Sydney Seed Fund raises US$1.8M, scouting for startups
Sydney Seed Fund is now looking for startups to invest in that have some prototype or concept, both technical and business Co-founders, and opportunity to scaleBy Jacky Yap 04 Nov, 2013
Earlier in June, a trio of experienced Australia based startup entrepreneurs started raising fund for their Sydney Seed Fund.
The trio is none other than Benjamin Chong (co‐director of Sydney Founder Institute), Ari Klinger (partner at Right Click Capital), and of course, Garry Visontay, (an active angel investor with significant board‐level experience). Sydney Seed Fund aims to invest in 20 early stage tech startups at the seed stage with approximately AU$100,000 (US$95,000) of funding for each company.
The team has recently updated e27 that they have to date, managed to raise AU$1.9 million (US$1.9 million), and are still accepting new investors into the fund. With the majority of the fund raised, they are currently on the look out for companies who may benefit from seed-stage investment from Sydney Seed Fund. Seed stage investment means that companies can be pre-revenue.
We previously laid out what the team is looking for, and the various criteria and corporate profile still stand:
- Internet/technology sector
- Less than 18 months old
- Exhibiting signs of potential growth
- At prototype or near completion stage
- High capital efficiency
- Sound management team
- Global scalability
- A clear exit mechanism
“We like businesses that have some form of prototype or proof of concept, both technical and business co-founders, and the opportunity to scale.” – Sydney Seed Fund.
Of course, as investors themselves, here are the values they can bring to the table in case you are asking:
- Access to next round funders both in Australia and internationally, including the US and South-East Asia.
- Access to customers, service partners, strategic advisers and experienced mentors.
- Business expansion opportunities from associations with high proﬁle investors, expert advisers and mentors.
- Opportunities to share experiences and learnings with other founders. We hold informal monthly get-togethers for all founders.
- Improved access to exit opportunities, including direct access to potential acquirers.
Other than Sydney Seed Fund, several other funds have also been set up this year to spur the ecosystem in Australia. This includes Blackbird Ventures, Pollenizer, Adventure Capital, and most recently Tank Stream Ventures.