News & Analysis

BlueChilli secures $5 million from prominent investors and acquires Future Capital’s equity

- September 1, 2014 2 MIN READ

Sydney-based venture technology investor and startup incubator, BlueChilli has today announced it has closed AUD$5 million in investment, which will help the firm continue in its path to grow and strengthen Australia’s startup sector. The latest round of funding was led by Australian business icon The Myer Family Investments, as well as Adelaide-based tech entrepreneur and founder of Internode Simon Hackett.

Founded by Sebastien Eckersley-Maslin, BlueChilli provides a range of services to early-stage startups (e.g. technology, funding and mentorship) as well as established corporations seeking to apply startup-esque innovation.

Domenic Carosa’s Future Capital Development Fund was the original investor in BlueChilli when it launched in 2012. Future Capital’s equity will be acquired in this transaction – though the valuation of the company as a result of this transaction has not been disclosed.

Chairman of Future Capital, Carosa, says the firm is content with the transaction: “It’s been a pleasure working with Sebastien and the team and I’m pleased to be able to report to our shareholders that our seed stake in BlueChilli has returned a 6.67 multiple in just over two years.”

Eckersley-Maslin admits that while BlueChilli is “obviously” excited to make this announcement, the company less fazed by the scale of the investment than who the investors are.

“Simon Hackett is one of Australia’s most successful technology entrepreneurs, and the Myer Family is one of Australia’s most iconic investing families. We’ve been able to demonstrate a uniquely viable model for creating a thriving portfolio of more than 40 new tech startups in two years. The investment signifies their support for our plans to scale our model here and overseas,” he says in a media release.

Peter Yates, Deputy Chairman at Myer Family Investments, says the firm is pleased to “support domestic innovation through this meaningful investment”, while Hackett says his investment demonstrates his interest in fostering the best avenues for growing Australia’s tech startup ecosystem.

“While we wait for Australia to take concrete steps to support the growth of the local technology industry, I’ve been working with a number of early-stage Australian tech startups to help them reach their goals,” Hackett says in a media release.

“I’ve enjoyed working with Sebastien in an advisory role and it’s great to be able to help BlueChilli roll out to meet demand, now we’ve validated the core model.”