hmm The Record · ex-14 / 38

02 · The exits → Recent named exits

02 · Named outcomes

The four markets clear.

Across Australia, Japan, New Zealand, and Singapore, regulated companies are acquired by global strategics, list on public markets, and raise late-stage capital from Series C onwards. Every figure is primary-source verified per row.

The scope01 / 03

These named material outcomes sit across the four target markets and the regulated Necessities, with every figure primary-source verified. The full strategic-acquirer set sits in the Investment Memorandum.

The count02 / 03

Named outcomes in the regulated Necessities.

  • 3 Australia
  • 1 New Zealand
  • 1 Japan
The outcomes03 / 03
EX-14 Recent named exits

Named developed-APAC outcomes in the regulated Necessities, most recent first.

  1. 2026 Acquisition

    Eucalyptus

    Acquired by Hims & Hers Health
    Market
    Australia
    Necessity
    Biomedical
    Tier
    T1
    Compliance barrier
    Telehealth licensing and ACHS accreditation across AU/UK/DE/JP/CA
    Acquirer geography
    US
    Value
    $240M cash, up to $1.15B total
  2. 2026 Late-stage round

    Halter

    Backed by Series E, led by Founders Fund with Blackbird, DCVC, Bond, and Bessemer
    Market
    New Zealand
    Necessity
    Food
    Tier
    T1
    Compliance barrier
    Livestock biosecurity and traceability (NAIT); animal-welfare clearance for virtual fencing
    Company geography
    NZ
    Value
    ~US$2B valuation, ~US$220M raised
  3. 2026 Late-stage round

    Neara

    Backed by Series D, led by EQT with Partners Group and Square Peg Capital
    Market
    Australia
    Necessity
    Power
    Tier
    T1
    Compliance barrier
    Grid network modelling for utility safety, reliability, and connection compliance
    Company geography
    AU
    Value
    ~US$1.1B valuation, ~US$180M raised
  4. 2024 Public listing

    Synspective

    Listed on Tokyo Stock Exchange Growth (290A)
    Market
    Japan
    Necessity
    Autonomous
    Tier
    T1
    Compliance barrier
    SAR satellite operations and space activities licensing
    Listing geography
    JP
    Value
    US$76M IPO, ~US$345M valuation
  5. 2017 Public listing

    Telix Pharmaceuticals

    Listed on ASX (TLX)
    Market
    Australia
    Necessity
    Biomedical
    Tier
    T1
    Compliance barrier
    TGA and FDA radiopharmaceutical approval (Illuccix)
    Listing geography
    AU
    Value
    ASX-listed. US$804M revenue, FY2025
Sourcehmm Ventures. Named developed-APAC outcomes in the regulated Necessities, primary-source verified per row.