Scalare Partners acquires Fishburners, lines up $5M raise
What's the deal? ASX-listed Scalare PartnersDealroom has a profile for this one. Try Dealroom → has secured binding commitments for a $5 million convertible note facility from a new investor, following its acquisition of the FishburnersDealroom has a profile for this one. Try Dealroom → brand assets from administrators.
What's the endgame? Scalare (ASX: SCP), a startup investor and services provider, plans to use the Fishburners brand and community to drive founder services, corporate partnerships, and recurring revenue across the group. It says its combined ecosystem now spans a database of around 40,000 founders and alumni and has supported more than 10,530 startups.
Why now? Scalare acquired Fishburners in early June 2026, after the pioneering startup hub entered voluntary administration in May 2026 following what it called "failed efforts to resolve long-standing rental legacy debt" owed to the New South Wales government. The deal saw Fishburners exit the state's Tech Central facility, with all staff departing. The price was not disclosed.
By the numbers: Scalare held $1.82 million in cash at 30 June 2026, up from $468,000 three months earlier. Customer receipts hit $5.29 million for the fourth quarter, broadly flat on the prior quarter's $5.26 million but well ahead of $639,000 a year earlier, lifted by acquisitions including Tank Stream LabsDealroom has a profile for this one. Try Dealroom →.
Statutory operating cash flow was $2.71 million, boosted by $2.49 million in landlord incentives for office fit-outs. Offset by related spending, underlying net cash outflow was $561,000 for the quarter.
The convertible note facility, subject to shareholder approval, potentially includes a further $20 million subject to conditions and additional approvals. Proceeds will fund new investments, marketing, and working capital. An initial $500,000 loan component landed in July 2026.
What they're saying: Chief executive officer Carolyn BreezeDealroom has a profile for this one. Try Dealroom → said the focus remains on "disciplined capital management as we integrate Fishburners, expand recurring revenue and build Australia's leading founder ecosystem".
What could go wrong? Scalare listed on the ASX in late 2024 after raising $4.3 million at $0.25 a share. Its shares now sit at $0.056, down from a July 2025 high of $0.18. Scalare also plans a bonus issue to reduce dilution for existing investors.
The signal: Scalare is consolidating Australia's fragmented startup-hub sector through acquisition, picking up distressed assets like Fishburners and Tank Stream Labs to build a national founder ecosystem — a strategy that hinges on turning community reach into recurring revenue.
Read more: Startup Daily
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