Adventure Capital, a Melbourne-based investor in technology startups, is seeking A$80 million (US$83.4 million) of institutional capital for its first fund, founder Stuart Richardson told Deal Journal Australia.
Who is Adventure Capital?
Based in Melbourne, Adventure Capital is currently a A$20 million venture fund which invests in Australian startups with global ambition. Since early 2011, Adventure Capital has been actively investing in companies, including tablet publishing platform Mogeneration, advertising trading technology pioneer Brandscreen, education website doMore, social media marketing player Peazie, building management portal Equiem and personalized radio start-up 121cast.
Adventure Capital plays a key role in the startup community in Australia. Other than providing venture funding, they also run one of Australia’s well known coworking space called The York Butter factory. The 577sqm space is across two floors and has an open plan coworking space, informal collaborative area, meeting rooms, as well as an industrial fridge. The premier coworking space now has over 50 high-potential seed-stage companies in residence within a year of commencing operations. The York Butter Factory is also one of the partners for the Optus-Innov8 seed program, a program focused to spurring and providing funding support to promising Australia based startups.
Adventure Capital is founded by Stuart B Richardson, who is also the cofounder of Aurelius Digital, York Butter Factory and Equiem. Recently Stuart also shared with e27 which are the hotspots he is focusing on this year.
Aiming to set up a A$100 million fund
According to Deal Journal Australia, Adventure Capital is looking to raise A$80 million of institutional capital to expand its fund size into a A$100 million fund. The new fund raising is aimed at growing the number of its portfolio to between 25 and 50. The fund will allocate between A$500,000 to A$5 million per company in return for stakes no smaller than 10%.
According to Stuart in the WSJ article, one in 10 Australians is building a start-up, and the nation is responsible for the third-largest number of patents per unit of GDP.
“We’ll be able to provide scale capital. It’s infinitely cheap to start a business but in order to access distribution and growth, capital is certainly becoming more and more expensive.”
If you, like me, are interested to know more about the Australian startup ecosystem, Adventure Capital is a company you need to know about.
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