Latest updates for ANZ sales professionals
Victoria raised $2.2B in venture capital across 134 deals in 2025, overtaking NSW for the first time. The catch: mega-rounds drove growth while sub-$5M deals dropped from 87 to 66. Median Series B+ climbed to $40M, up from $17M.
Sydney telehealth startup Eucalyptus sold to NYSE-listed Hims & Hers for $1.6 billion, three times its 2023 valuation. The deal includes $340 million upfront, earnouts through 2029, and signals continued consolidation in digital health. Worth noting: Eucalyptus was burning cash with a $15 million loss in FY2024 despite $640 million ARR.
Anthropic closed a $30 billion Series G at $380 billion post-money valuation, reporting $14 billion annualized revenue. The round tripled in size as demand overwhelmed supply. Three consecutive years of 10x revenue growth, but the company is still burning cash and the CEO has warned publicly about insolvency risk if compute spend goes wrong.