Just days after Blackbird slashed its valuation by nearly a quarter, Culture Amp reveals it lost another $37 million last financial year

Melbourne workplace software unicorn Culture Amp posted losses totalling A$91.5 million (US$60m) in the last two financial years, including a $37 million (US$24.4m) loss in FY 2025.

That loss and the current financial position of the 16-year-old tech scaleup were revealed in filings to the corporate regulator, ASIC, on Friday.

On the upside, that’s a big drop from the combined $155 million (US$96.5m) in losses accrued in FY23 and FY24 – the latter figure being $55m (US$36m).

But at the same time, revenue growth has also been slowing, down from 32% in FY23 to 19% in FY24, and now just 10.8% in FY25 to US$177 million (A$270m).

Founder and CEO Didier Elzinga told Capital Brief that the business still has US$36 million in the bank and “has infinite runway”, although based on the FY25 loss, that’s 18 months.

Last month Culture Amp cut 6% of its workforce, 60 jobs, and in the wake of reducing its expenses, key investor Blackbird told last week’s investor day that it had cut its valuation of the business by 23.5%.

While net cash from operating activities improved by 29% from -US$14m in FY24 to -US$10m (-A$15m) in FY25, the figures are inline with a business trying to reduce its burn and cutting its coat according to its cloth.

The company pointed to deferred revenue increasing 12% to US$94 million, but that means prepayments from customers sit in line with current growth.

In a statement to Startup Daily from a Culture Amp spokesperson, they said that the company “has become meaningfully cash generative” a phrase accountancy firms Startup Daily spoke to are unfamiliar with, even in the inventive world of startup neologisms.

The business “is continuing to invest heavily in product and expects to grow at an accelerating double digit growth rate,” they said.

 In 2021, Culture Amp’s valuation reached $2 billion following a $135 million Series F, double the valuation of 2019’s $121 million series E.

The business began in 2009 and counts TDM Growth Partners, Sequoia Capital China, Salesforce Ventures, Skip and Grok Capital, the family VC funds of Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar, among its backers.

In 2023, amid broader layoffs in the tech sector Culture Amp shed 9% of its team, cutting 90 roles.

In March last year, Culture Amp acquired the Serbian people analytics platform Orgnostic for an undisclosed sum.