Hulls said one of the key things that attracted him was that the ASX presented a viable way to avoid late-stage U.S. investment firms, who can offer quite a lot of money for start-ups but also add unfavorable terms for founders. For example, their money can come with preferences that make it hard for employees to make much money in an IPO or acquisition.

“You get these really big valuations, but they have a ton of structure on them,” Hulls said. “They’re really not clean terms.”