Startup investor, advisor and accelerator Scalare Partners made its ASX debut today, finishing the day as it began at $0.25 cents a share.
The business (ASX: SCP) went public via a reverse takeover of former confectionary maker Candy Club, after banking $4.301 million of an $8 million share offer $0.25 cents a share. The raise gives the business an implied market capitalisation of $23.1 million at listing.
It was a quiet day of opening trade, with the shares moving between a high of $0.275 and low of $0.225 before returning to their start.
Around 230,000 of the company’s 92.4 million shares changed hands. It’s top 3 shareholders own more than a third of the business: Rasta Baby Pty Ltd (15.09%), Chalke Valley P/L (11.9%) and Burrill Skies P/L (11.61%)
Scalare describes itself as a tech accelerator that offers fractional services spanning commercialisation, capital raises, finance, marketing, product development, governance, operations, and people & culture, to give startups with expert support without having to hire people.
CEO Carolyn Breeze said the raise was strongly supported by new and existing sophisticated and cornerstone investors.
Board and executives hold combined shareholding of 62.2%, investing in the public float.
“Scalare’s listing on the ASX represents a transformational step for the company and the broader tech sector. As the first tech accelerator to list in this country, we offer a comprehensive ecosystem that integrates investment, expert guidance, and an advanced diagnostic platform, alongside community initiatives designed to drive startup growth,” she said.
“Our model addresses a critical need to support early-stage tech companies, particularly in the face of potential changes to investor laws, tighter capital markets, and liquidity challenges. We provide an attractive alternative to traditional venture capital, offering the resources tech startups need to scale effectively.
“The strong backing from both new and existing investors positions us for the next phase of growth, offering them an opportunity to invest in a proven model that is shaping the future of tech innovation and scaling companies globally.”
Ahead of the float Scalare acquired the Tech Ready Women academy, and last year the annual Australian Technologies Competition.
The company said the new funds will be used to invest in new and existing portfolio companies, expanding TRW nationally, establishing a US office, fast-tracking technology development to digitise products and services, and providing working capital.
Scalare is looking to spending up to $500,000 launching its US office, as well as up to $200,000 to launch Tech Ready Women in the States.Its key product Ascend, functions as a diagnostic tool that assists founders in identifying and prioritising key challenges, providing a tailored roadmap of advice and services to address them.
In FY24 the company reported services revenue of $1.99 million, and has provided investment returns of 198% since inception in 2020.
The company has invested in 28 startups – now 27, following an exit, including shopping platform Brauz, startup investment marketplace InHouse Ventures, fintech FrankieOne and wool classing agtech Zondii.
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