Tank Stream Ventures is a new AU$20M fund, invested in 3 startups so far
Tank Stream Ventures will be investing between US$191,600 and US$0.96 million in 30 to 40 start-ups, with equity stakes varying between 5% and 12%By Jacky Yap 29 Oct, 2013
Tank Stream Ventures, a Sydney based investment fund, recently announced that it has successfully raised more than half of its AU$20 million (US$19.16 million) fund, and has already invested in three start-ups.
The newly set up fund has been initiated by Tank Stream Labs Co-founders Markus Kahlbetzer, Tim Fung and Jonathan Lui. Kahlbetzer is an accomplished investor with more than 10 years experience in investing. Fung and Lui on the other hand, are respectively the CEO and COO of Airtasker, a peer to peer service marketplace, which managed to raised over AU$1.5 million (US$1.44 million) in venture backing so far. Airtasker is also e27‘s Echelon Ignite Australia alumnus, and recently scored a major partnership with Australia’s leading job portal CareerOne.
Tank Stream Ventures invests in mobile, e-commerce and software startups that can build local and go global. Tank Stream Ventures will be investing from AU$200,000 (US$191,600) to just under AU$1 million (US$0.96 million) in 30 to 40 start-ups, with equity stakes varying between five percent and 12 percent. According to Rui Rodrigues, Investment Manager, Tank Stream Ventures, the three startups, which the fund has invested in are: taxi booking app, goCatch; social network, Spring.me; and receipt and accounting app, Pocketbook.
Pocketbook is also e27‘s Echelon Ignite Australia alumnus, and was recently shortlisted into the second batch of the Optus Innov8 program.
e27 spoke to Ned Moorfield, the CEO of taxi booking app goCatch regarding the investment round by Tank Stream Ventures. Over the last two rounds, Tank Stream Ventures has invested AU$500,000 (US$479,000) into goCatch. Besides monetary value, Ned acknowledges, Tank Stream Ventures brings to the table, the network benefit of being part of the the venture’s portfolio.
“Tank Stream bring a stack of value. Tim Fung and Jono Lui, who sit on its investment committee, are also the Co-founders of Airtasker and we share office space with them at Tank Stream Labs. We often meet with them to discuss strategy and there’s a lot of great information we’re able to exchange with them and other companies at Tank Stream Labs.” – Ned Moorfield
Sitting on the Tank Stream Ventures investment committee, also are, Silicon Valley investor and entrepreneur James Windon, Sandy Plunkett, mentor at ANZ Innovyze Accelerator program and an advisor to Silicon Valley VC firm, Bull Pen Capital, and Jan Bingley.
What kind of company would be of interest to Tank Stream Ventures? Investment Manager, Rodrigues shared with StartupSmart that the venture is looking to develop a diverse portfolio of online technology start-ups, including e-commerce, collaborative consumption, software-as-a-service and cloud-based start-ups. If the team has an impressive background, especially with a good industry track record, there will be a higher chance of funding.