

These are the next Aussie start-ups creating meat-free empires and ways to finance homes, cars and get groceries delivered in minutes. See the full list.

Australian start-ups are booming.

Investors sunk $10 billion into fresh Australian ventures last year — more than triple the investments made in 2020.

And the number of “unicorns” in the Australian market, or tech start-ups worth more than $1 billion, soared from just one in 2019 (Canva) to six in 2022.

But a new generation of Aussie entrepreneurs is now emerging, with innovative, problem-solving ideas, international appeal, and trend-making concepts.

These fresh start-ups are producing non-alcoholic spirits for a health-conscious audience, for example, changing our diet with new takes on meat alternatives, and “disrupting death” with low-cost funeral services.

Some top Aussie ventures are even creating innovative ways to finance homes or reliable cars, to get groceries delivered in minutes rather than hours, to rid shelves of single-use plastic containers, and to combine cryptocurrency with video games to capture worldwide appeal.

And the investments they’re attracting are often staggering: V2food, created in 2019, secured a $77 million investment to expand its meat-free food empire, while rent-to-own property start-up OwnHome locked down $31 million in Series A funding for its vision.

Carted founder Holly Cardew, a tech business veteran whose start-up helps influencers sell goods from anywhere, said innovative Australian start-ups were finally winning investments from international investors who could see their huge appeal.

“Australia start-ups have incredible opportunities now,” Ms Cardew said.

“The start-up ecosystem has expanded exponentially. Typically an Australian start-up needed to be in the US to build out a company but when the pandemic closed borders investors became more open to investing in companies that weren’t necessarily there.

“Australians have a good opportunity if they take a global mindset.”

To identify Australia’s top 50 start-ups, we looked for enterprises created since 2019 with fewer than 100 employees that were still privately owned and engaging in investment rounds.

Start-ups typically go through Pre-Seed, Seed, Series A, B and C funding rounds with venture capital firms and individual investors to get their practices off the ground and closer to an Initial Public Offering.

These 50 Australian start-ups were ranked by leading business platform Crunchbase, which uses an algorithm to determine a company’s influence based on factors like funding, acquisitions, current trends, connections, media buzz and community engagement.

And there’s every chance Australia’s next start-up unicorn could be among these creations.

AUSTRALIA’S TOP 50 START-UPS: SCROLL TO SEE THE LIST

Calven co-founders Daniel Jackson and Jeremy Pollak.

50. Calven

Founded: 2020

Investment: $7.2 million

Founder: Daniel Jackson, Jeremy Pollak

Created after working from home during the pandemic, Calven is a platform to help businesses and employees manage hybrid working. The start-up’s software includes a dashboard for employees to register where and when they’re working, and ways for employers to manage safety issues, workspaces, and events for their entire workforce. Calven won $6.8 million in seed funding, including backing from Aussie unicorn Canva.

Driva co-founders Scott Montarello and William Brown.

49. Driva

Founded: 2019

Investment: $9 million

Founders: Scott Montarello, William Brown

With car prices skyrocketing, this start-up is in high gear. Driva lets potential car, motorcycle and caravan buyers see loan offers from 30 lenders on the one site, and has struck deals with Cars24 and Carsales.com.au. A March 2022 investment round secured another $6 million for the company.

48. MGA Thermal

Founded: 2019

Investment: $9 million

Founders: Alexander Post, Erich Kisi

This Newcastle start-up is helping companies store energy in shoebox-sized thermal blocks, even turning decommissioned coal plants into green-energy hubs using their technology. MGA Thermal raised $8 million in their latest funding round, which will be used to create a manufacturing plant to create more than 1000 blocks a day by the end of 2022.

Zero Co founder Mike Smith is encouraging businesses to go plastic free.

47. Zero Co

Founded: 2019

Investment: $13 million

Founder: Mike Smith

This eco-friendly, Byron Bay start-up aims to banish single-use plastic or, as its logo says, “untrash the planet”. Its 43,000 customers order personal and cleaning products in pouches to fill their “forever bottles” before sending empty pouches back for reuse. The concept is so popular, Zero Co set an Aussie crowd-funding record, raising $5 million in less than seven hours.

BetaCarbon CEO Guy Dickinson with son and co-director Jules Dickinson.

46. BetaCarbon

Founded: 2021

Investment: $5.5 million

Founders: Guy and Jules Dickinson

This environmentally friendly start-up sits at the crossroads of carbon credits and cryptocurrency. BetaCarbon tokenises Australian Carbon Credit Units into the BCAU coin that businesses can use as an investment or to offset their emissions. The company recently won the Finnies People’s Choice Award for emerging fintech of the year and boasts ASIC former deputy chairman Daniel Crennan as a backer.

45. Anility

Founded: 2018

Investment: $600,000

Founder: Patrick Connolly

This tech-savvy start-up uses machine learning and artificial intelligence to crunch the numbers on companies and swiftly assess whether they’re financially healthy. Anility, which graduated from UNSW’s 10x Accelerator program, can also identify business risks and whether a company is growing, and compare one business with others in the same industry.

44. TogetherAI

Founded: 2021

Investment: $3.7 million

Founder: Josh Wilson

TogetherAI is an app designed to help kids find the help they need and help parents ask the right questions. The Sydney start-up, backed by Scalare Partners, offers an app for kids that pairs them with an artificially intelligent companion to gauge how they’re feeling, and an app for parents that lets them look at the moods they’ve logged and suggest conversations.

43. Parpera

Founded: 2020

Investment: $2.3 million

Founders: Daniel Cannizzaro

Created as an all-in-one banking app for sole traders, freelancers and entrepreneurs, Parpera lets users see their finances in one place, issue and track invoices from within the app, and manage tax and other reports. The Sydney start-up, that attracted $1.3 million at its October 2021 app launch, is looking for a new banking partner after the closure of Volt.

PropHero co-founders Pablo Gil Brusola and Mickael Roger. Picture: Supplied.

42. PropHero

Founded: 2021

Investment: $1.6 million

Founders: Mickael Roger, Pablo Gil Brusola

Australia’s real estate industry remains hot property and this new start-up combines 40 million data points, 240 variables, artificial intelligence, and human appraisals to identify, recommend and manage properties for investors. The “next-gen” buyer’s agent firm raised $1.6 million in seed funding and charges fixed fees for its services.

41. Aerologix

Founded: 2019

Investment: $5.7 million

Founders: Rakesh Routhu, Tom Caska

This Manly, NSW start-up calls itself “Uber for drones” and connects licensed drone pilots with companies who need aerial photography. Established by former Qantas pilot Tom Caska and tech consultant Rakesh Routhu, it employees more than 10,000 pilots across Australia and in May 2022 sealed a $4.2 million investment.

40. WLTH

Founded: 2019

Investment: $18 million

Founders: Brodie and Drew Haupt

Creators of this “non-bank” aim to issue more than $1.2 billion in residential and commercial loans by the end of 2022. The Brisbane-based creation of brothers Brodie and Drew Haupt offers low-interest loans with quick applications for home buyers as well as businesses, and a partnership with US-based Parley promises 50 sqm of beach cleaned with every loan.

Loopit co-founders Michael and Paul Higgins. Picture: Supplied.

39. Loopit

Founded: 2019

Investment: $3.6 million

Founders: Michael and Paul Higgins

Not everyone wants to own a car: that’s the idea behind mobility platform Loopit that recently raised $3.6 million to expand into more countries. The Sydney start-up provides software allowing car dealerships, manufacturers and rental companies to offer access to vehicles on subscriptions. Loopit now operates in New Zealand, Australia and the UK.

Cake co-founders Jason Atkins and Kim Hansen. Picture: Supplied.

38. Cake

Founded: 2018

Investment: $4 million

Founder: Jason Atkins, Kim Hansen

This Gold Coast start-up is helping other new companies succeed by packaging equity offers for them to lure and retain top talent and helping them raise capital. Cake, which boasts more than 2000 companies on its books, won another $3 million in seed funding in March 2022 to fund an expansion into another 20 countries after launching in Singapore, the US, UK and India.

37. Chippit

Founded: 2022

Investment: $190,000

Founders: Eli Muse, Harry Mann

Saving money with up to 10 friends is the idea behind this financial app that also lets friends and family members borrow or lend money to another with no interest. Founded in May, the Melbourne-based company has recently launched a closed beta version of its app that is designed for budget-conscious users, overseas student and temporary residents.

WeMoney founder Dan Jovevski says he created the company after seeing young Aussies get stuck in debt traps. Picture: Supplied

36. WeMoney

Founded: 2020

Investment: $9 million

Founder: Dan Jovevski

Despite tough times, the future of Perth start-up WeMoney’s finances is looking bright after a $7 million cash injection in July 2022. WeMoney is an app designed to help Gen Z and Millennials better tackle their finances and lets users automatically add accounts and debts from major Australian financial institutions.

35. TradeSquare

Founded: 2020

Investment: $30.5 million

Founder: Einat Sukenik, Nati Harpaz

This start-up created to connect small businesses with suppliers is now Australia’s largest wholesale marketplace in Australia. Founded by entrepreneur Einat Sukenik and former Catch chief executive Nati Harpaz, the company won a $28 million investment in January 2022 from US firm Tiger Global after pre-launch funding of $2.5 million.

34. Upflowy

Founded: 2020

Investment: $6.6 million

Founders: Alex Girard, Guillame Ang, Matthew Browne

Created in 2020 to help other businesses, Upflowy is a no-code-required, drag-and-drop software solution for signing up new customers online. The Sydney start-up secured a $6.6 million investment from a San Francisco-based venture capital fund in February 2022, which its founders said would fund more “predictive personalisation” to keep consumers engaged.

33. 6clicks

Founded: 2019

Investment: $12.7 million

Founders: Andrew Robinson, Anthony Stevens, Louis Strauss

Named for the number of mouse clicks its founders want it to take to issue a risk assessment, this Melbourne start-up is focused on managing dangers to business, including cybersecurity risks. The firm, which raised another $5 million in funding late in 2021, has now set up offices in Washington DC and Manchester.

32. Canibuild

Founded: 2019

Investment: $8 million

Founders: Stella and Timothy Cocaro, Deepankur Malhotra, Shuvajeet Nag

Used when someone wants to build a pool, a granny flat, a shed or a house, software from this start-up helps builders and their clients see what’s possible. Canibuild, which attracted $8 million in Series A funding, will check planning rules and setbacks for a block, and even be used to create architectural plans. It’s currently used by 3000 customers daily in Australia, New Zealand, Canada and the US.

31. Quantum Brilliance

Founded: 2019

Investment: $13.4 million

Founders: Dr Andrew Horsley, Dr Marcus Doherty, Mark Luo

They are the powerful computers set to make the next generation of satellites and autonomous cars a reality, among other things, and this Canberra start-up could help create them in Australia. Quantum Brilliance, which spun out of Australian National University, creates quantum accelerators based on synthetic diamonds which, unlike other quantum computers, do not require cryogenic cooling.

30. Mastt

Founded: 2019

Investment: $11.7 million

Founders: Doug Vincent, Jamie Cerexhe, Raman Nambiar

This Sydney start-up, who co-founder Doug Vincent says is designed to kill spreadsheets, provides software to better manage all aspects of construction projects. Mastt is currently used across 500 projects around the world, worth more than $25 billion, and secured another $9.5 million funding in 2022.

Holly Cardew, founder of Carted. Picture: Mark Cranitch.

29. Carted

Founded: 2021

Investment: $13 million

Founders: Holly Cardew

Making everything ‘shoppable’ is the aim of Carted, the creation of start-up veteran Holly Cardew who previously created Vop to sell goods in TikTok videos. Her newest venture recently secured $13 million in seed funding to create a universal commerce API that will allow shopping across more social media and websites.

28. Bare

Founded: 2019

Investment: $15 million

Founders: Cale Donovan, Sam McConkey

Created to ‘disrupt’ Australia’s funeral and end-of-life industry, this Melbourne-based start-up has grown from offering low-cost cremation services to organising wills, probates, memorials and prepaid send-offs. The company raised $10 million in Series A funding in 2022, and has been used by 15,000 families.

27. Vouch

Founded: 2020

Investment: $8 million

Founders: David Stirk, Gary Zurnamer

This Australian video-sharing platform is gathering plenty of buzz — and $8 million seed funding — for its ability to collect videos. Vouch’s system, which is now used in 82 countries, were first used to gather video testimonials from customers but now delivers company-wide messages and feedback from employees in internal communications.

Block Earner founders Jordan Momtazi and Charlie Karaboga.

26. Block Earner

Founded: 2021

Investment: $6.4 million

Founders: Charlie Karaboga, Jordan Momtazi

Cryptocurrency isn’t known for its stable returns but that’s something this Aussie start-up is seeking to change. Veterans Charlie Karaboga and Jordan Momtazi have launched a fintech offering fixed annual yields on investments, with products for USD Coin and digital gold (PAXG) so far. Their concept earned $6.4 million seed funding.

Mark Livings from Lyre’s Spirit Co.

25. Lyre’s Spirit Co

Founded: 2019

Investment: $53 million

Founders: Carl Hartmann, Mark Livings

Proof that mocktails are big business can be found in this start-up that has raised more than $50 million in investments and now sells non-alcoholic spirits in 60 countries. The company’s products range from non-alcoholic absinthe to American malt and can be purchased in sets to create virgin cocktails like martinis and margaritas.

24. Maple Finance

Founded: 2020

Investment: $2.7 million

Founders: Joe Flanagan, Sidney Powell

This Melbourne start-up uses blockchain technology to connect businesses who want to borrow cryptocurrency with those who want to lend it. Maple Finance won $2.7 million in funding over two rounds for its peer-to-peer DeFi system after its creation by former NAB executive Sidney Powell and former adviser Joe Flanagan.

OwnHome founders James Bowe and Tim Harley.

23. OwnHome

Founded: 2020

Investment: $31.1 million

Founders: James Bowe, Tim Harley

What if they money you paid in rent helped pay for your home? That’s the question asked by this start-up that buys homes on behalf of its customers, counts ‘rent’ towards equity, and lets them buy it back at an agreed value, plus interest, within seven years. OwnHome won $31 million in Series A funding in 2022, and operates in Sydney, Newcastle, Wollongong, Brisbane and the Gold Coast.

22. All G Foods

Founded: 2020

Investment: $16 million

Founder: Jan Pacas

All G Foods is not just developing alternatives to meat but dairy products too. The brainchild of 2015 CEO of the year Jan Pacas, which attracted $16 million in seed funding, has also attracted investment from Woolworths, started shipping products to Singapore and Thailand this year, and has plans to expand into China. Its plant-based arancini balls launched in Woolworths supermarkets in June.

Vow Food founders George Peppou and Tim Noakesmith.

21. Vow

Founded: 2019

Investment: $6.8 million

Founders: George Peppou, Tim Noakesmith

Vow promises to develop the next generation of meat by cultivating it from animal cells rather than animal farms. The Sydney-based initiative is currently investigating 11 meat products, and says cells can go from Petri dish to plate in as little as six weeks. The meat, they say, will introduce a new category of sustainable food.

20. Cape

Founded: 2020

Investment: $33.1 million

Founders: Ryan Edwards-Pritchard

This start-up, which raised $33.1 million in pre-seed funding, is dedicated to helping other businesses succeed without being weighed down with financial admin tasks. The company’s software is designed to make business expenses easier to manage, in particular, and now boasts 18 staff members across three countries.

Carma co-founders Lachlan MacGregor and Yosuke Hall. Picture: Supplied.

19. Carma

Founded: 2021

Investment: $103 million

Founders: Lachlan MacGregor, Yosuke Hall

Perhaps karma was involved in the fortuitous launch timing of this start-up that’s designed to help buyers navigate a tricky second-hand car market. The company, which secured $75 million Series A funding, buys cars, inspects and reconditions them, and lets shoppers take a closer look online. The start-up is currently in Sydney, with plans to expand to Brisbane and Melbourne in 2022.

Omniscient Neurotechnology: Dr Michael Sughrue, Founder and neurosurgeon Dr Stephane Doyen, founder and data scientist and Stephen Scheeler (CEO).

18. Omniscient Neurotechnology

Founded: 2019

Investment: $60 million

Founders: Michael Sughrue, Stephane Doyen

Google Maps but for the brain is how CEO Stephen Scheeler describes this start-up, that uses tech tools like artificial intelligence and machine-learning with an MRI scan to create a personalised brain map for doctors. It’s hoped these maps could be used to treat conditions including strokes and autism.

17. Pyn

Founded: 2019

Investment: $13.5 million

Founders: Jon Williams, Joris Luijke

Making human relations more relatable is the goal of this successful start-up, run by business veterans Jon Williams and Joris Luijke. The company provides targeted and customised communications for employees, based on their specific role or post in their career, for example. The company’s $10.4 million seed funding round was led by Silicon Valley venture capital firm Andreessen Horowitz.

MILKRUN founder and CEO Dany Milham.

16. Milkrun

Founded: 2021

Investment: $86 million

Founder: Dany Milham

Created for more than just milk, this speedy service is designed to deliver groceries to customers in minutes rather than days. Milkrun, which currently operates in 50 suburbs across Sydney and 26 in Melbourne, was created by Dany Milham, who co-founded bedding brand Koala, and has hired more than 1000 e-bike delivery riders. The start-up recently launched alcohol deliveries.

Ofload CEO and Founder Geoffroy Henry. Picture: Supplied.

15. Ofload

Founded: 2020

Investment: $27.5 million

Founders: Geoffroy Henry, Thomas Andersson

Uber managed cars on the road, and Ofload is doing something similar for trucks. Funded by three successful rounds, this Sydney start-up uses its digital platform to connect shippers to carriers in a bid to eliminate waste. It now boasts more than 15,000 trucks, 1600 carriers and 55 big-name clients.

14. Loam Bio

Founded: 2019

Investment: $50 million

Founders: Frank Oly, Guy Hudson, Guy Webb, Mick Wettenhall, Tegan Nock

This agricultural biotechnology company is attracting worldwide attention and funds. Created in Orange, NSW, Loam Bio recently won $40 million in Series A funding from world-leading investors for its technology that coats seeds with microbial fungi, allowing the roots to store more carbon. The invention promises to deliver healthier crops and greater carbon credits.

V2food founder and CEO Nick Hazell. Picture: Supplied.

13. V2food

Founded: 2019

Investment: $185 million

Founder: Nick Hazell

Proof there’s plenty of bite to meat-free burgers is this company that launched in 2019 and is already selling in countries including New Zealand, Japan and Korea. V2food, launched in partnership with the CSIRO and Hungry Jack’ boss Jack Cowin, raised $77 million in Series B funding in 2021, and currently sells plant-based mince, burgers and sausages in supermarkets and through restaurants.

Pathzero portraits

12. Pathzero

Founded: 2020

Investment: $7.8 million

Founders: Carl Prins, Charbel Ayoub

Climate change and business meets with Pathzero; a start-up tracking companies’ carbon footprints, helping them to report them and address the causes of them. The Sydney business, which raised $US5 million ($A7.4 million) in its second funding round, recently released a software tool to estimate carbon emissions from investment portfolios.

VOLY's co-founders, Mark Heath and Thibault Henry. Picture: Supplied

11. Voly

Founded: 2021

Investment: $18 million

Founders: Mark Heath, Thibault Henry

Groceries delivered at speed is the idea behind this unusual start-up currently operating in Sydney’s city, inner west and eastern suburbs. Created amid the lockdowns of 2021, the company raised $18 million in seed funding, and runs its own fulfilment centres to get food to customers fast.

Paytron founders Jaco Veldsman and Franscois Henrion.

10. Paytron

Founded: 2020

Investment: $9.4 million

Founder: Francois Henrion, Jaco Veldsman

Designed to help small businesses, Paytron is the brainchild of two veteran banking professionals who saw a gap in the market to make it easier to manage foreign currencies. Paytron, which raised more than $4 million in 2021, can help organisations convert payments in 30 currencies.

9. Inauro

Founded: 2020

Investment: $3 million

Founders: Angus Kennard, Craig Kesby

Data start-up Inauro promises to make work easier for its clients. It does this by combining information gathered from different connected devices to develop more efficient workflows, often in industrial operations. Its work recently won a $3 million investment from another Aussie firm, SafetyCulture.

Willed founders Tim Glasson, Aaron Zelman and Dave Kaplan. Picture: Tony Gough

8. Willed

Founded: 2020

Investment: $6 million

Founders: Aaron Zelman, Dave Kaplan, Tim Glasson

Created in Melbourne in 2020 after co-founder Dave Kaplan lost his father interstate, Willed is an online platform for organising wills, probate applications and even cremations simply and inexpensively. The company recently wrapped up a $6 million Series A funding round amid plans to expand its products to potentially include cryptocurrency details or social media accounts.

7. Strong Compute

Founded: 2021

Investment: $11.5 million

Founder: Ben Sand

The small Sydney-based team behind Strong Compute recently won an $11.5 million investment from big names in self-driving cars and venture capital to fund its promise of speeding up the time it takes to train an algorithm. The cloud computing firm, which was part of Y Combinator’s winter 2022 cohort, promises it can boost AI speeds by 10 times.

Reejig CEO Siobhan Savage, CTO Mike Reed and chief data scientist Dr Shujia Zhang. Picture: Supplied

6. Reejig

Founded: 2019

Investment: $27 million

Founders: Mike Reed, Shujia Zhang, Siobhan Savage

Reejig didn’t just close a $23 million funding round this year: it also won a Technology Pioneer award at the World Economic Forum for its take on using artificial intelligence in the workplace. The company’s software is designed to find the right fit for employers and employees using AI, with the difference that its software is independently audited for bias.

Founders of Eucalyptus: Alexey Mitko, Benny Kleist, Charlie Gearside, Tim Doyle.

5. Eucalyptus

Founded: 2019

Investment: $98 million

Founders: Alexey Mitko, Benny Kleist, Charlie Gearside, Tim Doyle

Founded just one year before its industry exploded, Eucalyptus is a digital healthcare hub with five brands under its umbrella. They include men’s telehealth arm Pilot, women’s fertility venture Kin, and customised skincare brand named Software. After a $30 million investment from Woolworths in 2021, the company recently raised $60 million in Series C funding from investors including Bond.

Illuvium has already attracted big investments with its NFT creatures.

4. Illuvium

Founded: 2020

Investment: $5 million

Founder: Aaron Warwick, Grant Warwick, Kieran Warwick

Inspired by the crypto success of older brother Kain, Kieran teamed with brothers Aaron and Grant to create an open-world, monster-fighting game where players collect and battle NFT creatures and unlock ILV tokens on the Ethereum blockchain. The PC and Mac game is due for release in open beta this year but recently raised $US72 million ($A104 million) in virtual land sales.

3. Avocado DAO

Founded: 2021

Investment: $25.7 million

Founder: Brendan Wong

This blockchain-based start-up, at less than a year old, is now worth more than $200 million. Avocado DAO supports play-to-earn cryptocurrency games, buying in-game items and lending them to players for a cut of the rewards they earn. The company recently raised $US18 million in a Series A round from investors including Animoca Brands.

Upcover co-founders Anish Sinha and Skye Theodorou. Picture: Supplied

2. Upcover

Founded: 2019

Investment: $4.7 million

Founders: Anish Sinha, Skye Theodorou

This insurance start-up began by packaging straightforward policies for gig workers but h as since expanded its offers to more than 5000 small businesses and sole operators, from hairdressers to fitness instructions. Upcover recently secured $4.7 million from its seed funding round and is planning to launch policies for rideshare drivers.

1. StepN

Founded: 2021

Investment: $5 million

Founders: Jerry Huang, Yawn Rong

This thoroughly modern fitness app, created in South Australia’s Find Satoshi Lab, makes a game out of earning cryptocurrency. StepN users choose and buy an NFT sneaker to suit their earning needs, equip it in the app, and measure their next walk, jog or run with their phone to earn USDC cryptocurrency. The company announced a $122.5 million profit in the second quarter of 2022 and plans to expand its team.

Originally published as Australia’s top 50 start-ups revealed