Tech Fast 50 winners defy economic challenges and higher costs of capital

21 November 2024: The winner of Deloitte’s 2024 Tech Fast 50 has demonstrated remarkable resilience in a challenging economic environment. Honey Insurance, which offers digital insurance solutions to customers, took out top spot after recording growth of 5,336%. Runners up were data-driven and AI-enabled digital property investment platform PropHero (2,403%) and payment rewards platform pay.com.au (2,256%).

The awards recognise and profile Australian tech companies – public or private – that have achieved the highest rates of annual revenue growth over the past three years. Many Tech Fast 50 alumni have scaled up to become local and global powerhouses, including Afterpay, Atlassian, Zip, EVSE, NEXTDC, Cettire, ModiBodi, Domino’s Pizza, Menulog, RSVP, Seek, JS Health, and Prospa.

The program – sponsored by ASX, Atlassian, Baker McKenzie and Workday not only celebrates the success of Australia’s fastest growing tech companies but also connects enterprise owners with potential investors, helping put businesses on the map, here and overseas.

This year’s winners achieved impressive growth in an environment where access to capital and investment have fallen. This year's focus has shifted from topline growth to sustained performance, with operational discipline and positive cash flow becoming key metrics for valuations.

Deloitte Technology Fast 50 Leader Josh Tanchel, said: “Capital costs have certainly impacted growth rates this year but the success of major capital raising by companies like Honey Insurance just goes to show the quality of the Tech Fast 50 list.

“This year’s entry-level growth percentage is lower than last year (123% vs. 264% in 2023), showing the impact of challenging economic conditions. It’s worth noting that the average growth rate remains high at 658% (though still down from 2023).

“NSW continues dominate the Tech Fast 50 winners list but there's notable growth in QLD and WA, showing a broader geographic spread of innovation and growth. It was also good to see an increase in female leadership, from 14% to 18%, indicating some progress towards gender diversity in tech leadership roles.

“The rise in Healthtech and Fintech sectors highlights the evolving landscape of the tech industry, with increasing investments and innovations in these areas.”

Deloitte Technology Sector Leader Bec McConnochie said: “The Tech Fast 50 awards shine a spotlight on the innovation, resilience and opportunity for Australia's tech sector. In a backdrop of economic challenges, declining productivity and higher capital costs, these trailblazing companies are not just navigating, but excelling.

“This year we showcase tech innovators who are setting new benchmarks and exemplify the strength and potential of Aussie tech innovation, demonstrating that with strategic investment and overcoming growth barriers, we can and are continuing to take Aussie tech innovation to the global stage, and adding to national prosperity.

“A new report from the Tech Council of Australia, 'From Research to Reality: Lifting Tech Investment in Australia', based on modelling provided by Deloitte Access Economics, shows increasing tech investment will bring substantial benefits to our economy and we look forward to seeing higher tech investment in R&D and tech adoption in coming years.”

Winners for 2024

Tech Fast 50

1. Honey Insurance - 5,336%
2. PropHero- 2,403%
3. pay.com.au - 2,256%

Leadership & Enterprise Growth

Companies with more than $50 million in revenue in the last reporting year and based on qualitative; leadership & enterprise growth criteria.

• Winner – Swoop – 72%

Rising Star

Fastest growing tech businesses in operation for less than three years.

1. Software at Scale – 2,356%
2. Evermed – 1,774%
3. Restack – 728%

Female Leadership

Recognises inspiring female leaders in founding or C-Suite roles in Australian tech companies.

• Winner – Cynthia Scott (Zip Group CEO & Managing Director)

Climate & Sustainability

Recognises climate tech companies for their commitment to positive climate action and contribution to Australia's journey to net zero.

• Winner – Ofload – 820%

State Champions

• VIC: pay.com.au - 2256%
• NSW: Honey Insurance - 5336%
• SA: Handy Finance - 228%
• QLD: Midnight Health - 1153%
• WA: Hola Health - 1521%
• NT: Dabble – 373%