Unicorn Companies in Australia in 2024

• Valuation: $1B
• Industry: Consumer & Retail
• Investors: Prysm Capital, Baillie Gifford & Co., TDM Growth Partners
• Unicorn Milestone Date: 12/06/2021

About

Pet Circle is Australia's largest online speciality pet company, founded in 2011 and headquartered in Alexandria, Sydney. As one of the prominent unicorn companies in Australia, it achieved unicorn status in 2021 with a valuation of over $1 billion. Pet Circle operates an integrated pet care platform offering a wide range of pet products and services through its e-commerce website and mobile app.

Target Audience

Pet owners in Australia, particularly those in urban areas who prefer the convenience of online shopping for pet supplies.

Business Model

Pet Circle operates on an e-commerce model with a focus on subscription services. They offer a wide range of pet products through their online platform and mobile app. The company has built a sticky customer base through its subscription model, which provides efficient customer acquisition costs and builds long-term relationships. Behind the scenes, Pet Circle functions like a high-volume, low average contract value (ACV) SaaS business, with a significant portion of revenue coming from predictable, recurring subscriptions.

Key Offerings

• Wide range of pet food, treats, and supplies
• Subscription services for regular pet needs
• VetChat and telehealth services
• Pet insurance
• Prescription medications through Pet Circle Pharmacy

Key Management

• Mike Frizell - Co-founder and CEO
• James Edwards - Co-founder

Investment Timeline

• 2021: $125 million Series C round, achieving unicorn status.
• 2023: $75 million funding from Prysm Capital, maintaining unicorn valuation.

• Valuation: $2B
• Industry: Enterprise Tech
• Investors: Y Combinator, M12, SEEK
• Unicorn Milestone Date: 7/19/2021

About

GO1 is a Brisbane-based startup that has grown into a unicorn, valued at over $3 billion. Founded in 2015 by Andrew Barnes, Vu Tran, Chris Eigeland, and Chris Hood, GO1 offers a comprehensive online learning platform that aggregates content from over 300 providers. The platform is designed to facilitate workplace learning and development by providing access to a vast library of training materials. GO1's mission is to unlock people's potential through a love of learning, aiming to reach one billion learners globally.

Target Audience

GO1 primarily targets:

• Corporations and Enterprises: For employee training, compliance, and professional development.
• Small and Medium-sized Businesses (SMBs): Offering affordable learning content tailored to their growth needs.
• Government Agencies: For upskilling and reskilling public sector employees.
• Educational Institutions: To supplement traditional learning methods with online resources.

Business Model

GO1 operates on a content aggregation model, similar to platforms like Airbnb but for learning content. Instead of creating its own training courses, GO1 partners with top content providers to curate a diverse range of learning materials. The platform integrates with over 75 human resource and learning management systems (LMS), making it easy for organizations to embed GO1's content into their existing workflows. Revenue is generated through subscription fees, where organizations pay for access to GO1's extensive library of courses.

Key Offerings

• GO1 Content Hub: The largest curated eLearning library with over 100,000 resources.
• Integration with LMS and HRIS: Seamless integration with existing learning and HR platforms.
• Custom Learning Paths: Tailored learning experiences based on individual and organizational needs.
• Compliance Training: Pre-selected courses covering a broad range of compliance topics.
• Professional Development: Courses for skill development, leadership training, and more.
• Mobile Learning: Access to learning materials via mobile apps, including the GO1 Learning app for Microsoft Teams.

Key Management

• Andrew Barnes: Co-founder and Co-CEO
• Chris Eigeland: Co-founder and Co-CEO
• Chris Hood: Co-founder
• Vu Tran: Co-founder (recently stepped down from day-to-day operations but remains as an advisor)

• Valuation: $5.50B
• Industry: Financial Services
• Investors: DST Global, Sequoia Capital China, Tencent Holdings
• Unicorn Milestone Date: 3/25/2019

About

Airwallex is a global fintech company founded in Melbourne, Australia, in 2015. It provides a financial technology platform that enables businesses to manage cross-border payments and financial operations. Achieving unicorn status in 2019 with a valuation over $1 billion, Airwallex stands out among unicorn companies in Australia as one of the country's fastest-growing tech unicorns.

Target Audience

Airwallex primarily serves businesses of all sizes, from startups and SMEs to large enterprises, that operate globally or have international payment needs. This includes online sellers, marketplaces, and companies looking to expand internationally.

Business Model

Airwallex operates on a B2B model, offering a suite of financial services and APIs to businesses. They make money through:

• Foreign exchange fees: Charging a small margin on currency conversions, which is typically lower than traditional banks.
• Transaction fees: Fees for international money transfers and payments.
• Subscription fees: For advanced features and higher transaction volumes.
• Card issuing fees: Revenue from issuing multi-currency business debit cards.
• Interest on float: Earning interest on funds held in customer accounts.

Key Offerings

• Global accounts with local bank details in multiple currencies
• Cross-border payments and money transfers
• Multi-currency virtual and physical debit cards
• Foreign exchange services at competitive rates
• Payment acceptance solutions for online businesses
• API integration for customized financial operations
• Expense management tools
• Yield-earning products for idle funds

Key Management 

• Jack Zhang: Co-founder and CEO
• Lucy Liu: Co-founder and President
• Max Li: Co-founder
• Xijing Dai: Co-founder and CTO
• Ki-Lok Wong: Co-founder

Investment Timeline

• 2015: Founded in Melbourne, Australia
• 2016: Seed funding of $3 million
• 2017: Series A funding of $13 million
• 2018: Series B funding of $80 million
• 2019: Series C funding of $100 million, achieving unicorn status
• 2020: Series D funding of $160 million
• 2021: Series E funding of $200 million
• 2022: Additional funding of $100 million, maintaining a valuation of $5.5 billion

• Valuation: $1.30B
• Industry: Media & Entertainment
• Investors: AirTree Ventures, Insight Partners, Index Ventures
• Unicorn Milestone Date: 12/20/2021

About

Linktree is a Melbourne-based tech startup that provides a link-in-bio tool for social media users. Founded in 2016, it allows creators, brands, and businesses to share multiple links on platforms that typically allow only one link in the bio section. Linktree has grown rapidly to become a unicorn, valued at $1.3 billion as of March 2022.

Target Audience

• Social media influencers and content creators
• Businesses and brands
• Musicians and artists
• Nonprofits and activists
• Anyone looking to consolidate and share multiple links from a single bio link

Business Model

• Free tier: Basic features available at no cost
• Paid subscriptions: Premium plans (Starter, Pro, and Premium) with advanced features

Key Offerings

• Customizable link-in-bio pages
• Analytics and insights on link performance
• Integration with major social media and e-commerce platforms
• Payment and donation collection tools
• Email and SMS subscriber collection
• Schedule content and update links automatically
• Custom branding and design options

Key Management

• Alex Zaccaria: Co-founder and CEO
• Anthony Zaccaria: Co-founder and Chief Revenue Officer
• Nick Humphreys: Co-founder and Chief Product Officer

Investment Timeline

• October 2020: $10.7 million Series A funding
• March 2021: $45 million Series B funding
• March 2022: $110 million Series C funding, achieving unicorn status with a $1.3 billion valuation

• Valuation: $1.50B
• Industry: Enterprise Tech
• Investors: Felicis Ventures, Index Ventures, Blackbird Ventures
• Unicorn Milestone Date: 7/29/2021

About

Culture Amp is an Australian-based unicorn startup that specializes in employee experience and analytics. Founded in 2009 and headquartered in Melbourne, Culture Amp offers a comprehensive platform designed to help organizations enhance employee engagement, performance, and development. As one of the prominent unicorn companies in Australia, the company leverages data-driven insights to enable businesses to create better workplaces, fostering a culture-first approach. Culture Amp has grown significantly, serving over 6,500 companies and impacting 25 million employees globally.

Target Audience

Culture Amp primarily targets HR professionals, people leaders, and organizational development teams within companies of all sizes, from startups to Fortune 500 firms. The platform is used across various industries, including technology, financial services, healthcare, and retail, aiming to improve employee engagement, retention, and performance.

Business Model

Culture Amp operates on a subscription-based SaaS (Software as a Service) model. Companies pay for access to the platform, which includes a suite of tools for employee surveys, performance management, and development programs. The pricing typically scales with the size of the organization and the number of employees. Culture Amp also offers personalized dashboards and analytics, enabling organizations to make data-driven decisions to enhance their workplace culture. The company generates revenue through annual or multi-year contracts, providing continuous updates and support to its clients.

Key Offerings

• Employee Engagement Surveys: Tools to measure and improve employee engagement through customizable surveys.
• Performance Management: Features for ongoing feedback, goal tracking, and performance reviews.
• Employee Development: Programs and tools for continuous employee development and growth.
• Diversity, Equity, and Inclusion (DEI) Analytics: Insights and analytics to foster a more inclusive workplace.
• Actionable Insights: Data-driven recommendations and action plans based on survey results and performance metrics.
• Peer Recognition: Systems to facilitate and encourage peer-to-peer recognition and rewards.

Key Management

• Didier Elzinga: Co-founder and CEO
• Rod Hamilton: Co-founder and Chief Product Officer
• Jon Williams: Co-founder and Chief Technology Officer
• Doug English: Co-founder and Chief Architect.

Investment Timeline

• 2011: Culture Amp was launched.
• 2019: Achieved unicorn status with a valuation of over $1 billion.
• 2021: Raised $100 million in Series F funding, bringing the valuation to $2 billion.

• Valuation: $25.4B
• Industry: Enterprise Tech
• Investors: Sequoia Capital China, Blackbird Ventures, Matrix Partners
• Unicorn Milestone Date: 01/08/2018

About

Canva is a graphic design platform and unicorn startup based in Surry Hills, Australia. Founded in 2013 by Melanie Perkins, Cliff Obrecht, and Cameron Adams, Canva has revolutionized the world of digital design by providing an easy-to-use, web-based tool for creating various visual content. The company's mission is to empower everyone to design anything and publish anywhere. Canva has grown rapidly to become one of the most valuable female-founded and woman-led startups globally, with a valuation of $26 billion as of 2023.

Target Audience

Canva caters to a wide range of users, from individuals to large corporations. Its target audience includes:

• Non-professional designers
• Small business owners
• Social media managers
• Marketing teams
• Students and educators
• Non-profit organizations
• Casual users looking to create personal projects

Business Model

Canva operates on a freemium business model, offering both free and paid services. The company generates revenue through several streams:

• Canva Pro: A premium subscription service that provides access to additional features, templates, and resources.
• Canva for Enterprise: A corporate version of the platform tailored for large organizations.
• Content Marketplace: Users can purchase premium stock photos, illustrations, and fonts for a small fee.
• Print Services: Canva offers printing services for designs created on the platform.
• Canva for Education: While free for educational institutions, it serves as a user acquisition channel.

Key Offerings

• Graphic design tools for social media posts, presentations, posters, and more
• Extensive library of templates, fonts, and stock images
• Video editing capabilities
• Website design tools
• Collaboration features for team projects
• Mobile app for on-the-go design
• Printing services for physical products
• AI-powered design assistant (Magic Write)

Key Management

• Melanie Perkins: Co-founder and CEO
• Cliff Obrecht: Co-founder and COO
• Cameron Adams: Co-founder and Chief Product Officer

Investment Timeline:

• 2013: Initial funding round to launch the Canva website
• 2015: Launch of Canva for Work, focusing on marketing materials
• 2018: Raised A$40 million, valuing the company at A$1 billion
• 2019: Raised A$70 million, valuing the company at A$2.5 billion
• 2021: Valuation peaked at US$40 billion
• 2022: Valuation adjusted to US$26 billion

• Valuation: $2.50B
• Industry: Media & Entertainment
• Investors: Fabric Ventures, AirTree Ventures, Temasek
• Unicorn Milestone Date: 03/07/2022

About

Immutable, formerly known as Fuel Games, is an Australian crypto assets gaming company founded in 2018 by Robbie Ferguson, James Ferguson, and Alex Connolly. Headquartered in Sydney, Immutable has achieved unicorn status with a valuation of $3.5 billion as of March 2022, making it one of the notable unicorn companies in Australia. The company is a pioneer in NFT technology and is dedicated to revolutionizing the gaming industry through its Immutable X platform, which provides scalable, carbon-neutral solutions for minting and trading NFTs on Ethereum. Immutable's mission is to bring digital ownership to every player by making it safe and easy to build great Web3 games.

Target Audience

Immutable primarily targets:

• Game Developers: Providing tools and infrastructure to build and scale Web3 games.
• Gamers: Offering true ownership of in-game assets through NFTs.
• NFT Creators and Traders: Enabling the creation, trading, and scaling of digital assets.
• Investors and Partners: Attracting investment to expand its platform and ecosystem.

Business Model

Immutable operates on a multi-faceted business model that includes:

• Platform Services: Immutable X, a Layer 2 scaling solution for Ethereum, offers high throughput and zero gas fees for minting and trading NFTs. This platform is designed to be developer-friendly with APIs and SDKs that simplify the integration of blockchain technology into games.
• Game Development: Immutable Games Studio develops and publishes blockchain games like Gods Unchained and Guild of Guardians, which utilize NFTs to provide players with true ownership of in-game assets.
• Marketplace Integration: Immutable's global order book propagates NFTs across multiple marketplaces, increasing liquidity and revenue potential for creators and developers.
• Investment and Partnerships: Immutable has secured significant funding from investors like Temasek, Tencent, and Animoca Brands, which is used to fuel global expansion, platform development, and strategic acquisitions.

Key Offerings

• Immutable X: A Layer 2 scaling solution for Ethereum, enabling high-performance NFT minting and trading with zero gas fees.
• Immutable Passport: A non-custodial wallet and authentication solution for seamless user onboarding.
• Immutable Checkout: A complete payment solution for managing game or marketplace transactions.
• Immutable Orderbook: A tool for sharing NFT orders across leading marketplaces.
• Immutable Mint: A service for minting carbon-neutral NFTs.
• Developer Tools: SDKs, APIs, and a Developer Hub to support game development and integration.
• Immutable zkEVM: A chain for games offering EVM compatibility, low cost, and massive scale.

Key Management

• Robbie Ferguson: Co-founder and President
• James Ferguson: Co-founder and CEO
• Alex Connolly: Co-founder and CTO

Investment Timeline

• March 2022: Achieved unicorn status with a $200 million Series C funding round led by Temasek, valuing the company at $2.5 billion.
• June 2022: Launched a $500 million Developer and Venture Fund to support Web3 games and NFT-centric companies.
• March 2022: Raised $200 million in Series C financing, increasing its valuation to $3.5 billion.

• Valuation: $1.76B
• Industry: Industrials
• Investors: Blackbird Ventures, IndexVentures, Tiger Global Management
• Unicorn Milestone Date: 05/03/2021

About

SafetyCulture is an Australian software company founded in 2004 that provides mobile-first safety and quality management solutions. It is best known for its flagship product iAuditor, a mobile app and web platform for conducting workplace inspections and audits. SafetyCulture achieved unicorn status in 2020 with a valuation over $1 billion and is now valued at $2.7 billion as of 2023.

Target Audience

SafetyCulture's products are aimed at businesses across industries like construction, manufacturing, hospitality, retail and more that need to manage safety, quality and operations. Their tools are designed for frontline workers and managers to easily conduct inspections, report issues, and manage tasks.

Business Model

SafetyCulture operates on a software-as-a-service (SaaS) subscription model. They offer tiered pricing plans for their iAuditor platform and other products, with features and user limits increasing at higher tiers. The company focuses on acquiring customers through freemium offerings and then upselling to paid plans as usage grows. They also generate revenue through add-on services like training and consulting. SafetyCulture's model relies on high customer retention and expanding usage within organizations over time.

Key Offerings

• iAuditor: Mobile app and web platform for inspections, checklists and audits
• EdApp: Mobile learning management system
• Sensors: IoT sensors for environmental monitoring
• TeamTags: Digital asset and equipment management
• Issues: Issue reporting and resolution tracking
• Analytics: Data insights and reporting dashboards

Key Management

• Luke Anear - Founder and CEO
• Alistair Venn - Chief Operating Officer
• Vinnie Giordano - Chief Technology Officer
• Rebecca Hall - Chief Marketing Officer

Investment Timeline

• 2012: $1 million seed round
• 2014: $6.1 million Series A led by Blackbird Ventures
• 2016: $23 million Series B led by Index Ventures
• 2018: $60 million Series C
• 2020: $35.5 million Series D at $1.3 billion valuation
• 2021: $73 million raise at $2.1 billion valuation
• 2023: $34 million raise at $2.7 billion valuation

• Valuation: $1.37B
• Industry: Enterprise Tech
• Investors: OneVentures, AirTree Ventures, AMP New Ventures
• Unicorn Milestone Date: 10/18/2023

About

Employment Hero is an Australian HR tech unicorn founded in 2014 and headquartered in Sydney. The company offers an all-in-one cloud-based HR, payroll, and benefits platform designed to simplify employment management for small and medium-sized businesses (SMEs). Achieving unicorn status in 2022, Employment Hero stands out among unicorn companies in Australia, with a valuation exceeding $2 billion.

Target Audience

Employment Hero primarily serves small and medium-sized enterprises (SMEs) globally, with a focus on businesses looking to streamline their HR processes, payroll management, and employee benefits administration.

Business Model

Employment Hero operates on a Software-as-a-Service (SaaS) model, offering its platform on a subscription basis. The company generates revenue through:

• Subscription fees for its core HR and payroll software.
• Additional fees for premium features and services.
• Commissions from employee benefit providers integrated into the platform.
• Fees from its InstaPay service, which allows employees to access earned wages early.

Key Offerings

• Cloud-based HR management system
• Automated payroll processing
• Employee onboarding and offboarding tools
• Performance management features
• Learning and development modules
• Employee benefits administration
• Time and attendance tracking
• Recruitment and applicant tracking system
• InstaPay (early wage access feature)
• Swag app (employee self-service mobile application)
• SmartMatch (AI-driven recruitment solution)

Key Management

• Ben Thompson - Co-founder and CEO
• Dave Tong - Co-founder and CTO

Investment Timeline

• 2018: Series B funding (amount undisclosed)
• 2021: $181 million Series E round, achieving unicorn status at $1.25 billion valuation
• 2023: $263 million Series F round, reaching a valuation of over $2 billion