‘Very slow quarter’: Firmus and Airwallex mask deep deal drought
Firmus and Airwallex delivered 70% of a $1.7 billion quarter as deal count hit a six-year low — the widest gap between headline funding and market activity on record.
Australian startup deal-making slowed to its lowest level in more than six years in the June quarter, even as $1.7 billion in announced funding capped the strongest first half for the sector since the 2022 boom. This is a divergence the latest Cut Through Quarterly report describes as the widest it has ever recorded.
Deal count fell 21% from the March quarter to 64 venture rounds, the lowest Cut Through Venture has seen since its dataset began in 2020, while sub-$5 million rounds also dropped to their lowest level on record.
The dollar figure was propped up by two deals. Firmus' $725 million raise and Airwallex’s $460 million Series H together accounted for roughly 70% of all capital deployed, with the third-largest deal — Liquid Instruments' Series C — at $70 million.
Strip out the top two and the remaining 62 venture rounds shared $500 million: a “very slow quarter”, as Cut Through Venture founder Chris Gillings put it.
