While much digital ink has been spilt in recent months discussing the state of the global economy, its impact on the valuations of listed tech companies and the funding environment for startups, a chunk of companies continues to receive new investment. Investors have become more circumspect about the growth plans put forward by founders, spending… Read more »
Sydney startup Search.io has been acquired by US-based French tech company Algolia is a deal believed to be worth nine figures. The startup, founded in 2015, was previously known as Sajari, having rebranded in December last year. While the acquisition cost in cash and scrip was not disclosed. The deal reportedly went through after a… Read more »
Queensland biotech startup Ellume Health, which last year won a $300 million US government contract to supply Covid home testing kits, has placed its Australian business in voluntary administration. FTI Consulting were appointed as administrators of Ellume Ltd on Thursday. In a statement from FTI, administrators John Park and Joanne Dunn said Ellume’s directors appointed… Read more »
The meteoric rise of restaurant ordering and payments platform Mr Yum has flamed out with the company announcing it will shed more than 40 jobs globally with CEO and cofounder Kim Teo admitting they “increased our headcount too quickly.” Less than nine months after raising $89 million in Australia’s third-largest Series A, led by US… Read more »
Construction 0f Atlassian’s new 39-storey headquarters at Sydney’s Tech Central precinct got underway last week, with the build expected to take five years to complete. The 180-metre hybrid timber skyscraper next to Central railway station will be the world’s tallest commercial hybrid timber building in the world and is expected to cost $546 million and… Read more »
Sydney food marketplaces ChefPrep has acquired it Melbourne likeness, Co-Lab Pantry and rebranded as CoLab. The ChefPrep side was founded in May last year by Elle Curran and Josh Abulafia, following a $1.25 million angel round. In April they landed a $3 million in a seed round led by Artesian Ventures and Global Founders Capital,… Read more »
US investment firm BlackRock is acquiring local battery storage developer Akaysha Energy as part of a deal to spend A$1 billion to develop 1GW (Gigawatt) worth of storage feeding into the National Electricity Market (NEM) in Australia. For perspective, that’s more than the power produced by Australia’s largest coal-fired power station, Origin Energy’s Eraring plant (2,880MW),… Read more »
Australian tech company Atlassian was famously started by Mike Cannon-Brookes and Scott Farquhar using $10,000 in credit card debt. The idea has since turned them into multi-billionaires. The NASDAQ-listed venture recently celebrated its 20th anniversary and this week celebrates posting another annual net loss of more than US$600 million (A860m). Atlassian (NASDAQ: TEAM) posted its… Read more »
Former ASX-listed logistics tech company GetSwift has placed its Australian arm in the hands of liquidators, while the publicly listed parent business, GetSwift Technologies, has been suspended from Canada’s NEO Exchange after filing for Chapter 11 bankruptcy protection in the US. The company’s Australian subsidiary, GetSwift Ltd, was placed into liquidation on July 29 with… Read more »
Australia’s Central Bank pumped the brakes on inflation for the fourth time in a row, increasing the the cash rate target by 50 basis points to 1.85% at the August RBA board meeting. The increase was widely expected by markets and analysts. From record low of 0.1% set in 2020 in response to the Covid… Read more »
Australians lack awareness about what tech jobs exist, or how to get into them, and the training pathways to those jobs are not always fit for purpose, according to a new roadmap to solving the sector’s hungry for more workers. The report prepared by the Tech Council of Australia (TCA) and Accenture, and titled Delivering… Read more »
Metigy, an adtech startup offering AI-powered marketing solutions for small businesses has been placed in the hands of administrators, with the loss of 75 jobs. Its collapse comes just 20 months after the business raised $20 million in a Series B round led by Cygnet Capital amid ambitions to go global. Sydney insolvency and restructuring… Read more »
Sydney proptech startup Yabonza has been placed in the hands of administrators after running out of capital. Mark Trowell, who spent eight years at Macquarie Group as senior project manager and innovation lead in banking and financial services, left the business in 2017 to launch Yabonza with colleague Simon Kinsey. Their startup set out to… Read more »
In the current market downturn, startups are looking to tighten their belts. There’s no more obvious place to start than some of the more, shall we say, expendable employee expenses. Can that work trip be a Zoom call instead? Why the Uber Black and not just regular Uber? Is that ‘client entertainment’ really for the client?… Read more »
The biggest names in tech are putting the brakes on hiring as they prepare for tough economic conditions. Microsoft, Google, Apple, and Meta have all slowed the rate at which they hire new staff over the past month with some temporarily putting a stop to new hiring altogether. Google has just put a two-week pause… Read more »
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