Early stage venture capital firm Investible has hit the first $35 million close target on its second fund in just three months.
The Sydney-based VC has a target of $50 million for its new fund and recently installed CEO Rod Bristow, whose first job was the raise, said the speed and success of the initial backing reflects shows that investors are looking to diversify their portfolio and back high-potential tech companies early.
“The momentum also indicates, however, that a proven track record and a portfolio approach to seed stage investing are both critical in giving investors’ confidence to enter what is a risky stage of investment,” he said.
“The team has spent the better part of a decade zeroing in on how to de-risk seed stage investing and we’re starting to see the fruits of that focus.”
Over the past three years Investible has backed 36 companies through its inaugural fund.
Bristow said they’ve been impressed by how well the portfolio is tracking, especially over the last year.
“Many turned COVID-19 into an opportunity, with companies such as JigSpace, Manettas Seafood, and WORK180 hitting company-defining milestones and laying out a clear path for global expansion,” he said.
The portfolio companies have added 600 new jobs across their businesses, Bristow estimates, adding that Investible had also appointed Lisa Kim as portfolio manager to provide strategic and operational support, alongside six new hires in 2021.
Kim, a legaltech startup founder, has more than a decade of experience across strategic advisory, product management and commercialisation,
“It’s been exciting to come into a business on the cusp of significant growth,’ she said.
“The combination of an experienced, passionate team and a robust investment strategy positions Investible to not only mature as an asset manager but also to make an impact across other critical parts of the ecosystem and support even more industry-defining founders.”