ASX-listed company Scalare Partners has finalised an all-cash acquisition of the prominent Sydney start-up incubator Fishburners. The transaction occurred today, roughly three weeks after the independent technology platform was placed into voluntary administration.

The financial intervention follows a challenging fiscal period for the tech hub. Last month, the Fishburners board appointed insolvency practitioners from KPMG to manage its affairs. This decision came after unsuccessful attempts to settle a long-standing legacy rent debt owed to the NSW government. The organisation faced a yearly rental bill exceeding $1.5 million at the now-defunct Sydney Startup Hub, resulting in unpaid rent arrears of more than $2 million.

Operational difficulties intensified last year when the NSW Labor government closed down the Sydney Startup Hub. This forced Fishburners to move to Tech Central, a transition that successfully removed the state government as its direct landlord. Though a repayment schedule was agreed, the organisation suffered additional losses. These were exacerbated by several months of strategic uncertainty after the minister Anoulack Chanthivong announced the closure of the previous hub without immediately confirming subsequent relocation arrangements.

While specific financial figures for the transaction were withheld, a public declaration by Scalare Partners to the Australian Securities Exchange indicated that the asset purchase is not material to its overall financial position. The corporate transaction strictly covers the acquisition of the Fishburners brand, active business programs, associated community assets and core intellectual property. Scalare has explicitly avoided taking on any employees or existing corporate liabilities under the terms of the settlement.

The acquisition places the 15-year-old entity into a listed corporate network. Scalare intends to operate the business alongside its current tech-focused assets, which include Tank Stream Labs, The Founders Union, Planet Startup, Tech Ready Women, InHouse Ventures and the Australian Technologies Competition. Founded originally as a non-profit workspace initiative, Fishburners has provided structural support, networking events and business coaching programs to more than 35,000 entrepreneurs since 2011. Notable firms launched from within its community include online retailer Koala, v2food and data firm Hyper Anna.

Carolyn Breeze, Chief Executive Officer of Scalare Partners, said, “Australia cannot afford to lose the communites that help founders take their first leap. Fishburners has been part of the fabric of Australia’s startup ecosystem for more than fifteen years and we’re incredibly proud to continue that legacy. This is not about simply preserving the brand. It’s about creating stronger pathways for founders to access community, education, customers, capital and support from idea stage through to scale. By bringing Fishburners into the broader Scalare ecosystem alongside Tank Stream Labs, The Founders Union, Planet Startup, Tech Ready Women and our other plaforms, we’re building one of the most connected founder communites in the country.”