Australian tech entrepreneurs to create VC fund
A group of Australian technology entrepreneurs have joined forces to create a new venture capital fund, Blackbird Ventures.
Led by Bill Baree, managing director of Southern Cross Venture Partners, and Rick Baker, formerly a portfolio manager at MLC, Blackbird will combine the investment capability of at least 14 Australian technology entrepreneurs, BRW reported.
Participants include Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar, Niki Scevak, the head of local technology accelerator Startmate and real estate start-up Homethinking, and Larry Marshall, managing director of Southern Cross Venture Partners.
Baker said that although it has become easier for companies to raise an initial round of about $500,000, it is still very difficult for to raise venture rounds of up to $5 million.
"What got me really excited and why I left MLC to do Blackbird Ventures is, I think there's a real gap in the market to help companies that are forming in Australia," Baker said.
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