January 20, 2014 Comments Off on A Bright Start for Aussie Startups
A Bright Start for Aussie Startups
Australia has not always been a hub of tech activity. Not long ago, many of Australia’s tech entrepreneurs lamented that the best way to succeed was to leave Australia and set up business in Silicon Valley, the land of promise for tech businesses. They argued that the market in Australia was too small, that there were no big tech companies making it outside of the country, and that there were few opportunities with local VCs.
Now all that is changing. The long winter is over and Australia’s tech scene is blossoming. Today, the country’s startup scene is heating up as local and global VCs infuse serious cash in Australian startups. Last week alone, seven successful deals were reported. SiteMinder received $30 million from Technology Crossover Ventures, a US venture firm, to fuel its global expansion. Six other companies – Unicorn Media, 1Form, PRM Cloud Solutions, SpeedySparrow, CN GROUP, and ATPNet (customer base and trademark) – were acquired, by international and domestic players.
Australia may not have a robust ecosystem as Silicon Valley, but it’s truly on its way to finding its place in the tech world.
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