A sky-high level of startup scaling last year has been revealed in the latest Deloitte Tech Fast 50 list, with the minimum growth rate to qualify more than doubling to 302 per cent.
Monarc Global, an automated pricing software for aircraft, took out the top prize with 6,331 per cent growth, edging ahead of retail media platform CitrusAd which grew by 3,095 per cent, and nuclear medicine company Telix Pharmaceuticals (ASX: TLX) whose revenue was up 2,573 per cent.
The recognition is another string in the bow for CitrusAd founder Brad Moran after winning the Australian Young Entrepreneur Award - Digital Disruptor 2021, in a year when he also took home the same award in Brisbane and sold his business to French conglomerate Publicis Groupe.
Telix was the only company in the top four that is not headquartered in Brisbane, and indeed half of the Top 10 call the Queensland capital home.
In 19th place, LSKD is founded and led by Jason Daniel, who won the Gold Goast Young Entrepreneur of the Year Award 2021.
NSW dominates the list overall however with 48 per cent of the companies, followed by 28 per cent for VIC, 14 per cent for QLD, 8 per cent for WA and 2 per cent for SA.
In terms of sectors, 15 companies are in the online direct-to-consumer space, eight are in software, eight are fintechs, seven are digital media companies, six are in communications and six are in health technology.
Technology Fast 50 Leader, Deloitte partner Josh Tanchel, says 2021 was a tough year for so many in so many ways, but it was a record-breaking one for the Techynology Fast 50.
"Making the top 50 was harder than ever. Nominations doubled from 2020, and the minimum percentage for entry onto the list hit 302 per cent – up from 145 per cent in 2020," Tanchel says.
"The average growth rate for our top 50 companies also skyrocketed, to 936 per cent, compared to 435 per cent in the prior year, and 14 companies achieved more than 1,000 per cent growth.
"And we’ve seen a big increase in the number of new entrants to the list, with 40 first-timers compared to 10 repeat entrants – another pointer to how quickly companies are scaling thanks to the power of technology."
Of the 50 companies featured, nine have either been finalists or winners in the Business News Australia Young Entrepreneur Awards, and almost a third are listed on the ASX.
Companies must have minimum cumulative revenues of $8 million over a three-year period to qualify for the list, now in its 21st year and sponsored by ASX, DLA Piper and NAB.
As Monarc Global has a female co-founder with Monica Zagrodny, the company also won the list's Female Leadership category, ahead of runners-up Coviu, led by CEO and co-founder Silvia Pfeiffer, and Complete Home Filtration with Suzanne Dodds as its founder and managing director.
"In an industry deeply impacted by the pandemic, overall winner Monarc Global has shown how innovation and technology can fast-track growth. And with a female co-founder, Monarc also takes the Female Leadership category, the first time a company has won both," Tanchel says.
The report also notes 12 companies in its report (including Rising Stars that didn't make the Top 50) are either female-led or founded, also including Our Money Market co-founder Crystal Anderson, Leap in! co-founder Robyn Batten, LVLY co-founders Hannah Spilva and Verity Tuck, Envirosuite (ASX: EVS) co-founder Kristin Zeise, Toast VR founder Toni Eastes, and Babyboo Fashion founder Argylica Conditsis.
The report's Rising Star list also included female-founded companies Evrima Technologies and Karista, founded by Charlotte Bradshaw and Danielle Bodinnar respectively.
Monarc joins an impressive list of businesses previously recognised by the program including Seek, realestate.com.au, Altium, ninemsn, iiNet, Atlassian, RSVP, Red Balloon, Webjet, NextDC, Modibodi, Afterpay, Menulog, Dodo, Vinomofo, and Zip.
"Yet again, the Technology Fast 50 is a strong indicator of where Australia’s technology sector is now, where it’s heading, and the businesses that are taking us there," Tanchel concludes.
The Top 50 fastest growing tech companies in Australia are:
- Monarc Global (Growth 6,331%)
- CitrusAd (Growth 3,095%)
- Telix Pharmaceuticals (ASX: TLX) (Growth 2,573%)
- Compono (Growth 1,999%)
- Cluey Learning (ASX: CLU) (Growth 1,662%)
- Coviu (Growth 1,569%)
- Cettire (ASX: CTT) (Growth 1,518%)
- Muval (Growth 1,339%)
- STAKESHOP (Growth 1,287%)
- Tesserent (ASX: TNT) (Growth 1,181%)
- Fresh Clinics (Growth 1,163%)
- Tangerine Telecom (Growth 1,139%)
- Mosh (Growth 1,087%)
- Manettas Seafood (Growth 1,082%)
- Fliteboard (Growth 978%)
- Complete Home Filtration (Growth 954%)
- Leap in! Australia (Growth 907%)
- Cloudwerx (Growth 900%)
- LSKD (Growth 882%)
- OurMoneyMarket (Growth 840%)
- Wisr (ASX: WZR) (Growth 795%)
- PhoenixDX (Growth 765%)
- MyDeal.com.au (ASX: MYD) (Growth 671%)
- Open (Growth 629%)
- LVLY (Growth 626%)
- Envirosuite (ASX: EVS) (Growth 582%)
- SelfWealth (ASX: SWF) (Growth 554%)
- InDebted (Growth 550%)
- Toast VR (Growth 546%)
- Pentanet (ASX: 5GG) (Growth 516%)
- Data Zoo (Growth 495%)
- Spirit Technology Solutions (ASX: ST1) (Growth 492%)
- Prezzee (Growth 487%)
- Simply Wall Street (Growth 486%)
- Babyboo Fashion (Growth 476%)
- My Muscle Chef (Growth 458%)
- Linktree (Growth 445%)
- The Market Herald (ASX: TMH) (Growth 441%)
- Cube Online (Growth 427%)
- Mable (Growth 394%)
- Nuheara (ASX: NUH) (Growth 384%)
- Camplify (ASX: CHL) (Growth 381%)
- Zip (ASX: Z1P) (Growth 379%)
- DroneShield (ASX: DRO) (Growth 360%)
- Seer Medical (Growth 360%)
- NO-BS Marketplace (Growth 352%)
- Eighty20 Solutions (Growth 333%)
- Propel Ventures (Growth 318%)
- Solbari (Growth 310%)
- Appetiser Apps (Growth 302%)
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