Scalare Partners acquires Tank Stream Labs for $5.5M and launches capital raise to strengthen its technology founder support ecosystem
Tech investment and advisory firm Scalare Partners is consolidating its position as Australia’s leading technology accelerator with a strategic acquisition that expands its founder support ecosystem across multiple cities.
The company has agreed to acquire tech-focused workspace and business service provider Tank Stream Labs for $5.5M, while simultaneously launching a capital raise to fund the deal and future growth activities.
The acquisition represents Scalare’s fourth since April 2023 and demonstrates the company’s continued expansion strategy in the Australian startup infrastructure space. Scalare is raising $3 to $5 million to support this acquisition and future growth activities, positioning itself for further consolidation in the technology founder support sector.
Strategic expansion
The Tank Stream Labs acquisition significantly strengthens Scalare’s geographic footprint, deepening its presence in Sydney, Melbourne, and Adelaide. The deal brings several key assets to Scalare’s existing tech ecosystem: seven coworking locations, established community ties, a proven track record of supporting top technology founders, and experienced leadership with CEO Bradley Delamare remaining at the helm.
Tank Stream Labs achieved FY2024 revenue of $9.7 million, with an estimated forecast of $12.1 million in FY2025. This adds substantial revenue streams to Scalare’s operations, which has scaled from initial support programs in 2020 to generating $1.3 million in product and services revenue in the first half of 2024, while building a portfolio of 30 invested companies valued at $10.7 million.
The acquisition provides Scalare with enhanced deal flow from Tank Stream’s engaged startup community, expanded service delivery capabilities to a broader audience, and additional revenue streams through Tank Stream’s established coworking and event operations that complement Scalare’s investment and accelerator activities.
Leadership alignment
Both companies see the acquisition as a natural evolution that strengthens Australia’s technology startup infrastructure. Carolyn Breeze, CEO of Scalare Partners, emphasized the strategic fit: “This acquisition is another exciting step forward for Scalare as we continue to acquire high-potential companies that expand our portfolio of founder-focused products and services, strengthen alignment with our investment ecosystem, and add recurring revenue and support scalable growth.”
Breeze highlighted Tank Stream Labs’ reputation in the sector: “Tank Stream Labs has built a great reputation as an incredible assistance to tech founders as they grow their businesses. This aligns perfectly with our mission of supporting technology founders at every stage of their journey. Bradley Delamare is an absolute asset to the startup ecosystem, and we look forward to working with him and the Tank Stream team to drive even greater impact in the technology ecosystem.”
Bradley Delamare, CEO and Founder of Tank Stream Labs, expressed enthusiasm about joining Scalare’s broader ecosystem: “Joining forces with Scalare Partners and their other businesses, such as Inhouse Ventures, Tech Ready Women and the Australian Technologies Competition, is a natural evolution for Tank Stream Labs. Our flexible workspaces and existing community will play a key role in expanding the Scalare business and entrench Tank Stream Labs as the leading technology support business in Australia. I’m thrilled to continue leading the charge, and look forward to what we can achieve together.”
Market consolidation
The acquisition reflects broader consolidation trends in Australia’s startup support ecosystem, as companies seek to create comprehensive platforms that serve founders across multiple touchpoints. Scalare’s continued expansion and consolidation strategy reinforces its position as Australia’s most comprehensive technology founder support ecosystem, according to CEO Carolyn Breeze.
The combined entity will leverage Tank Stream Labs’ established coworking and event operations alongside Scalare’s investment and accelerator activities, creating a more integrated offering for technology founders. This integration aims to provide enhanced support throughout the entire startup journey, from initial workspace needs through to investment and scaling support.
The acquisition is subject to Scalare’s capital raising to fund the purchase, with the company targeting $3 to $5 million to support both this acquisition and future growth activities. The capital raise underscores investor confidence in Scalare’s consolidation strategy and the growing demand for comprehensive founder support services in the Australian technology sector.
Full announcement here.
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