Australia's Alchemy Ventures launches $150m fund

"We are broadening our horizons not just to focus on tech start-ups but on agri-tech and also a lot of opportunities in the technology metals space, lithium, cobalt, graphite - anything involved in the production of a Tesla," said Mathew Walker, co-founder and fund manager at Alchemy, according to The Australian Financial Review. "We believe our founders have the networks in both the east and west states."

The fund represents the latest reaction to concerns about a growing capital void in Australia's venture ecosystem following a proposed change in Australian Securities Exchange listing rules which could restrict market access for companies with less than A$5 million in tangible assets.

The launch is also further evidence of a resurgence in Australian VC fundraising, following closely on the set-up of a A$200 million fund by Square Peg Capital that was backed by superannuation funds, James Packer and other high-net-worth individuals. This in turn built on efforts by Blackbird Ventures and Brandon Capital, both of which won support from super funds. Late last year, Blue Sky Venture Capital announced plans for a A$200 million fund targeting later-stage start-ups.

Investment in the support industries related to EV battery production has been seen as a more accessible and lower-risk alternative to direct investment in battery producers and car manufacturers. 

Alchemy makes investments of between A$100,000 and A$5 million on seed to later-stage investments across financial, industrial and consumer technologies. About 80% of its investments are made in Australia, with the balance distributed across the Asia-Pacific region.

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