Scalare Partners acquires tech startup hub and accelerator Tank Stream Labs for $5.5 million
ASX-listed tech investment and advisory firm Scalare Partners is shoring up its position as Australia’s leading technology accelerator this week with the acquisition of tech-focused workspace and business service provider Tank Stream Labs and a capital raise to support further growth.
Scalare has agreed to acquire Tank Stream Labs for $5.5 million subject to a capital raising to fund the acquisition and is raising $3 to $5 million to support this and future growth activities.
The acquisition is Scalare’s fourth since April 2023, and aims to strengthen its technology founder support ecosystem, which generates revenue for reinvestment into early-stage technology businesses.
By acquiring Tank Stream, Scalare will deepen its footprint in Sydney, Melbourne, and Adelaide, and become further embedded into Australia’s startup infrastructure through the addition of several significant benefits to its pre-existing tech ecosystem.
These include seven coworking locations, deep community ties, a track record of supporting top technology founders, and top-tier technology leadership with CEO Bradley Delamare remaining at its helm.
The acquisition also 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.
Scalare’s continued expansion and consolidation strategy will continue to reinforce its position as Australia’s most comprehensive technology founder support ecosystem, according to CEO Carolyn Breeze (pictured).
Carolyn Breeze, CEO of Scalare Partners, said, “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.
“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 of Tank Stream Labs, said, “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.”
Scalare 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.
Tank Steam Labs achieved FY2024 revenue of $9.7 million, with an estimated forecast of $12.1 million in FY2025.
