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Seven months after raising $108 million in one of Australia’s largest Series A funding rounds, Sydney-based smart home insurance provider Honey Insurance has claimed the top spot in Deloitte’s Technology Fast 50 list, a striking achievement in a year marked by challenges for companies seeking capital.
Now in its 24th year, the list determines Australia’s top 50 public and private technology companies based on percentage revenue growth from 2022 to 2024. Recording a growth rate of 5,336 per cent, Honey Insurance beat out digital property investment platform PropHero (2,403 per cent), business payments and rewards platform pay.com.au (2,256 per cent), in-home care provider Aunty Grace (2,093 per cent) and online telehealth operator Hola Health (1,521 per cent).
According to the report, limited access to capital has prompted many companies to pivot towards sustainable growth and efficiency, leading Deloitte to evaluate not only current growth trajectories but also operational discipline and cash flow generation.
“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,” says Deloitte Technology Fast 50 leader Josh Tanchel.
“This year’s entry-level growth percentage is lower than last year (123 per cent vs. 264 per cent in 2023), showing the impact of challenging economic conditions. It’s worth noting that the average growth rate remains high at 658 per cent (though still down from 2023).
“NSW continues dominate the Tech Fast 50 winners list but there's notable growth in Queensland and WA, showing a broader geographic spread of innovation and growth. It was also good to see an increase in female leadership, from 14 per cent to 18 per cent, indicating some progress towards gender diversity in tech leadership roles.”
Returning players in the list include online healthcare solutions provider Midnight Health, which was founded by Nic Blair and Matt Anderson – winners of the Brisbane Young Entrepreneur Awards Health & Medicine category in 2024 and 2023.
In 30th position was Gold Coast-based fintech Send Payments, co-founded by Paul Billing, Ian Cragg and Alexandra Rofe, who won both the Technology category and Trailblazer award at the 2024 Gold Coast Young Entrepreneur Awards. The founders also claimed the Digital Disruptor award the year prior, highlighting their continued impact in the modern payments space.
Other notable entrants in the list include Biome Australia (ASX: BIO) founder Blair Vega Norfolk, who was a finalist in the 2024 and 2022 Melbourne Young Entrepreneur Awards and Bridgit founder Aaron Bassin, who was a finalist in the 2023 Sydney Young Entrepreneur Awards.
Despite the ongoing challenges, sectors such as healthtech saw a continued increase in representation, rising from 6 per cent to 10 per cent, while fintech and digital/media also rose by two percentage points, accounting for 18 per cent and 6 per cent of the list respectively. Meanwhile, notable declines were recorded in industries such as communications (12 per cent, down from 24 per cent), online/direct-to-consumer (8 per cent, down from 20 per cent) and software (26 per cent, down from 30 per cent).
New South Wales was the most represented state, accounting for 56 per cent of company HQs, followed by Victoria (18 per cent), Queensland (12 per cent), Western Australia (8 per cent), South Australia (4 per cent), and the Northern Territory (2 per cent).
Of the 50 companies listed, 11 achieved more than 1,000 per cent growth. Nine female founders/co-founders/CEOs are featured – a small year-on-year rise to reach 18 per cent. New entrants slightly edged out returning companies, representing 54 per cent of the list.
“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,” says Deloitte Technology sector leader Bec McConnochie.
“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.”
The Top 50 fastest-growing tech companies in Australia are:
Honey Insurance (+5,336%)
PropHero (+2,403%)
pay.com.au (+2,256%)
Aunty Grace (+2,093%)
Hola Health (+1,521%)
Tranzformd (+1,452%)
Updoc (+1,207%)
Ecommerce Equation (+1,156%)
Midnight Health (+1,153%)
Fabulate (+1,105%)
Evie Networks (+1,065%)
Ofload (+820%)
Nexl (+715%)
Wagetap (+684%)
iCatalyst (+587%)
Carma (+560%)
Assembled Media (+552%)
Hampr (+536%)
AutoGrab (+505%)
RightSec (+466%)
DroneShield (+417%) (ASX: DRO)
Claxon (+386%)
Dabble (+373%)
Proptech Labs (+371%)
WINR Corporation (+342%)
Affinda (+325%)
EVSE (+305%)
Dataweavers (+254%
Bridgit (+244%)
Send Payments (+240%)
Baidam (+240%)
Datarock (+236%)
Handy Finance (+228%)
Chrysos Corporation (+222%) (ASX: C79)
Biome Australia (+216%) (ASX: BIO)
Prezzee (+190%)
Driva (+182%)
Humanitix (+177%)
Linktree (+177%)
Tape Ark (+174%)
Employment Hero (+173%)
InDebted (+155%)
Dashdot (+153%)
Accelerate ITS (+152%)
Hometime (+146%)
Farmbot Monitoring Solutions (+312%)
Beforepay Group (+131%) (ASX: B4P)
Catalytic IT (+131%)
Arinco (+130%)
Ordermentum (+123%)
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