Sydney advertising technology start-up Linkby has raised AUD$23 million (US$15 million) in a series B funding round.

The round was led by Boston-based Volition Capital, marking its first investment in an Australian company.

Founded in 2020 by Chris Wirasinha, Andrew Chak, and Adrian Fagerlund, Linkby connects brands with publishers for content marketing campaigns on a cost-per-click basis.

The platform now works with 3,800 advertisers and 400 publishers, including brands like Charlotte Tilbury, Beyond Meat, and Lululemon.

The new funding will support Linkby’s expansion into the US market and further develop its product.

Previous backers include OIF Ventures and Perennial Private Investments. Linkby’s valuation is approaching AU$100 million (US$65.3 million).

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🔗 Source: Australian Financial Review

🧠 Food for thought

1️⃣ US venture interest in Australian tech signals valuation momentum amid global funding retreat

Volition Capital’s decision to make its first Australian investment in Linkby reflects a growing trend of US venture firms seeking opportunities in Australia’s maturing tech ecosystem.

The nearly $100 million valuation demonstrates the acceleration of Australian tech companies reaching nine-figure valuations. Between 2020 and early 2024, 137 companies achieved this milestone, compared to just 62 in the entire previous decade 1.

This growth occurs despite a broader slowdown in the Australian funding environment, which saw only $812 million raised across 76 rounds in Q2 2025, marking a two-year low for the country’s startup ecosystem 2.

Linkby’s success highlights how adtech remains an attractive sector for international investors, with the global adtech industry valued at over $438 billion in 2021 and continuing to expand through specialized platforms 3.

The transaction also reveals efficiency gaps between funding markets. Wirasinha specifically noted how US investors completed their due diligence in half the time typically experienced with Australian investors, with significantly shorter closing timelines in their term sheets 1.

2️⃣ Generative AI reshaping adtech strategies and investment priorities

Linkby’s focus on “generative engine optimization” aligns with a fundamental shift in how content reaches audiences, as search behavior moves from traditional engines toward AI-generated responses.

The company’s investment in GEO technology positions it at the forefront of an emerging approach where content must be optimized not just for search engines but for AI models that increasingly mediate information discovery 4.

This strategic direction is supported by real-world performance data, with one study showing a 65% improvement in AI search visibility after implementing GEO strategies for content 4.

The shift requires companies to adapt their content strategies beyond traditional SEO, focusing on semantic relationships, structured data, and conversational queries that align with how AI systems process and prioritize information 5.

For advertisers using Linkby’s platform, this capability could provide significant advantages as the line between paid content and organic discovery continues to blur in AI-mediated search environments.

3️⃣ Australia’s startup success stories mask persistent funding inequities

While Linkby’s fundraising success showcases the potential of Australia’s startup ecosystem, it contrasts sharply with broader funding trends that reveal significant disparities in capital access.

In 2025, women-led startups in Australia received less than 0.5% of all venture capital—a record low that decreased from 2% in 2024, highlighting structural barriers that persist despite the growing overall number of successful tech companies 2.

Even for mixed-gender teams, nearly 90% of funding went to a single company (Airwallex), demonstrating how concentrated capital remains within the Australian ecosystem 2.

The contrast between Linkby’s path to a $100 million valuation and these broader trends indicates that while individual success stories are increasing, the benefits of Australia’s maturing tech ecosystem are not being distributed equitably across founder demographics.

This disparity represents both a challenge and an opportunity for Australian venture capital, suggesting that significant untapped talent and innovation may exist beyond the traditional funding patterns.

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