Construction tech start-up HammerTech, restaurant ordering platform Mr Yum and car booking website Carbar are among nine startups identified by the Victorian government’s start-up agency LaunchVic as part of a new program to help unicorn companies get there.
A “unicorn” refers to a startup hitting a $1 billion valuation.
The state has produced 20 startups in recent years that have achieved a $1bn valuation, including A Cloud Guru, CultureAmp, MessageMedia, Airwallex and Afterpay.
To qualify for the program, inclusion criteria must include 50 full-time employees, an estimated value of $30 million to $200 million, monthly revenue of at least $1 million per month, or one venture capital fund raising more than $5 million. .
Three four-month programs will take place between 2022 and 2024, and the first cohort is leaving three months after LaunchVic announced the program in March.
Nine startups have been selected for 30X30, LaunchVic’s new program to help 30 Victorian companies achieve unicorn status by 2030. Additional teams will be named in 2023 and 2024.
To help get there, consultants from unicorn ventures like Atlassian, Canva, Bumble, and SafetyCulture with experience of scale in areas like HR, Operations, and Finance work together to address those business fundamentals.
Other participants included infrastructure company Buildkite, healthtech ventures Nutromics and Seer Medical, “death tech” cadaver startup Bare, internship marketplace InternMatch and luggage business July rounded out the nine startups.
HammerTech is the market leader in construction works and HSEQ management software.
In the year Founded in 2015 and now has over 350 clients, both domestically and internationally, serving 80% of the top 100 contractors in Australia and New Zealand.
Hammer Tech CEO Ben Leach is delighted to be recognized for the potential of its Melbourne headquarters.
“As HammerTech continues to scale, respond to customer needs and innovate our platform, the LaunchVic program provides an invaluable support network of people and resources to guide our journey. Mentoring and learning programs for our operations team and connections made through the 30X30 program are already paying dividends,” he said.
“Our mission is to help make construction sites safer and more productive worldwide and we appreciate LaunchVic supporting us in these efforts.”
Mr. Leach said trust and reliability are key factors driving HammerTech’s success, and the company has completed more than two million employee incentives on the platform.
“We support multi-billion dollar construction projects worldwide,” he said.
“We will continue to invest and innovate to ensure we are the software provider of choice among Australian construction companies.”
Hospitality-focused ordering and payment platform Mr Yum is perhaps the closest to hitting a unicorn, having raised $89 million in Series A funding from US VC Tiger Global last November.
The deal is the country’s third largest Series A and sets a new benchmark for a woman-founded company in Australia. It has followed up with $11 million since seeding six months ago.
Des Hang’s Carbar In February, $28.9 million was led by insurance giant IAG and Seven West Media. After raising $16.8 million in 2019.
Hang said he was honored to continue building his business alongside some of the true innovators in Victoria. “Carbar will get there. Running a successful start-up is often about timing. We are now well positioned to help Australians transition from combustion engine cars to electric vehicles in the next decade,” he said.
“This program is a positive step in increasing regional government support for the ecosystem and targeting it directly where it has the greatest impact.”