Australia

1.43xHeal

Australian health has the second-strongest exit-to-entry ratio of the nine cells we model, read as the exit ceiling divided by entry multiple. Power and Eat sit below parity at 0.71x, so we build the Australian book on health.

Modelhmm fund model: entry multiple 0.56; acquisition ceilings Heal 0.80, Power and Eat 0.40. Information Memorandum, section 10.

0.12decacorns

Australia has produced 0.12 decacorns for every US$1bn invested, against 0.06 in the United States.

Dealroom.co and NZ Growth Capital Partners, NZ Tech Ecosystem Report 2026, p. 12.

90.5%to operators

Of venture-backed Australian acquisitions on our exit register, 90.5% go to a strategic operating company, 19 of 21. In our model 42.82% of Australian winners exit by listing, after 9 years.

Modelhmm exit register; hmm fund model, plate of 13 September 2026. Information Memorandum, section 10.

1.66Heal

Australia leads in health. Its specialisation index is 1.66 on innovation and 1.12 on exits, the only one of the three markets to lead Heal. Melbourne implanted the first multichannel cochlear implant to reach patients at scale, in 1978.

hmm catalogue of innovations, patents and exits. Information Memorandum, section 9.

36.3%to the United States

The most common overseas filing for an Australian patent is in the United States, at 36.3% of 2023 filings.

Information Memorandum, section 7, from IP Australia.

58%of dollars

Australian venture dollars rose 31% in 2025, and the 20 largest rounds took 58% of the money, up from 50%. Capital is concentrating above seed, so the job at seed is picking the companies that will raise the next round.

Cut Through Venture and Folklore Ventures, State of Australian Startup Funding 2025, pp. 12 and 21.

60days in the UK

The United Kingdom's medicines regulator names the Australian regulator one of seven reference regulators under its International Recognition Procedure, introduced in January 2024. An Australian medicine approval can be recognised there on a 60-day timetable, against 210 days for a national assessment. One device audit serves Japan, Australia, the United States, Canada and Brazil, so an Australian approval travels.

MHRA, International Recognition Procedure, updated 9 October 2026; US FDA, Medical Device Single Audit Program.