Scalare Partners Completes Acquisition Of Fishburners Out Of Voluntary Administration

The Voluntary Administrators of Fishburners have completed the sale of the startup community to Scalare Partners, concluding a process that began when the not-for-profit entered voluntary administration in early May.

The all-cash acquisition covers the Fishburners brand, programs, intellectual property and associated community assets. No employees or liabilities were taken on as part of the deal, and the financial terms have not been disclosed. Scalare told the ASX that the transaction is not material to its overall financial position.

Fishburners, founded in 2011, has operated as one of Australia’s longest-running early-stage startup communities. The organisation has supported more than 35,000 entrepreneurs over its 15-year history, with alumni including Koala, MadPaws, HyperAnna and Car Next Door.

How Fishburners Ended Up In Administration

The path to voluntary administration was driven by unresolved rental debt accumulated during Fishburners’ tenancy at the NSW Government-backed Sydney Startup Hub in Wynyard.

The hub, launched under the Berejiklian Coalition government in 2018 with $35 million in state funding, provided subsidised office space for startup organisations including Fishburners, Stone & Chalk and Tank Stream Labs. Fishburners had moved there from its original home in Ultimo, where it had grown from a small co-working space to occupy an entire building.

The situation shifted after the election of the Minns Labor government. In 2024, Minister for Innovation, Science and Technology Anoulack Chanthivong announced the Sydney Startup Hub would be relocated to the Tech Central precinct in Haymarket, with the government describing the existing arrangement as “not commercially viable and not fit for purpose under the current model”. The York Street lease was broken three years early.

Fishburners reportedly accumulated nearly $2.2 million in rental debt owed to Investment NSW. The board attempted to negotiate a repayment plan but was unable to resolve the situation, and back-to-back annual losses led auditors to raise concerns about the organisation’s ability to continue operating.

In May, the board appointed KPMG Australia’s Phil Quinlan and Gayle Dickerson as Voluntary Administrators to oversee a strategic restructuring.

The Sale Process

KPMG moved quickly once appointed, seeking expressions of interest from parties across the innovation and technology sectors. The entire process from administration to completed sale took roughly three weeks.

KPMG Australia’s Turnaround and Restructuring Partner Phil Quinlan commented: “We are pleased to have completed the sale of Fishburners to Scalare Partners. The outcome provides continuity for the founder community and access to an expanded network and platform.”

He added: “I would also like to acknowledge the support of the Fishburners team, founders and Board throughout the administration process. Their engagement has been critical in achieving this outcome.”

KPMG was advised on the transaction by Norton Rose Fulbright.

What The Fishburners Board Had To Say

The Fishburners Board framed the sale as a positive resolution to months of financial difficulty.

“We are pleased with this outcome, which concludes months of active engagement, and secures a sustainable future and continuity of mission for the thousands of entrepreneurs who rely on Fishburners’ support services,” the Board stated.

“It marks a new chapter as Fishburners approaches its 15th anniversary. By transitioning custody of the Fishburners brand and community to Scalare Partners, a partner who shares our vision for a thriving, connected and unencumbered ecosystem – we have effectively future-proofed our impact.”

The Board described the transaction as “a strategic evolution that places our community in a sustainable, well-capitalised environment, ensuring that Fishburners remains the engine room for the next generation of Australian founders for years to come.”

What Scalare Partners Brings To The Table

Scalare Partners is an ASX-listed company that operates a portfolio of startup-focused services and platforms. Its existing holdings include Tank Stream Labs, The Founders Union, Planet Startup, Tech Ready Women, InHouse Ventures and the Australian Technologies Competition. Scalare acquired Tank Stream Labs in September 2025 and Planet Startup in late 2025.

The company reported quarterly revenue receipts of $5.26 million in Q3 FY26, up 771 per cent year-on-year.

Scalare Partners CEO Carolyn Breeze outlined the rationale for the purchase: “Australia cannot afford to lose the communities that help founders take their first leap. Fishburners has been part of the fabric of Australia’s startup ecosystem for more than fifteen years and we’re incredibly proud to continue that legacy.”

“This is not about simply preserving the brand. It’s about creating stronger pathways for founders to access community, education, customers, capital and support from idea stage through to scale.”

She pointed to the combined scale of the two organisations. Post-acquisition, the group’s ecosystem collectively represents more than 40,000 founders and startup participants, over 10,530 startups supported and alumni that have collectively raised more than $5.4 billion in funding.

What Changes For Fishburners Members

Under the new ownership structure, Fishburners members will gain access to Tank Stream Labs locations across Australia. That includes a newly dedicated Fishburners Hub at Tank Stream Labs’ Kent Street campus in Sydney.

Scalare has also flagged plans to relaunch the Fishburners Pitch Nights and founder showcase programs on a national basis. A new Fishburners Investment Vehicle is planned to invest in selected startups emerging from the Pitch Night program, which would give the acquisition a direct commercial return alongside the community-building function.

Tank Stream Labs CEO Bradley Delamare argued that physical founder communities remain relevant despite remote work trends. “Founder communities remain critically important despite advances in technology and remote work,” he offered. “The strongest startup ecosystems are built through collaboration, connection and shared experience.”

The Broader Context

The sale resolves the immediate uncertainty around Fishburners’ future, but the circumstances that led to its financial difficulties remain a source of contention within the Australian startup sector.

The closure of the Sydney Startup Hub and the forced relocation to Tech Central created significant disruption and cost for Fishburners during a period when it was already carrying substantial debt. Former Fishburners CEO Murray Hurps, who led the organisation between 2014 and 2017, warned at the time of the administration that “there is a real chance the NSW startup support ecosystem is close to collapse.”

Shadow Minister for Science and Technology Jacqui Munro criticised the government’s handling of the situation, accusing Labor of turning its back on the startup sector. Minister Chanthivong directed questions about the rental debt to the administrators.

Fishburners’ former CEO Majella Campbell, who was appointed just three months before the administration, is wrapping up in the role following the completion of the sale.

The transition marks the end of Fishburners’ 15-year run as a not-for-profit and the beginning of its life as part of a listed commercial entity. Whether that shift preserves the community-first ethos that defined the organisation from its early days in Ultimo will be tested in the months ahead.

Comment & Analysis

Nick Ross, SMBtech Editor in Chief says: I hate to say I told you so, but I told you so. Sydney’s tragic start-up scene was never enough to justify the massive expense of the Sydney Startup Hub in Wynyard. It was used exclusively by politicians to show how pro-innovation they were. They spent a massive amount of public money building it and didn’t do anything worthwhile after they made their speeches and got their headlines. And now Fishburners, the most famous name in Sydney start-ups, has been forced into administration because they haven’t paid their rent – to their own start-up space – which they were pushed into using – by the people subsequently demanding rent. You couldn’t make it up.

Last Updated on July 11, 2026 by Nick Ross