2025 ANZ Startup Predictions: Insights from Top Voices in Tech
Hey, I’m Jess, writer of Built Different, a blog where I explore the lives of founders, investors, and startup ecosystems across the globe. I’m currently on an 18-month journey testing out remote work, portfolio careers, and different cultures from Southeast Asia to Latin America to Africa. While on the road I’m meeting digital nomads and founders, investing for a family office in Australia, building two e-commerce businesses, and finding the be
st co-working spots (and tacos) along the way.
If that sounds like your cuppa tea, stick around.
Back to it.
The startup world never sits still, and 2025 is no exception. To unpack this year’s biggest trends, hopes and predictions, I spoke with some of the best minds in venture capital (VC), angel investing, family office and philanthropy across Australia and New Zealand. We covered everything from vertical AI to recalibrations in climate tech, the tough reality facing young funds, new opportunities in growth equity, and how family offices are on the rise, rewriting the rules of VC.
Below are some of the key insights and themes from my conversations with Daniel Petre, Cheryl Mack, Michael Batko, Jack McQuire, Dom Pym, Maxine Minter, and Taryn Pieterse. Over the next week I will be sharing the full interviews with each. Stay tuned.
AI: Moving From Hype to Depth
Surprising no one, AI continues to dominate. But in 2025, the conversation has matured. Cheryl Mack (the name synonymous with Angel Investor) founder of Aussie Angels, captured the shift perfectly: “AI is no longer about riding a trend; it’s about solving specific problems in defensible ways.” Founders who can leverage proprietary data and target niche industries are leading the charge.
Michael Batko, CEO of Startmate, added that AI is also opening doors for non-tech founders. “Tools like no-code platforms paired with AI mean anyone can create prototypes quickly”. This is music to my ears: no longer are those of us outside ‘The Matrix’ reliant on expensive and short-supplied devs to build an MVP.
Climate Tech: A Recalibration Year?
After years of rapid growth, climate tech is cooling. Mack described it as “a natural recalibration” after an unsustainable pace of investment.
But not everyone agrees with this outlook. Dom Pym, Founder of Up Bank (best bank in ANZ) and his Family Office, Euphemia, has a different take: “We’ve barely scratched the surface of what’s possible in climate tech. The challenges of decarbonisation, clean energy, and environmental regeneration are far from solved. If anything, I see more opportunities emerging as businesses and governments are pushed to act faster.”
Both Cheryl and Dom acknowledge the sector’s importance while Batko points out that mission-driven companies in climate tech continue to attract top talent. “People want to work for impactful companies, and that energy keeps the sector alive even when funding dips”.
Funding Landscape: Growth Equity, Angel Investing, and IPO Momentum
Big shifts are happening across the funding landscape. Daniel Petre, Co-Founder of Airtree Ventures and StartGiving, predicts a wave of engineered exits as early-stage funds launched in 2012–2014 come under pressure to return capital. “We’ll see more exits driven by venture timelines, not founder preference,”
This increase in exits includes IPOs, which are re-emerging as a viable path. Taryn Pieterse, Partner at Rampersand, pointed out that as M&A activity ramps up, IPOs will likely follow. “It’s possible we’ll see mid-sized companies testing the waters, even if Canva isn’t quite ready for its debut,”
Dom echoed this sentiment, adding that IPOs are particularly significant for Australian and New Zealand companies looking to scale. “Regulations and ASX reporting requirements are aligning with global best practices, making it easier for startups to navigate the public markets,” Dom said.
Growth equity is also gaining ground. Both Daniel and Maxine Minter, General Partner at CoVentures, highlighted the growing pipeline feeding into this space. “Australia hasn’t historically had a strong growth equity market, but now there’s a pipeline, and new funds will emerge to fill this gap,” Daniel shared.
As for the earlier stages, there is a tough reality for second time fund managers trying to raise without having proven out their first fund [see Zombie VCs from Bronwyn Clune]. We will likely see some smaller/newer funds going into hibernation. However Mack mentions the opportunities for these funds to become Angel syndicates “With VC funds struggling to raise, syndicates are becoming a more accessible way for investors to stay engaged,” she said.
Taryn touches on the need for vertical specialists, particularly in biotech and medtech. “These industries need deep expertise. Generalist funds can’t support them properly”.
What About New Founders? Is Raising Getting Easier?
If you’re a founder stepping into the fundraising game in 2025, the question of raising capital comes with mixed answers. On the one hand, Dom observed that there’s more confidence in early-stage investments, with family offices and smaller funds stepping in to back emerging talent. “Family offices, in particular, are becoming more active in venture portfolios. They’re willing to take risks on first-time founders with bold ideas”.
On the other hand, Batko pointed out that while tools like AI and no-code platforms make building easier, the challenge is standing out. “The competition for attention is intense. Startups need to nail their storytelling, community-building, and differentiation. Just having a great product isn’t enough anymore,” he said.
Maxine emphasised the importance of finding the right early backers. “Smaller check writers and angel investors are vital for emerging founders. Larger funds are focusing on fewer, bigger bets, so proving traction early is key to standing out,” she explained. Jack McQuire, Partner at Icehouse Ventures in New Zealand agrees with this sentiment, “There is definitely more funding coming back into the market versus 2022-2023, but it's more money into fewer companies”
For new founders, 2025 presents both opportunities and challenges. Building has never been more accessible, and there’s growing interest in early-stage innovation. But with a crowded market, success lies in clarity, grit and finding first believers who can champion your vision.
The Evolving Role of Family Offices
Family offices are on the rise, with a bigger reach and writing bigger cheques than ever. Dom pointed to a shift in venture allocations, “We’ve seen family offices go from single-digit allocations to double digits in venture. It’s bringing more capital into the ecosystem.”
Education is a big driver here. As Dom put it, “The more family offices learn about the potential for impact and returns, the more confident they become about investing in startups.” FO’s are often more free to pursue an impact or interest mandate than a VC, which is beholden to a large pool of LPs.
Philanthropy: Starting Small, Thinking Big
Philanthropy in Australia is still, well, underwhelming. Daniel didn’t hold back, calling it “sh*t” but improving. The tech sector is stepping up. Younger founders understand inequality and want to give back,”
Mark Dombkins, founder of Forever Projects, added a thoughtful take: “Throughout 2025, the major philanthropists of tomorrow will lay foundations for their future giving. People who give regularly and feel a slight stretch relative to income are growing their giving muscles. By the time they’ve acquired significant wealth, they’ll already identify as philanthropists!”
At this point you may be asking yourself, what does philanthropy have to do with the ANZ tech ecosystem? The ANZ tech ecosystem has seen enormous growth in the last decade. We should all be proud of the progress we have made, and it is time for those among us who are able to, to think deeply about their philanthropic and moral obligations.
2025 Outlook: Resilience and Opportunity
If 2025 could be summed up in one word, it’s momentum. Across the board, from vertical AI to climate tech, funding landscapes, and philanthropy, there’s a sense of building toward something bigger. In early 2024 we were cautiously optimistic, now in early 2025 we’re seeing the green shoots..
We’re seeing the ecosystem evolve in exciting ways. IPOs and M&A activity are expected to increase as early venture funds reach maturity, nudging to exits and creating liquidity for the next wave of innovation. Dom’s optimism about the international appetite for ANZ startups highlights a promising global connection, while Daniel indicates we are a maturing ecosystem and growth equity is on the way.
For founders, the message is clear: this is the year to get focused. Differentiation is everything, sustainability is key, and standing out requires creativity. Whether you’re building AI-powered tools, climate tech solutions, or the next big SaaS product, proving your value and connecting authentically with your audience will make all the difference.
For investors, the opportunities are vast but demand precision. As angel syndicates grow, vertical specialists emerge, and family offices take a larger role in venture, the capital ecosystem is broadening in ways that invite experimentation and discipline.
And finally, for everyone involved, philanthropy is an opportunity to think bigger and give back more. As Mark Dombkins put it, “Philanthropy is a muscle. Stretch it regularly, and you’ll grow into the kind of philanthropist the world needs.”
Got thoughts or insights? Let me know, I’m always keen to hear your take.
Come back to see the full interview for each expert, later this week.
Jess