Deputy Becomes Australia's First Tech 'Unicorn' in Two Years

Insight
Subscribe to our
Newsletter
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Deputy, a Bangladeshi-Australian founded software company specializing in workforce management, has achieved an impressive milestone by surpassing a billion-dollar valuation. This accomplishment comes with its first external investment in six years, positioning it as the first private technology "unicorn" company to emerge since the tech funding downturns of early 2022.

This is a remarkable achievement for the company's founder, Ashik Ahmed, who drew inspiration from his experiences as a 16-year-old immigrant from Bangladesh working at Hungry Jack's. Ahmed recognized the need for improved organization of shift workers, which ultimately led to the creation of Deputy.

The new investment, totalling US$37Mn, comes from US-based Express Employment Professionals, initially engaged as a potential customer. Impressed by Deputy's product, Express decided to acquire a stake, valuing Deputy at over US$1.1Bn.

In 2023, Deputy appointed Ms. Martincevic, the former chief commercial officer of US-based Affirm, as its new CEO, following Mr. Ahmed's transition to the company's board, joining co-founder and chairman Mr. Shelley.

Deputy achieved its first profit in the fiscal year ending June 30, 2023, with a statutory profit of US$8.5Mn compared to the previous year's loss of US$24.9Mn. Additionally, its annual revenue exceeded US$100Mn.

“We are scaling Deputy thoughtfully and responsibly,” Ms. Martincevic shared. “The fact that we haven’t needed to fundraise in six years, and the fact we’ve been profitable for the last 18 months, speaks to the real strength of our business.”

The partnership with Express Employment Professionals will expand Deputy's user base by up to 500,000, representing a 36 percent increase. Additionally, Deputy's software is relied upon by over 1.4 million shift workers across various sectors, including hospitality, healthcare, and retail, highlighting its significance in addressing the needs of this underserved community.

The company's successful fundraising endeavours in the past, including a US$111Mn capital raise led by US investor IVP in 2018,  have contributed to its current valuation.

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5
Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

  1. Item 1
  2. Item 2
  3. Item 3

Unordered list

  • Item A
  • Item B
  • Item C

Text link

Bold text

Emphasis

Superscript

Subscript

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5
Heading 6
Type image caption here (optional)

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

The Vision Pro’s FaceTime leverages spatial computing and spatial audio to create a virtual meeting space. FaceTime life-sized video tiles make the experience more immersive. You can also use other collaboration apps and simultaneously work with the team on the same documents. The Vision Pro headgear seamlessly blends digital content with the real-world environment to create an immersive experience.

Ordered list

  1. Item 1
  2. Item 2
  3. Item 3

Unordered list

  • Item A
  • Item B
  • Item C

Text link

Bold text

Emphasis

Superscript

Subscript

Deputy Becomes Australia's First Tech 'Unicorn' in Two Years

Related Article

View All