About INCUBATE
INCUBATE, an accelerator and incubator program founded in 2012, is based in Sydney, Australia. With a presence in 7 countries, it has supported around 163 startups in sectors like Enterprise Applications, Consumer. As of Jul 2026, INCUBATE has witnessed 3 portfolio exits. Most notable companies in
its portfolio include EARTH AI, Forever Network and Refundid. The program is backed by a team of 7 people who primarily support Grant (prize money) startups based in Australia. Its latest investment was a Undisclosed Grant (prize money) round in EaziTrip on Jan 24, 2020.
Key Metrics
Founded Year
2012
Location
Sydney, Australia
Portfolio Companies
Sectors of Investment
Stages of Investment
Grant (prize money)
Locations of Investment
INCUBATE's List of Top Investments
INCUBATE has a portfolio of 163 companies. Their most notable investmentis in TzukuriTheir portfolio spans across Australia, United States, Canada and 4 more locations. They have invested in Enterprise Applications, Consumer, High Tech and 30 other sectors, across stages such as Grant (prize money) stage. Here is the list of top investments by INCUBATE:1. EARTH AI
Online platform for metals and minerals exploration solutions. It uses machine learning techniques and big data for remote sensing, radiometry, and geophysical and geochemical data to explore minerals. It uses AI systems for exploration targeting, fieldwork in remote greenfield areas for exploration, UAV-based aeromagnetic surveys, and autonomous drilling. It focuses on minerals and metals such as lithium, copper, gold, nickel, manganese, and more.
Key facts about EARTH AI
- Founded Year: 2016
- Location: San Mateo (United States)
- Stage: Series B
- Total Funding till date: $43.4M
- Employee Count: 40 as on Jun 30, 2026
- Investors: Zeno Ventures, Flucas Ventures and 27 Others
- Latest Funding Round: Series B, Dec 23, 2024, $*****
- Highlight: Editors' Pick
Provider of online sports media for basketball. It provides users with content related to sports for social media. It monetizes through advertising, content marketing, and e-commerce store.
Key facts about Forever Network
- Founded Year: 2015
- Location: Sydney (Australia)
- Stage: Series A
- Total Funding till date: $6M
- Employee Count: 31 as on Jun 30, 2026
- Investors: Larsen Ventures, Three Kings Capital and 5 Others
- Latest Funding Round: Series A, Mar 26, 2024, $*****
- Highlight: Editors' Pick
3. Refundid
Provider of refund management software solutions for e-commerce businesses. The customers can select their feature when returning items to the online retailer and receive the refund in real-time. It also provides merchants of the Shopify platform to accept, decline, and view pending and archived returns externally processed by the company.
Key facts about Refundid
- Founded Year: 2020
- Location: Sydney (Australia)
- Stage: Seed
- Total Funding till date: $15M
- Employee Count: 18 as on Jun 30, 2026
- Investors: Cota Capital, AP Ventures and 4 Others
- Latest Funding Round: Seed, Jul 18, 2022, $*****
- Highlight: Editors' Pick
Provider of autonomous inspection solutions for critical infrastructure and assets. The company delivers inspection intelligence, translating asset data into actionable insights. It offers technology and expertise to help companies reduce risk and optimize performance. The company’s solutions enable preventative maintenance programs and aim to reduce carbon emissions.
Key facts about Abyss Solutions
- Founded Year: 2014
- Location: Pyrmont (Australia)
- Stage: Series B
- Total Funding till date: $19.3M
- Employee Count: 200 - 499 as on Mar 01, 2026
- Investors: FollowTheSeed, AirTree and 17 Others
- Latest Funding Round: Series B, Nov 21, 2022, $*****
- Highlight: Editors' Pick
5. AMSL Aero
Developer of hydrogen-electric aircraft for passenger and cargo transport. The company focuses on vertical take-off and landing aircraft designed for regional and urban transit. It aims to provide emissions-free air transport using hydrogen power. The aircraft is designed with triple redundancy for safety.
Key facts about AMSL Aero
- Founded Year: 2017
- Location: Bankstown (Australia)
- Stage: Funding Raised
- Employee Count: 33 as on May 31, 2026
- Investors: Australian Government, muru-D and 2 Others
- Latest Funding Round: Grant (prize money), Aug 20, 2025, $*****
INCUBATE's Year-on-Year Investment Trends
INCUBATE has invested in 163 companies over the last 14 years, with an average of 6 new investments annually in the last 10 years. Its most recent first time investment was in EaziTrip and most recent follow-on round was in Tzukuri.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 |
2020 | 8 | 0 | 8 |
2019 | 13 | 0 | 13 |
2018 | 18 | 0 | 18 |
2017 | 18 | 0 | 18 |
INCUBATE's Investments by Stage
INCUBATE has made 92 investments in Grant (prize money) stage with an average round size of $3.98K.INCUBATE's Investments by Sector
INCUBATE has a diverse portfolio, with companies operating in the Enterprise Applications, Consumer, High Tech, HealthTech and Retail. Notably, it has invested in 97 Tech companies, 60 Enterprise (B2B) companies, 51 Consumer (B2C) companies and at least 44 companies focusing on Software.Sector | No. of Investments |
|---|---|
Enterprise Applications | 24 |
Consumer | 21 |
High Tech | 11 |
HealthTech | 7 |
Retail | 7 |
Others | 75 |
Note: We have considered here, only first round of investments
INCUBATE's Investments by Geography
INCUBATE has made most investments in Australia (79), followed by Canada where it has made 3 investments.Country | No. of Investments |
|---|---|
Australia | 79 |
Canada | 3 |
United States | 3 |
Colombia | 2 |
Montenegro | 1 |
Others | 2 |
Note: We have considered here, only first round of investments
INCUBATE's recent investments
INCUBATE has not made any investment in 2026 so far.Here are the most recent investments by INCUBATE:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jan 24, 2020 | Australia | Grant (prize money) | 2899 | - | |
Jan 24, 2020 | Australia | Grant (prize money) | 9262 | - | |
Jan 24, 2020 | Australia | Grant (prize money) | 5632 | - | |
Jan 24, 2020 | Australia | Grant (prize money) | 5813 | - | |
Jan 24, 2020 | Australia | Grant (prize money) | 9092 | - |
IPOs and Publicly Listed companies in INCUBATE's Portfolio
1 of INCUBATE's portfolio company became public - BioChite.Here are INCUBATE's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
- | - | - | 1224 |
Acquired companies in INCUBATE's Portfolio
2 companies from INCUBATE's portfolio have been acquired. The most recent acquisition was Uprise in Mar 2021 by Integrated Behavioral Health for $*****.Here are INCUBATE's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 30, 2021 | Aug 28, 2015 | Grant (prize money) | 4465 | |
Feb 08, 2016 | - | - | 4240 |
Team profile of INCUBATE
INCUBATE has a team of 7 members including 3 Venture Partners located in Australia. INCUBATE's team does not sit on the board of any company as of now.Here is a list of all team members in INCUBATE:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Venture Partner | Sydney | - | ||
Venture Partner | Bowral | - | - | |
Venture Partner | Australia | - |
Co-investors of INCUBATE
Over the past 14 years, 48 investors have co-invested in INCUBATE's portfolio companies. This includes funds and angels.
- Invested before INCUBATE: Sydney Angels and One Ventures have invested in rounds before INCUBATE. There is 1 company where Sydney Angels has invested before INCUBATE and 1 company where One Ventures has invested before INCUBATE.
- Invested after INCUBATE: A total of 46 investors have invested in INCUBATE's portfolio after their investments. Top Investors include muru-D (3 companies) and AirTree (2 companies).
