ASX-listed tech accelerator Scalare Partners has acquired Tank Stream Labs in a $5.5 million deal, expanding its footprint in the early-stage tech ecosystem and bolstering its founder-focused offerings at a time of shifting support for startups in NSW.
The acquisition, subject to the successful completion of capital raise worth up to $5 million, gives Scalare control of seven coworking locations across Sydney, Melbourne and Adelaide.
It is Scalare’s fourth acquisition since listing on the ASX in December 2023, after becoming one of the few startup-focused companies to proceed with a public listing during a subdued IPO market.
Chief executive Carolyn Breeze said the deal supports Scalare’s goal of backing “high-potential companies that expand our portfolio of founder-focused products and services”.
“Tank Stream Labs has built a great reputation as an incredible assistance to tech founders as they grow their businesses. This aligns perfectly with our mission of supporting technology founders at every stage of their journey,” she added.
Tank Stream Labs, one of the anchor tenants in the NSW government-backed Sydney Startup Hub that is moving to Tech Central, will continue to be led by chief executive Bradley Delamare.
The company posted $9.7 million in revenue in FY2024 and is forecasting $12.1 million in FY2025 from coworking and event revenue streams, as well as a strong startup and investor network.
“I’m thrilled to continue leading the charge and look forward to what we can achieve together,” Mr Delamare said in a statement on Monday.
“Our flexible workspaces and existing community will play a key role in expanding the Scalare business and entrench Tank Stream Labs as the leading technology support business in Australia.”
The announcement follows Scalare’s earlier acquisitions of Tech Ready Women, Inhouse Ventures, and the Australian Technologies Competition, with the company pursuing a long-term strategy to support scalable innovation and improve access for female and culturally diverse founders.
Scalare posted $1.3 million in services revenue in the first half of 2024 and holds investments in 30 early-stage ventures valued at $10.7 million.
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