Sections 05–06

Roadmap, funding and trigger points

Three phases, ~A$15–20 million of capital, and an explicit set of benchmarks that would force a change of plan rather than a change of narrative.

Go to market

Three phases

Phase 1 · Year 1–2

Prove one asset class

Renewable-infrastructure debt or commercial-real-estate private credit, with 1–2 anchor originators and a small syndicate of institutional and wholesale investors — a Gulf SWF plus a Singapore or Canadian institution. Operate under sandbox relief.

A$100–250 million tokenised with live secondary trades

Phase 2 · Year 2–3

Expand and productise

Add funds, broader private credit and agriculture; launch the secondary market; offer white-label SaaS tokenisation to fund managers.

A$1 billion tokenised

Phase 3 · Year 3–5

Democratise and connect corridors

Extend to retail subject to licensing and disclosure, and open cross-border corridors with Asia (Singapore GL1/BLOOM, Hong Kong) and the Middle East (ADGM/VARA).

Positioned as the inbound rail for Australia Inc.

Sequencing

Recommendations

Now – 6 months

Incorporate and raise the A$3–5 million seed.
Secure one anchor originator in renewable-infrastructure debt or CRE private credit.
Secure one anchor investor — a Gulf SWF, or a Singapore/Canadian institution.
Engage a top-tier law firm and apply to the Project Acacia-successor sandbox.
Do not proceed to build without committed two-sided demand — the DigitalX lesson.

6 – 18 months

Build on Redbelly/Canvas domestically, or Ripple XRPL + SettleMint for the international corridor.
Run the Phase 1 pilot under regulatory relief.
Lodge the AFSL application (custody/TCP + dealing + DAP) well before the transition deadline — existing operators face a 30 June 2026 no-action cut-off.

18 – 36 months

Obtain the full AFSL.
Launch the secondary market with committed market-makers.
Expand asset classes and raise the A$12–15 million Series A.
Target A$1 billion tokenised.

Funding

~A$15–20 million across two rounds

Seed

A$3–5 million

Product, pilot and initial licensing work.

Series A

A$12–15 million

Full AFSL, secondary market and scale to A$1 billion tokenised.

Investor mix

Capital that distributes

Target strategic investors that double as distribution: a Big 4 bank, a super fund, Ripple or SettleMint, and — following the Brookfield–PIF template — a Gulf SWF as anchor.

Trigger points

Benchmarks that would change the plan

FIRB friction for SWF token-holders

Pivot to a wholesale/domestic-first model, or route foreign capital through FTA-domiciled feeder structures.

Secondary liquidity fails

Double down on primary issuance, yield-bearing income assets and SaaS or white-label revenue rather than trading fees.

A Big 4 bank launches a rival rail

Pursue partnership or acquisition rather than head-to-head competition, positioning Democratise as the FIRB-native origination and distribution layer on top.