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THEY’RE THE SMALL COMPANIES THAT ARE THINKING BIG

AUSTRALIAN start-ups are creating everything from non-alcoholic skinny margaritas and fitness apps that unlock cryptocurrency rewards to grocery and alcohol deliveries that happen in minutes. And they’re winning international recognition and huge financial support for their efforts, with more than $10bn invested in new Aussie ventures in 2021 — more than three times as much as the previous, record-making year.

In part two of our look at Australia’s 50 top start-ups, we highlight companies with fewer than 100 employees that are still privately owned and ranked on their influence by Crunchbase.

25 LYRE’S SPIRIT CO Founded: 2019 Investment: $53m Founders: Carl Hartmann, Mark Livings

Proof that mocktails are big business can be found in this start-up that has raised more than $50m in investments and now sells nonalcoholic spirits in 60 countries. The company’s products range from non-alcoholic absinthe to American malt and can be bought in sets to create virgin cocktails such as martinis and margaritas.

24 MAPLE FINANCE Founded: 2020 Investment: $2.7m Founders: Joe Flanagan, Sidney Powell

This Melbourne start-up uses blockchain technology to connect businesses that want to borrow cryptocurrency with those who want to lend it. Maple Finance won $2.7m in funding over two rounds for its peer-to-peer DeFi system after its creation by former NAB executive Sidney Powell and former adviser Joe Flanagan.

23 OWNHOME Founded: 2020 Investment: $31.1m Founders: James Bowe, Tim Harley

What if the money you paid in rent helped pay for your home? That’s the question asked by this start-up that buys homes on behalf of its customers, counts “rent” towards equity and lets them buy it back at an agreed value, plus interest, within seven years. OwnHome won $31m in Series A funding in 2022, and operates in Sydney, Newcastle, Wollongong, Brisbane and the Gold Coast.

22 ALL G FOODS Founded: 2020 Investment: $16m Founder: Jan Pacas

All G Foods is not just developing alternatives to meat but dairy products, too. The brainchild of 2015 chief executive of the year Jan Pacas, it secured $16m in seed funding and has also attracted investment from Woolworths, started shipping products to Singapore and Thailand this year, and has plans to expand into China. Its plant-based arancini balls launched in Woolworths supermarkets in June.

21 VOW Founded: 2019 Investment: $6.8m Founders: George Peppou, Tim Noakesmith

Vow promises to develop the next generation of meat by cultivating it from animal cells rather than animal farms. The Sydney-based initiative is currently investigating 11 meat products, and says cells can go from Petri dish to plate in as little as six weeks. The meat, they say, will introduce a new category of sustainable food.

20 CAPE Founded: 2020 Investment: $33.1m Founder: Ryan Edwards-Pritchard

This start-up, which raised $33.1m in pre-seed funding, is dedicated to helping other businesses succeed without being weighed down with financial administrative tasks. The company’s software is designed specifically to make business expenses easier to manage. The company boasts 18 staff members across three countries.

19 CARMA Founded: 2021 Investment: $103m Founders: Lachlan MacGregor, Yosuke Hall

Perhaps karma was involved in the fortuitous launch timing of this startup that’s designed to help buyers navigate a tricky second-hand car market. The company, which secured $75m Series A funding, buys cars, inspects and reconditions them and lets shoppers take a closer look online. The start-up is currently in Sydney, with plans to expand to Brisbane and Melbourne.

18 OMNISCIENT Neurotechnology Founded: 2019 Investment: $60m Founders: Michael Sughrue, Stephane Doyen

“Google Maps but for the brain” is how chief executive Stephen Scheeler describes this start-up that uses tech tools such as artificial intelligence and machine-learning with an MRI scan to create a personalised brain map for doctors. It’s hoped these maps could be used to treat conditions including strokes and autism.

17 PYN Founded: 2019 Investment: $13.5m Founders: Jon Williams, Joris Luijke

Making human relations more relatable is the goal of this successful start-up, run by business veterans Jon Williams and Joris Luijke. The company provides targeted and customised communications for employees, based on their specific role or position, for example. The company’s $10.4m seed funding round was led by Silicon Valley venture capital firm Andreessen Horowitz.

16 MILKRUN Founded: 2021 Investment: $86m Founder: Dany Milham

Created for much more than just milk, this speedy service is designed to deliver groceries to customers in minutes rather than days. Milkrun, which operates in 50 suburbs across Sydney and 26 in Melbourne, was created by Dany Milham, who co-founded bedding brand Koala, and has hired more than 1000 e-bike delivery riders. The start-up recently launched alcohol deliveries.

15 OFLOAD Founded: 2020 Investment: $27.5m Founders: Geoffroy Henry, Thomas Andersson

Uber manages cars on the road and Ofload is doing something similar for trucks. Funded by three successful rounds, this Sydney start-up uses its digital platform to connect shippers to carriers in a bid to eliminate waste. It now boasts more than 15,000 trucks, 1600 carriers and 55 big-name clients.