Seedchange combined the Commonwealth’s ESIC tax incentive with a disciplined fail-fast method. 28 Australian start-ups raised $53.7m and put their ideas to the test: the weak ones were closed quickly, the strong ones kept growing. Those companies are now valued at $372.9m.
Every start-up that launched and raised capital through Seedchange, including those that did not succeed. Select a heading to sort; use the buttons to filter.
| Biomedical — Operating | 2018 | $3,870,000 | $250,000,000 |
|---|---|---|---|
| Media platform — Operating | 2022 | $15,000,000 | $50,000,000 |
| Social platform — Operating | 2022 | $7,000,000 | $30,000,000 |
| Budgeting platform — Operating | 2024 | $550,000 | $20,000,000 |
| Global intellectual property protection system — Operating | 2023 | $1,600,000 | $15,000,000 |
| AI-powered sound engineering — Operating | 2023 | $2,250,000 | $2,500,000 |
| Engineered timber — Operating | 2020 | $900,000 | $1,775,000 |
| Modular van kits — Operating | 2020 | $700,000 | $1,136,970 |
| Nursery potting system — Operating | 2021 | $1,550,000 | $1,000,000 |
| Tree propagation and management — Operating | 2017 | $755,000 | $500,000 |
| Platform for independent tutors — Operating | 2022 | $10,000 | $500,000 |
| Robotic management solutions — Operating | 2023 | $350,000 | $250,000 |
| Tiny home design and build — Operating | 2021 | $1,800,000 | $150,000 |
| Mushroom grow systems — Operating | 2022 | $1,350,000 | $50,000 |
| Forestry management system — Wound up | 2022 | $3,500,000 | Nil |
| Retirement budget platform — Wound up | 2022 | $2,825,000 | Nil |
| Online actuarial system — Wound up | 2024 | $2,000,000 | Nil |
| Drug development — Wound up | 2022 | $1,730,000 | Nil |
| Holiday letting platform — Wound up | 2024 | $1,600,000 | Nil |
| Waste disposal system — Wound up | 2022 | $1,330,000 | Nil |
| Fractional real estate investment system — Operating | 2019 | $1,040,000 | Nil |
| Modular energy systems — Wound up | 2023 | $500,000 | Nil |
| Innovative investment structuring — Wound up | 2017 | $460,000 | Nil |
| Plant genetics and marketing — Wound up | 2019 | $400,000 | Nil |
| Mushroom grow system — Wound up | 2022 | $250,000 | Nil |
| Plant genetics — Wound up | 2017 | $150,000 | Nil |
| Wills and document register — Wound up | 2022 | $100,000 | Nil |
| Circular economy — Wound up | 2023 | $100,000 | Nil |
| Total 28 companies | $53,670,000 | $372,861,970 |
Measured against the capital invested rather than the tax offset, the start-ups are worth nearly 7 times what investors put in (7:1).
Notes. Figures are in Australian dollars as at 30/06/2025. “Invested” is the total capital raised by each start-up through the Seedchange program. “Current valuation” is based on directors' valuations; valuations are unaudited. Start-ups that have been wound up, or are being wound up, are shown at nil. “Incorporated” is the year the company was registered. Start-ups that registered with Seedchange but never traded or raised capital are not included. The early-stage failure norm of about 95% is the figure cited by the Government when the ESIC incentives were introduced in 2016.
The Commonwealth’s early-stage innovation incentive returns 20% of an eligible investment as a tax offset. Many people did not know it existed, or how to qualify. Seedchange guided each start-up through the ESIC self-assessment process.
Start-up equity is usually reserved for wealthy and professional investors. Seedchange brought ordinary taxpayers in, with entry from a small deposit and the balance financed, secured by personal guarantee and a charge over the new shareholding.
Funds raised were committed to an agreed five-year budget and released as agreed. Founders had enough to prove their idea, and investors had protection while they found out whether it worked and gained traction.
Following the Y Combinator principle, every start-up was focused on gaining traction quickly. The 13 that did not prove their innovation were wound up in an orderly way, while the 15 still operating are now worth $372.9m.
“Founders spend too much time on pitch decks and presentations instead of their business. Seedchange set out to cut through that, so founders could do what they do best while we took care of the administration.”