Deloitte has published its 2024 Tech Fast 50, with advertising industry alum Claxon and Fabulate both landing positions on the list, which was topped by digital home insurance player Honey. The annual awards recognise Australian tech companies that have achieved the highest rates of annual revenue growth over the past three years.

The winner recorded a growth of 5,336%, followed by PropHero, a data-driven and AI-enabled digital property investment platform (2,403% growth), and pay.com.au, a payment rewards platform (2,256% growth).

Meanwhile Claxon, a digital media agency, achieved the 22nd spot, with growth of 386%, and Fabulate was in 10th place with 1,105% growth.

CEO and Founder of Claxon, Daniel Willis, said: "The Deloitte Tech Fast 50 list always held a special place for me throughout my career and I always wondered what it would be like to make it on there. To do so for the second year in a row, during a period where business across all industries is even tougher than normal makes me incredibly proud. This is recognition of our amazing team, I'm just fortunate enough to be the one who gets to wave the flag."

Fabulate CEO, Toby Kennett, said: “We are incredibly honoured to have made the 2024 Deloitte Tech Fast 50 list. Five years into our journey, this recognition is a testament to the hard work of our team in positioning Fabulate at the centre of Australia’s—and increasingly APAC’s—creator economy.”

The program, sponsored by ASX, Atlassian, Baker McKenzie and Workday, aims to connect enterprise owners with potential investors. This year's winners achieved growth despite a challenging economic environment and decreased access to capital and investment. The focus of the awards has shifted from top-line growth to sustained performance, with operational discipline and positive cash flow becoming key metrics for valuations.

"Capital costs have certainly impacted growth rates this year but the success of major capital raising by companies like Honey Insurance just goes to show the quality of the Tech Fast 50 list," said Deloitte Technology Fast 50 Leader, Josh Tanchel.

The entry-level growth percentage for this year is lower than last year (123% vs. 264% in 2023), indicating the impact of challenging economic conditions. However, the average growth rate remains high at 658%, though it is down from 2023. NSW continues to dominate the Tech Fast 50 winners list, but there's notable growth in QLD and WA.

"The Tech Fast 50 awards shine a spotlight on the innovation, resilience and opportunity for Australia's tech sector. In a backdrop of economic challenges, declining productivity and higher capital costs, these trailblazing companies are not just navigating, but excelling," said Deloitte Technology Sector Leader, Bec McConnochie.

There has been an increase in female leadership in the tech sector, from 14% to 18%. The Healthtech and Fintech sectors are on the rise, indicating the evolving landscape of the tech industry. A new report from the Tech Council of Australia, 'From Research to Reality: Lifting Tech Investment in Australia', shows increasing tech investment will bring substantial benefits to the economy.

"This year we showcase tech innovators who are setting new benchmarks and exemplify the strength and potential of Aussie tech innovation, demonstrating that with strategic investment and overcoming growth barriers, we can and are continuing to take Aussie tech innovation to the global stage, and adding to national prosperity," McConnochie said.