750 ANZ startup funding rounds went unreported in 2025, Techboard finds
Australian data firm Techboard tracked 1100 startups that raised capital in 2025. Only 379 deals got announced publicly, totalling $5.2 billion. The other 750 raises never hit the news.
Techboard founder Peter van Bruchem has been scraping ASIC share issuance data since 2017 to find what does not get announced. His latest report confirms what sales teams already suspect: most funding rounds stay quiet. Founders do not want the attention, investors do not require press, and journalists do not cover every seed round.
What this means for sales prospecting
If you are using Crunchbase, PitchBook, or scanning TechCrunch for leads, you are missing two-thirds of the market. These unannounced raises are real companies with real budgets, but they are not in your CRM because they did not do a press release.
Techboard estimates over 2000 unannounced raises since 2018 in Australia alone. In 2023, they tracked $684 million in undisclosed fintech funding. Those are companies hiring AEs, buying sales tools, and scaling go-to-market, all while staying off the typical prospect lists.
The pipeline intelligence gap
Van Bruchem noted the trends in unannounced investments do not match publicly announced deals. Smaller rounds, certain sectors, and founders without PR teams tend to stay quiet. That creates a prospecting blindspot.
For sales teams selling into startups, this matters: your pipeline is incomplete if you rely on announced funding. ASIC data is public, but most sales intelligence tools do not pull it. Techboard does, which is why they have become the go-to source for ANZ investors tracking early-stage activity.
Worth noting: Techboard has not disclosed their own revenue, team size, or sales structure. They operate as a research-focused analytics platform, not a scaled SaaS business. No CRO, no VP Sales listed, just van Bruchem and a data team digging through regulatory filings.
Full report available at techboard.com.au. If you are prospecting ANZ startups, it is worth the read. Your competitors probably are not using it yet.