Australian Tech Startups Flourishing as Unicorns
In a recent update from Startup Genome, Sydney has been identified as Oceania's largest tech ecosystem, with the majority of Australia's tech startups based in the city. This dynamic environment has given birth to several tech unicorns and promising "soonicorns" that are set to make waves in the coming years.
Currently, Australia's tech unicorn landscape includes well-known names such as Canva, Atlassian, Afterpay (acquired by Block but originally Australian), Wise/TransferWise (with ties to Australia), SafetyCulture, Culture Amp, Airtasker, and Canva-backed Loom, among others. These scale-ups represent various sectors, from design software to fintech, demonstrating the diversity of the Australian tech ecosystem.
As we look towards the future, several emerging tech unicorns and "soonicorns" are worth keeping an eye on. These high-growth companies are making strides in sectors such as AI/ML, deep-tech, proptech, healthtech, and HRtech.
One such company is Employment Hero, a human resources technology (HRTech) platform with strong market traction and scale, making it a prime candidate for becoming a soonicorn. PropTech vertical SaaS companies like PropHero, which is attracting significant funding and AI adoption in property matching and financing, could also reach unicorn scale given recent capital flows.
Healthcare booking and telehealth platforms are another area of interest for investors, with leading Australian startups in these sectors being definite soonicorn candidates. Deep-tech companies like Morse Micro, a semiconductor company specialising in Wi-Fi HaLow, are also emerging leaders in the deep-tech sector, with the potential to scale in value if product adoption increases.
AI/ML-led vertical SaaS companies, such as those offering specific industry solutions like SafetyCulture's AI templates, retail AI like HIVERY, and compliance automation, are frequent soonicorn candidates in 2025. The Australian fintech sector also continues to produce unicorns and strong exits, with current mid-stage fintechs worth watching for near-unicorn trajectories.
Lastly, Brisbane and regional deep-tech startups, supported by government programs and growing ecosystems, are in the "watch" category for becoming soonicorns.
With growing VC and institutional flows, Australia's tech ecosystem is highly capital-efficient, and deep-tech and AI are major focuses for new funding. Sectors like healthcare booking platforms, HRTech, proptech, and deep-tech (connectivity/IoT) are strong in Sydney and Melbourne hubs. Geographic clustering, investor momentum, and capital efficiency make these sectors and companies prime candidates to watch in the coming years.
For those interested in tracking and verifying potential Australian tech unicorns, researching media coverage and Australian Securities and Investments Commission filings can provide valuable insights. Organisations like Startup Genome and CB Insights regularly publish updates on Australia's tech ecosystem, making it easier to stay informed about the latest developments.
As of the publication date, Australia has eight tech unicorns, according to CB Insights. These include Canva, valued at $25.4 billion, the seventh most valuable tech unicorn on the list, and Airwallex, the fastest Aussie startup to achieve unicorn status, valued at $5.5 billion.
In conclusion, Australia's tech ecosystem is vibrant and dynamic, with a promising future on the tech unicorn totem pole. Keep an eye on these emerging tech unicorns and "soonicorns" to watch in the coming years.
Investors might consider exploring cannabis investing opportunities within Australia's tech ecosystem, given the growing number of highly promising tech companies on the rise. These include AI/ML-led vertical SaaS companies, deep-tech companies, healthcare booking and telehealth platforms, and proptech ventures, all of which demonstrate strong potential for growth and could benefit from advancements in technology.
Moreover, as technology continues to play a significant role in driving growth within the Australian tech ecosystem, it could open doors for innovative investment strategies, such as cannabis investing, to support the development of future tech unicorns and "soonicorns."
