Scalare Partners lines up $5m raise after Fishburners distressed buy
ASX-listed startup platform Scalare Partners (ASX: SCP) secured binding commitments for a $5 million convertible note facility after completing its acquisition of Fishburners in June 2026.
The Fishburners deal was a distressed buy. Scalare purchased the brand, programs, IP and community assets after Fishburners entered voluntary administration in May over unpaid rent to the NSW government. No employees transferred. No liabilities assumed. The purchase price was not disclosed and described as "not material" to Scalare's finances.
The numbers
Scalare held $1.82m cash at 30 June, up from $468k the previous quarter. Customer receipts hit $5.29m in Q4, flat on the March quarter but up significantly from $639k twelve months earlier. The jump reflects acquisitions including Tank Stream Labs.
Statutory operating cash flow showed $2.71m, boosted by $2.49m in landlord incentives for office fitouts. Strip those out and underlying net cash outflow was $561k for the quarter.
What Scalare is building
CEO Carolyn Breeze is rolling Fishburners into a national founder platform alongside Tank Stream Labs, Tech Ready Women and Australian Technologies Competition. The pitch: 40,000+ founders in the database, 10,530+ startups supported across portfolio brands. Those figures are company-reported, not independently verified.
Scalare exited Fishburners from the government's Tech Central facility as part of the deal. Plans include Sydney and regional hubs, relaunch of Pitch Nights, and a proposed Fishburners Investment Vehicle.
Market context
Scalare competes with Stone & Chalk, BlueChilli and local accelerator networks in Australia's early-stage startup support ecosystem. Fishburners was one of the country's best-known founder communities before administration.
The $5m raise appears to be for growth or balance-sheet flexibility rather than funding the Fishburners acquisition itself. Public sources do not show current headcount, sales team size or revenue breakdown.
For sales professionals in the startup services or venture ecosystem: this is consolidation in the founder support market, not expansion. No new sales roles announced.