According to The Australian Financial Review, it is the most successful and profitable – and least known – Australian start-up and global technology company.
It is more profitable than the likes of Atlassian, WiseTech and Campaign Monitors and has been entirely self-funded since being founded in a Bondi garage 10 years ago.
Meet Envato, which last year made a pre-tax profit of $US33 million ($43.3 million), and which provides four debutants on this year's BRW Young Rich List.
The company runs a series of markets for web designers, with its popular Themeforest site selling blog and website templates and themes for WordPress users, as well as some videos and music for websites. Themeforest is among the top 300 most visited websites in the world. Though it does not design the templates, it provides the forum or market for users to sell their designs, taking a share of sales when transactions are made.
It has been an extremely successful strategy. Envato's 2015 financial year pre-tax profit (its 2016 financials should be lodged with the Australian Securities and Investments Commission within about the next month) was double that of the previous year and revenue reached $US73 million.
Envato was founded by husband and wife team Cyan and Collis Ta'eed, and a long-time family friend, Jun Rung, in Collis's Bondi garage in 2006 and has not taken external funding since. Vahid Ta'eed, brother of Collis, joined the company in 2008 as an executive director.
The quartet all debut on the Young Rich this year. Collis & Cyan Ta'eed have combined wealth of $184 million while Rung and Vahid Ta'eed are worth an estimated $43 million each.
The company now reportedly boasts about 6 million members worldwide and is closing in on the 180 staff mark.
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