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Australia's Tank Stream raises $15.8m to back start-ups

  • Holden Mann
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Australia's Tank Stream Ventures has raised a A$20 million ($15.8 million) fund to invest in local tech start-ups.

LPs in the new fund include existing backer BridgeLane Group, along with a mainland China-based VC firm, according to an Australian Financial Review story linked from Tank Stream's Twitter feed. The Chinese firm, which has not been identified, is expected to help Tank Stream's portfolio companies with expansion into China.

Tank Stream started raising the new fund in 2013, but paused to focus on investing funds contributed by BridgeLane. Last year the firm decided to resume fundraising to replenish its capital.

Tank Stream is currently focusing on financial technology start-ups, along with other early and seed-stage companies that have ambitions to expand globally. Its portfolio companies include debugging tool developer BugHerd, taxi booking app goCatch and payment platform Pocketbook.

The firm also recently invested in crowdfunding platform Equitise, which supports start-ups based in Australia and New Zealand.

Most of Tank Stream's investments are in Australian companies. Its one US-based target so far is social network Spring.me. Its average deal size for early-stage companies is around A$500,000.

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