Adventure Capital, a Melbourne venture capital firm, has announced that it is looking to raise between $40 to $60 million for its new tech startup fund Summit LP, which will aim to invest in up to 30 startups.
Stuart Richardson, founder and managing partner of Adventure Capital, told Business Insider that he began talking to institutional investors, corporates, and high-net-worths this week, while also fielding offers from existing investors. Looking to close the fund – which will focus on fintech, health tech and industrial internet solutions – by the end of 2015, Richardson is seeking investments starting at $250,000.
Adventure Capital’s general partner Darcy Naunton said that the market timing for investing in startups focused on fintech, health tech, and the internet of things is optimal.
“FinTech for example saw 211 acquisitions worldwide in 2014, and investment in the sector tripled between 2008 to 2013. Many more of these companies are appearing because advancements in technology and competitive landscape have significantly lowered the barriers and cost of entry and have enabled entrepreneurs to do more innovative things,” Naunton said.
He added that the industries Adventure Capital has chosen also play to the experience of the fund’s team and advisory board, and the strengths of its corporate partners, who are obvious candidates for follow-on funding, acquisition opportunities, and the sharing of resources, and highlighted the Adventure Capital’s team and advisory board’s experience within these industries.
Based at the York Butter Factory coworking space, Adventure is an early stage tech venture fund that focuses on advancing the local digital and online tech ecosystem, seeking local startups with the potential to scale globally. Its portfolio includes compliance software startup DoneSafe, online staff training platform Myagi, and education marketplace doMore.
Its existing fund, the Digital Accelerator LP, is a super-angel style fund bringing an active approach to investing, thanks to the team’s experience in early-stage growth and exits. The team includes Richardson, who also co-founded York Butter Factory, Aurelius Digital, and Eqiuem, and Darcy Naunton, a former investment analyst and also managing director of York Butter Factory.
Chris Fry, former senior vice president of engineering at Twitter and senior vice president of development at Salesforce, joined Adventure Capital as an advisor in December.