Australia's King River launches debut VC fund
Newly established Australian venture capital firm King River Capital has confirmed the launch of its debut fund and two initial investments.
The firm said it has secured a first close with contributions from Australian, US, Asian, and European investors. It did not disclose the amount raised. The fund will back 15-20 technology companies with an average investment size of A$10 million ($7 million) and a preference for software players in the late-Series A and Series B stages.
“King River Capital will be the bridge to Silicon Valley for Australia’s burgeoning tech start-up scene. We will be deploying capital, knowledge, relationships and expertise for Australian tech start-ups seeking to go global,” Zebediah Rice, co-founder of King River, said in a statement. “And we are providing access to some of the best investment opportunities in Silicon Valley for our investors here in Australia.”
The first two deals are Sydney-based financial technology start-ups FinClear and Cover Genius. FinClear offers technology-enabled clearing and settlement services to Australia’s stockbroking segment, while Cover Genius provides a multi-sector insurance platform for e-commerce companies. King River co-founder, Chris Barter said the firm intended to provide “high-touch” oversight.
Prior to King River, Barter helped launched two fund management platforms that raised a combined $600 million. He has participated in 28 early to mid-stage technology companies including Flipkart and Didi Chuxing. Rice previously co-founded Angeleno Group, a clean energy-focused VC firm with $500 million in assets under management.
Australia is witnessing an accelerated pace of new VC and angel fund launches on the back of financial and regulatory support from the government, improved success with commercialization in the local tech space, and rising interest on the part of superannuation funds. According to government data, 21 funds classified as “early-stage” VC and 16 standard VC funds were registered in 2018 alone.
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