Stone & Chalk celebrates its first anniversary
16 September 2016
Just one year after opening, Sydney-based financial technology (fintech) innovation hub Stone & Chalk has nearly doubled the number of its resident start-up companies and seen these companies raise more than $100 million in capital.
During September, Stone & Chalk celebrated its first anniversary in style with an Olympic Games “gold” themed event.
NSW Industry Minister Anthony Roberts attended and spoke at the event and outlined the importance of spaces like Stone & Chalk to build the State’s future economy and jobs.
Concurrently with the event, Stone & Chalk published a new report, which outlines its extraordinary growth since its opening in August 2015.
The report outlines that Stone & Chalk has seen:
- Its number of resident start-ups increase from 40 to 95;
- The number of workers based at the facility increase from 100 to 295;
- The facility expand to a new floor in the AMP Building at Bridge St;
- Its companies raise $101 million in capital;
The launch of a range of new programs, including programs to encourage Asian outreach, university students to become start-up interns and to encourage additional women entrepreneurs.
“In our first twelve months, we have packed in a lot more than we had ever imagined possible,” Stone & Chalk CEO Alex Scandurra says in the report.
How the NSW Government has helped
The NSW Government has been a key supporter of Stone & Chalk since it was first suggested by the Committee for Sydney in 2014.
This includes the NSW Department of Industry supporting a newly-published video outlining the achievements of Stone & Chalk since August 2015.
As an independent, not-for-profit hub, Stone & Chalk is also supported by a range of corporate partners.
Fintech and the NSW economy
Sydney’s booming fintech scene is yet another example of the strength of the NSW economy and underlines why the State is such a great place to begin or grow a business.
NSW has the strongest financial services industry in Australia.
It is also home to nearly half of the nation’s start-up companies.