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:
“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:
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.