Federal government is considering exempting startups from its proposed capital gains tax overhaul after weeks of industry backlash. The change would replace the 50% CGT discount with cost-based indexation from July 2027, materially increasing founders' tax bills on exit. Ministers are working through eligibility criteria, potentially using existing startup incentive frameworks.
The federal government has axed its Startup Year program after attracting just 8 participants from a target of 2,000 annual loans. The scheme offered HECS-style funding for university students in startup accelerators. $80,000 was drawn down before the May budget killed it.
Canberra ag-tech startup Goterra, backed by Mike Cannon-Brookes' Grok Ventures in an $8 million Series A, has appointed administrators. The insect-waste processing company says it has working tech and contracted customers but ran out of runway chasing growth capital. Teneo is pursuing a going-concern sale.
The Victorian government has axed its Startup Year program, which burned $15.4 million over four years to attract just eight participants. The scheme offered HECS-style loans for university students joining startup accelerators. It was meant to support 2,000 students annually.
Nine Entertainment offloaded youth publisher Pedestrian to Vinyl Group for nominal consideration after spending $49M over a decade. The deal signals continued media sector contraction, with implications for digital sales teams as legacy publishers shed non-core assets. No headcount or sales org details disclosed.
AI company Anthropic raised $65B at a $965B valuation and filed for IPO, four years after founding. The company is doing $47B in annualized revenue with 5,000 employees: $9.4M per head. That is 4x what Apple and Google generate per employee, and it breaks every assumption about how enterprise software scales.
Seven ANZ startups closed deals totaling $17 million in early June. QuantX Labs led with a $7 million seed round for quantum sensing tech sold to Defence. Two startups headed to Y Combinator. Socceroo Tim Cahill joined one as investor and advisor.
Swedish AI startup Lovable crossed $400M ARR with under 200 employees. That is over $2M per head. No traditional sales team. No VP titles. Head of Growth Elena Verna says feature differentiation is dead and the new moat is brand, not product. Worth watching if you are in B2B SaaS sales.
Australia's largest startup community changed hands this week. ASX-listed Scalare Partners bought Fishburners from voluntary administrators and is moving the operation to Tank Stream Labs. CEO Majella Campbell is stepping down after 15 months trying to stabilise the business.
Nitrosend closed $700k seed led by Eastend Ventures. Founders Edward and George Hartley previously built and sold SmartrMail to Relay Commerce in 2022. The AI email platform landed 190 users since April launch, targeting SMB market with agent-based workflow automation.
Seven ANZ startups closed funding this week, totalling $17 million. South Australian quantum sensing startup QuantX Labs led with a $7 million seed round from Serendipity Capital. Two startups are headed to Y Combinator in San Francisco.
ASX-listed Scalare Partners acquired Fishburners brand and IP after the Sydney startup hub collapsed under $2 million in rent arrears to NSW government. Cash-only deal adds third coworking asset to Scalare's accelerator portfolio. No employees transferred, no liabilities assumed.