Australia’s Acorn Capital raises $37m for first venture capital fund

Australian investment management firm Acorn Capital on Wednesday announced that it has received A$52.5 million ($37.2 million) in commitments for its first venture capital fund, Acorn Capital Expansion Platform (ACEP).

Investors in the new fund include leading family offices, private investors and entrepreneurs, the company said in a statement.

ACEP, which will make venture capital investments in emerging Australian companies, is targeting businesses with a sustainable competitive advantage and the potential to be leaders in their industries, it added.

Acorn Capital investment director James Douglas said the successful fundraising showed there was a strong investor appetite for innovative companies at the expansion stage.

Acorn Capital, which was founded in 1998 in Melbourne, has in the past invested in Redbubble, Telix, amaysim, Genea, Carbon Revolution, Moula Money, Cleanspace Technology, Calix, IAS Group, Aroa Biosurgery and FlareHR.

According to a KPMG report, venture capital investment in Australia had touched $130.5 million across 16 transactions in the three months to March. Canva’s $40-million Series C funding round, which valued the Sydney-based startup at $1 billion, was among the significant deals.

In August this year, Sydney-based venture capital firm OneVentures and Israel-based Viola Credit announced the launch of an A$100-million ($74 million) venture credit fund dedicated to the Australian market. Sydney-based venture capital firm Blackbird Ventures, which invests in tech startups, had announced raising $225 million for its third fund in April.

Also Read:

Sydney’s OneVentures, Israel’s Viola team up to launch $74m credit fund

Australia’s Blackbird raises $225m third vehicle from Hostplus, Future Fund, others

The post Australia’s Acorn Capital raises $37m for first venture capital fund appeared first on DealStreetAsia.

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