Media startup Rampart raises $2.3 million

Aston, who dubbed Atlassian’s Mike Cannon-Brookes “Double Bay Jesus”, and cost his former employer $280,000 in damages following a 2021 defamation case against venture investor Elaine Stead, when she ran VC at Blue Sky Alternative Investments, left the AFR to write a book about Qantas and its former CEO, who recently released his own book, before launching Rampart in early 2025.

Aston also described Vinomofo as a “peanut” startup “whose own collision with reality is surely imminent” – seven years ago.

Five individual investors have taken an slice of Rampart: Ellerston Capital chair Ashok Jacob, media exec David Gyngell; Doug Tynan from GCQ Funds Management; retired neurosurgeon Michael Morgan, and his wife, Elizabeth; and Ceres Capital director Sam Brougham. Aston still owns 96% of the acerbic online business news site he launched 18 months ago.

The funds will be used to add to the headcount, and new editorial verticals, events and podcasts, as well as improved technology.

“I look forward to sharing our plans for that investment very soon,” Aston said in a letter to subscribers.

He said the business has been profitable from the outset in 2025 and didn’t need external capital.

“But with our business model now well-proven, I decided there is no time like the present to turbocharge investment in Rampart’s journalism (which in turn will boost our audience and revenue growth); to establish an external market valuation for the company; and to advance to our next phase with an incredibly high-quality group of equity partners,” he said.

Aston emphasised the editorial independence of Rampart, with the shareholders agreement including a Russian roulette clause that triggers “a forced divestment of their shares on unfavourable terms” if there’s editorial interference.

“I am not aware of any other Australian publisher or broadcaster whose editorial independence is so hard-wired,” he declared.

“The shareholders agree to these terms willingly because they fully appreciate that Rampart’s economic value flows from its total intellectual freedom.”