Birchal, Australia’s leading investment crowdfunding platform, has lost a co-founder and CEO. Matt Vitale has announced his decision to exit his role at the platform.
Vitale said in the blog post that after “deep reflection,” he was leaving the company he helped to launch eight years ago. He said that building the online capital formation platform was one of the most rewarding experiences in his life. Still, the strain of building the business has apparently come at a personal toll. Vitale explained:
But the reality is that building a business comes at a great cost—it requires an extraordinary commitment and takes a personal toll. Over the years, we’ve navigated immense challenges, and while my resilience and stamina have often felt limitless, in 2024, I found my limit—and pushed past it.
Birchal is now in an incredible position, with a fantastic team steering the ship into calmer waters as economic conditions improve. I’m confident that the best is yet to come for Birchal, and I’m excited to watch the team achieve even greater milestones.
As for me, I’m a bit broken. I need time to repair and recuperate. I’ve realized the importance of stepping back to prioritize my health and well-being, so for now, I’ll focus on mastering the art of being still (or at least trying!), and spending more time with those I love.
Birchal publicly stated that Vitale has been the driving force behind the company’s success but that the need for “self-care” outweighs his firm’s responsibilities.
In the interim, Birchal has enlisted Kirstin Hunter, MD at Techstars and former CEO and co-founder at Future Super, as “CEO Transition Lead.” The change is effective immediately. A search for a new CEO will soon commence.
Last month, Birchal shared that since its launch, over 300 companies have raised over $218 million. During the fiscal year 2024, the platform reported 66 campaigns, raising $46.5 million—an increase of 16% in successful offers compared to the year prior.
Birchal itself completed a funding round in December on its platform, raising $2 million at a pre-money valuation of $26.28 million.
Last November, Birchal announced that Darren Westlake, former CEO and founder of Crowdcube, had joined the company as an advisor. At the same time, Rod Bristow, former CEO of Investible, was appointed Non-Executive Director on the Board.
Investment crowdfunding has struggled worldwide as all venture markets have endured a challenging economic period. While the industry remains young and is very much evolving, many platforms struggle to generate a profit. Birchal has dominated the marketplace in Australia, garnering most of the securities crowdfunding activity. When Westlake signed up to advise Birchal, he predicted Australia was on the cusp of a “boom.”