Gen Z VC fund NextGen Ventures scores Blackbird cofounders as investors in $2.5 million fund build

Student-founded and focused NextGen Ventures has secured $1.5 million in commitments as it looks to raise $2.5 million VC fund, with Blackbird founding partners Niki Scevak and Rick Baker among those chipping in.

The fund is the brainchild of Monash University alumni Mitchell Hughes, 23, and former University of Melbourne biomedicine student Jerry X’Lingson, 22, who met at Startmate.

They’ve spend the last year developing the idea and kicked off their capital chase in December, securing 60% of their target with hopes for the last $1 million by the end of 2025.

Also backing them are Airtree Ventures, Melbourne uni entrepreneur Andrew J. Nash, and several angel investors

NextGen has already made its first investments, including  AI process platform, Fluency, founded by Swinburne graduate Oliver Farnill and RMIT student Finnlay Morcombe.

The VC’s cheque size is around $70,000 – so around 36 startups with the fund – with a preference to be the first investor.

“Our ambition is to build a generational venture firm that strengthens the grassroots of our ecosystem. The cultural shift we’re striving for isn’t just for our generation — it’s meant to resonate through every generation to come,” said X’Lingson.

“Australia’s talented youth are genuinely ready to take on the global stage. The ball is in our court to help get them there.”

X’Lingson point to data that shows 90 Australian student-founded, VC-backed startups have collectively raised $1.2 billion since 2012, including Atlassian and blockchain unicorn Immutable, yet only 8% of VCs believe the industry understands the investment needs of student founders.

“For the last decade, the ambitions of countless young Australians have been suppressed. So they quietly flee to Silicon Valley not just for the capital, but for its unapologetic culture of pursuing what one cares about,” he said.

“It’s time to develop our own culture that encourages fearless ambition at the grassroots, and it starts by growing a garden of tall poppies.”

Hughes said student-focused VC funds aren’t new, with Dorm Room Fund in the US, which has been around for a decade and backed more than 200 student startups.

“In 2023, I visited SF, London, and Tel Aviv and saw first-hand how seriously those ecosystems take young founders,” he said.

“I came back inspired to adapt that proven model for Australia. Ultimately, making our grassroots one where ambitious youth dream to build, and to generate world-class returns along the way.”

NextGen now with 20 student scouts across seven Australian universities looking for ideas to back.

Airtree cofounder Craig Blair said the duo are “tapping into something special” and their proximity to student founders “means they’re discovering raw ambition and breakthrough ideas before anyone else”.

“The next unicorn could be sitting in a university library right now — and NextGen will be the first to find them,” he said.

“We believe this grassroots approach is where a new wave of generational companies could come from.”