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.
November 25, 2013 Comments Off on The Money in Music
The Money in Music
One of companies at the forefront of digital music is Spotify, a fast growing commercial music streaming service from Sweden that has become quite popular in Europe and the US. Last week, Spotify received $250 million in funding from Silicon Valley’s Technology Crossover Ventures to accelerate its growth globally. The funding has pushed Spotify’s valuation to nearly $4 billion. According to sources, Spotify is aiming to introduce its service into new territories, including Japan. The long-term challenge for Spotify is to create a profitable model after paying out royalties. With massive loses in the past years, critics have accused the company of focusing on a drive towards an IPO or trade sale in lieu of creating a long-term sustainable model.
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