How Many Unicorns Does Australia Actually Have? The Complete 2024 Breakdown

Australia’s startup ecosystem has been quietly building momentum. While the country is known for innovation—from Google Maps to cochlear implants—many overlook the growing number of high-value tech companies emerging from the nation. So exactly how many unicorns in Australia exist today?

The Numbers: Where Australia Stands

As of 2024, Australia has eight confirmed tech unicorns according to major venture tracking databases. This places the country in a modest position globally—far behind the US (roughly 54% of all unicorns) and China (14%), but comparable to other developed markets.

To put this in perspective: Australia has the 13th largest economy worldwide with approximately 2.6 million actively trading businesses. Yet the unicorn count remains relatively limited. India leads smaller markets with nearly 6% of global unicorns, while the UK holds just over 4%. For a nation of Australia’s economic scale, there’s clearly untapped potential.

The Eight Australian Unicorns You Should Know

The Market Leaders

Canva stands as Australia’s most valuable tech unicorn, valued at AU$25.4 billion. Since debuting in the unicorn club in January 2018, the graphic design platform has become a household name. Founders Melanie Perkins, Cliff Obrecht and Cameron Adams built something that captured mass-market appeal—a stark contrast to many B2B unicorns. Major backers include Sequoia Capital China, Blackbird Ventures and Matrix Partners.

Airwallex achieved a unique milestone: it’s the fastest Australian startup to reach unicorn status, doing so in March 2019 after launching in Melbourne and relocating to Sydney. Now valued at AU$5.5 billion, the cross-border payments platform directly challenges traditional banks by offering cheaper international transaction solutions. Investors like DST Global, Sequoia Capital China and Tencent Holdings recognized the potential early.

The Specialists

Immutable operates in the digital asset space, valued at AU$2.5 billion. The Sydney-based company focuses on gaming commerce and asset ownership through its ImmutableX NFT platform. This positions it uniquely in a specialized but growing market.

Go1 commands AU$2 billion in valuation while dominating the corporate learning and development sector from Brisbane. The platform serves enterprises seeking scalable online training solutions. Backers include Y Combinator, M12 and SEEK.

SafetyCulture has quietly built a AU$1.7 billion business around workplace safety and compliance. Founded in Townsville in 2004 by Luke Anear, the company now manages 600 million safety checks annually across 65,000 customers. IndexVentures, Tiger Global Management and Blackbird Ventures support its growth.

Employment Hero delivers HR software valued at AU$1.37 billion, targeting mid to large enterprises with integrated payroll, benefits, contracts and accounting functions. OneVentures, AirTree Ventures and AMP New Ventures are key stakeholders.

Culture Amp serves as an employee engagement platform used by over 6,000 companies globally, including Canva, Etsy, Oracle and McDonald’s. Its AU$1.5 billion valuation reflects the corporate HR tech boom. Major investors include Blackbird Ventures, IndexVentures and Felicis Ventures.

LinkTree provides a simple but effective solution—centralized landing pages for social media links. With dual headquarters in Melbourne and Sydney, the company is valued at AU$1.3 billion and backed by AirTree Ventures, Insight Partners and Index Ventures.

Pet Circle, the final member of Australia’s eight, rounded out the list in December 2021. The nation’s largest online pet retailer has reached AU$1 billion in valuation, supported by Prysm Capital, Baillie Gifford and TDM Growth Partners.

The Next Wave: Emerging Australian Unicorns

Beyond the established eight, several “soonicorns”—startups approaching unicorn status—deserve attention.

Zeller is rapidly growing in fintech, providing payments and financial services infrastructure. Headline leads investment rounds.

Cover Genius addresses insurance distribution for e-commerce and travel sectors, with European VC Dawn Capital as a lead backer.

Dovetail combines IT solutions with customer research software, attracting investment from Accel—the same firm backing Meta, Slack and Dropbox.

Why Australia Lags Behind on Unicorn Production

Despite having the infrastructure and talent, Australia faces structural challenges. A Startup Genome report analyzing global ecosystems found only two Australian cities in the top 40: Sydney at 20th place and Melbourne at 36th. Sydney dominates Oceania’s startup landscape, hosting the majority of Australia’s tech ventures.

The primary constraints? Lack of sufficient venture capital, geographic isolation from major markets, and a smaller talent pool compared to Silicon Valley or Beijing. Australia hasn’t yet developed the self-reinforcing ecosystem that propels dozens of unicorns annually in leading regions.

Where to Find the Next Unicorn

Investors hunting for future unicorns should focus on four categories: fintech, e-commerce, artificial intelligence/robotics and health tech. Tracking rapid user growth, monitoring Australian Securities and Investments Commission filings and following media coverage of emerging startups provides early signals.

The unicorns that succeed often aren’t just solving existing problems—they’re creating new niches and capturing first-mover advantage. Analyzing growth velocity and market capture rates often separates potential unicorns from the rest.

The Path Forward for Australian Tech

Australia remains at a crossroads. With 13th-largest global GDP and a proven capacity for innovation, the country has all ingredients for accelerating unicorn production. The question isn’t whether more unicorns will emerge, but whether government policy, venture funding and talent retention can create the ecosystem needed to compete with leading innovation hubs worldwide.