Proudly, many Australian startups have achieved success both domestically and globally. These startups didn’t have an easy beginning, but through updates and improvements, they have become highly sought-after solutions in their respective industries. Let’s take a look at a list of eight startups in Australia and see what we can learn from.
1. Canva
About Canva
- Founder: Melanie Perkins, Cliff Obrecht, Cameron Adams
- Founded in 2013
- Headquarters: Sydney, Australia
- Worth: AUD55 Billion
Canva is an online graphic design and publishing platform that allows users to create different types of visual content. It’s like a one-stop shop for both individuals and businesses offering a wide range of templates, allowing users to create customised graphic designs in the easiest way. Canva soon becoming an integral tool for content creation in various industries.
Highlight numbers
Canva had attracted over 750,000 users within a year after launch and now gained an enormous 75 million users in over 190 countries.
Canva was valued at $US40 billion in the external funding round in September 2021, but it suffered markdowns to $US25.6 billion last year valued by Blackbird
Business model
Though Canva is built around a “freemium” business model, the company makes money in various ways:
- Canva Pro Subscription
- Canva for Enterprise
- Canva marketplace
- Design school
2. 99designs
About 99 Designs
- Founders: Max Harbottle & Matt Michkiewicz
- Founded: 2008
- Headquarters: Melbourne, Australia
- Industry: Freelancing & Crowdsourcing
99designs is an online platform where you can find designers for clothing and merchandise, art, illustration and so much more. It’s the place for you to turn your design idea into a real product. 99designs has boomed in Australia in the short term with a good UX, no geographical restrictions, fast services, and satisfied customer service
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The site had 175,000 designers in over 190 countries by 2012. In 2011, the company received US$35 million in financing and other investors. The company officially became profitable in 2017, and in February 2018 reported $60 million a year in revenue
Business model
99designs applied the peer-to-peer business model that connects designers and clients and takes a commission in each transaction. They also provide design contest packages for businesses to receive lots of creativity from multiple designers. For each contest, 99designs takes a 5% commission which is the main source of revenue.
3. Lendi
About Lendi
- Founded: 2013
- Founder: Martin Lam
- Headquarters: Sydney, NSW, Australia
- Industry: Financial Service
Lendi is Australia’s number-one online home loan platform. It allows users to search, select, and settle home loans online with the best rates and support.
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Lendi has captured 1% of the third-party home loan market, with aspirations to reach 5% within 5 years
Based on the online home loan platform and broker franchise network, the Lendi group secured $33billion in settlements and reached 35% year-on-year growth during FY22
Business model
Lendi is paid commissions by lenders for introducing customers once it is settled and drawn down
4. Employment Hero
About Employment Hero
- Founded: 2014
- Headquarters: Sydney, NSW, Australia
- Founder: Ben Thompson
Employment Hero is an HR software for SMEs to easily manage HR payroll, employee engagement, and benefits. It’s a great assistance in reducing paperwork and delivering the best employee allowances.
Highlight numbers
Employment Hero announced that it has raised AUD45 million, bringing its valuation to more than $250 million AUD.
Currently, Employment Hero serves around 6,000 SMEs with more than 250,000 employees
Business model
Employment Hero offers a free version with basic functions. Also separated into different packages for each purpose including HR, Payroll, Calculate, and for the Global team with custom pricing subscriptions that suit businesses
Read more: Top 8 Startup Accelerators and Incubators in Sydney, Australia
5. Atlassian – Trello & Jira
About Atlassian
- Founded: 2002
- Founders: Make Cannon-Brookes, Scott Farquhar
- Industry: Software Development
Atlassian offers businesses of all sizes tools and software for bug tracking and task management. Jira and Trello are the most popular products of Atlassian applying the agile methodology to deal with projects in the simplest way
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Atlassian recorded a revenue of $2.1 billion, more than 230,000 customers from 190 countries in 2021. Starting from a $10,000 credit card, the two founders have raised share market value reached US$100 billion in September 2021.
Business model
Most Atlassian products apply the freemium business model that offers a free plan for individuals or small groups. Then, scale up the scope and function for further demand.
6. Envato
About Envato
- Founded: 2006
- Founders: Collis Ta’eed, Cyan Ta’eed, Jun Rung
- Industry: Online marketplace
Envato is a publishing platform that allows buyers and sellers to transact creative products such as website themes, sounds, video templates, graphic design, etc.
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The financial growth story of Envato is truly remarkable. In 2014, it recorded a pre-tax profit of $33 million in the United States for the fiscal year. By the end of 2017, the total revenues of the Envato Market community had exceeded a remarkable $750 million.
As early as 2019, Envato’s valuation was estimated to be over one billion dollars.
Business model
Envato offers 3 subscriptions for individuals, teams, and enterprises for unlimited creative asset downloads. It also charges fees for authors depending on the items’ value. The fee ranges from 12.5% to a maximum of 37.5%
Read more: Top Software Companies in Australia to Become Partner
7. The Iconic
About The Iconic
- Founded: 2022
- Founders: Adam Jacobs, Finn Age Haesel, Andreas Otto
- Industry: Fashion/Ecommerce
The Iconic is known as Australia’s most successful online retailer of fashion and lifestyle
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By December 2018, the company announced a revenue of $370.5 million, surpassing its 2016 revenue by more than double. A recent survey unveiled that 15 percent of households choose to shop on The Iconic’s website. Evolving from a startup to a multi-million dollar fashion empire within the Global Fashion Group, the company now caters to over 17 million individuals
Business model
The Iconic allows sellers to sell and promote their products by advertising and sponsoring programs. It also builds partnerships with brands to create a win-win strategy
8. HealthEngine
About HealthEngine
- Founded: 2006
- Founders: Marcus Tan, Adam Yap
- Industry: Healthcare
Health Engine is a web portal that operates as a booking platform, enabling patients to schedule appointments with trained physicians around the clock, every day of the week
With the goal of enhancing the quality of patient care, Health Engine has brought together a team of experts from various fields. Currently, the platform facilitates appointment scheduling in diverse areas such as general practice, dentistry, psychological counseling, and physiotherapy
Originally conceived as a compilation of medical service providers, Health Engine swiftly transformed into an innovative online booking platform
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Everything started in 2010 when two developers began building the platform. Since then, the team has grown to a hundred people. HealthEngine’s money coming in has tripled every year, showing how fast they’re growing
In 2012, their website has helped with over 8 million appointments. Their app has been downloaded more than 500,000 times, which is pretty impressive
Recently, this Aussie startup has 7,500 registered healthcare providers. They’re offering their services to 3.9 million folks who’ve signed up for the program
Business model
HealthEngine has different sources of revenue, mostly from practitioners. The practitioners need to pay for the Services, including Subscription Fees, Transaction Fees, and any other fees set out in the Form or agreed to by the parties.
In addition, there’s a free listing option that provides basic networking and support. For those looking for a broader network and top-notch support, HealthEnging’s paid subscriptions are available.
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