blog Honestly, sometimes it feels at the moment as though there is just a huge stack of pure cash money flowing in the streets for Australia’s technology startups. Several weeks ago the Queensland Government announced a $40 million co-investment fund for startups, last week Victoria followed with a $60 million effort, and of course who could forget the new $200 million fund unveiled by Blackbird Ventures in August.
Well now there’s another $200 million fund targeting Australian technology startups. Launched by Seek co-founder and Square Peg capital today, the fund is also aiming at the technology sector. The Financial Review reports (we recommend you click here for the full article):
“SEEK co-founder Paul Bassat is launching a new $200 million venture capital fund backed by major investor James Packer, super funds and other wealthy individuals that will bring total such funding raised or planned this year to almost $1 billion.”
We’ve reached out to Square Peg today for further details, but haven’t yet heard back. However, we suspect that, given the size of this fund, it will be aiming to target not just small Australian technology startups, but also the kind of mid-sized Australian companies who are seeking funding up to the tens of millions and have been finding it difficult to attract that kind of money on-shore.
In any case, we truly are now in a new age in terms of Australia’s ability to fund technology startups. Big or small, it appears we can now handle it. Amazing times.