Honey Insurance, a Sydney-based innovator in smart home insurance, has secured the coveted top spot in Deloitte’s 2024 Technology Fast 50 list. This remarkable achievement comes just seven months after the company raised $108 million in one of Australia’s largest-ever Series A funding rounds, marking a standout performance in a challenging economic environment.

The Technology Fast 50, now in its 24th year, celebrates Australia’s fastest-growing technology companies. Rankings are based on percentage revenue growth over a two-year period, from 2022 to 2024. Honey Insurance surged ahead with an astonishing 5,336% growth rate, outpacing PropHero (2,403%), pay.com.au (2,256%), Aunty Grace (2,093%), and Hola Health (1,521%).

This year’s list reflects a shift in focus for tech companies as access to capital tightens. Many firms have prioritized sustainable growth and operational efficiency, a trend noted by Deloitte Technology Fast 50 leader Josh Tanchel.

“Rising capital costs have undoubtedly impacted growth trajectories,” Tanchel said. “However, successes like Honey Insurance highlight the resilience and quality of companies in this year’s Fast 50. While the average growth rate declined from 2023, it remains impressive at 658%.”

Tanchel also noted a wider geographical spread of winners, with New South Wales continuing to lead but growth emerging in Queensland and Western Australia. Encouragingly, female representation in tech leadership showed modest progress, rising from 14% to 18%.

Honey Insurance’s achievement underscores its position as a trailblazer in the tech and insurance sectors, navigating economic headwinds with innovation and strong execution. Their top ranking highlights the potential for Australian tech companies to thrive despite challenging conditions.