Pheme

PHEME is an independent intelligence platform on Australian private and public capital.

Built for forward-looking investors, founders, deal makers and the broader tech ecosystem.

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We analyse the funding rounds, the exits and the capital formation behind Australian technology companies, from first round to listing, and how allocation decisions shape company formation and growth.

Pheme is the messenger that carries truth with speed and authority.

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  • We separate signal from the noise.

The Baseline

The Baseline, our venture funding report.

Funding rounds, exits, and the companies behind them. Published quarterly, for humans and LLMs to read, research and use.

Capital formation and concentration, by company

Which sectors capital is allocated into

Exits and outcomes

2026 Q1–Q3

Most capital went to AI infrastructure, and fewer companies raised

Australian startups announced c.A$6.9bn in the first three quarters of 2026. Most of it sits in 18 rounds of A$50M or more, and c.55% of the total went to one company. Beneath those figures, capital below A$50M was little changed at c.A$1.4bn, against A$1.3bn a year earlier, while fewer companies raised.

  1. A$6.9bn

    Announced, year to date

  2. 80%

    Of capital in 18 rounds of A$50M or more

  3. c.55%

    Of all capital went to one company, Firmus

  4. c.A$1.4bn

    Below A$50M, little changed against A$1.3bn a year earlier, while fewer companies raised

  5. 22

    Exits and outcomes, 8 of them insolvencies and wind-downs

Read the Baseline report

Team

Karen Chan
Karen Chan

Private-markets and crossover investor, adviser and board director. Previously a portfolio manager at Perennial and head of emerging companies at Investec, running venture capital and private growth investment. Earlier an M&A adviser, lawyer and investment banker at JPMorgan and Morgan Stanley. Australian Investment Council board member.

James Guo
James Guo

Engineer, operator and investor across public and private markets. Previously head of strategy at eBay ANZ, leading a three-year enterprise transformation. Earlier in corporate strategy and diligence at Bain & Company, covering FMCG, financial services, technology and private equity. Founder of Megaptera Labs, an end-to-end AI strategic intelligence and value creation firm.

As covered in Capital Brief

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