
Australian VC firm Square Peg plans global push
Square Peg Capital, the Australia-based venture capital firm founded by the co-founder of job search site Seek is looking to expand overseas, with plans to invest up to A$100 million a year in Israel and the US.
Square Peg was founded in 2012 and has deployed around $50 million across 19 investments, most of them in Australia. The operations of Victoria Capital, a growth-stage investor in the technology, media and telecom space also co-founded by Bassat, merged with Square Peg last year.
Bassat told the Australian that Australia will likely still be the firm's biggest market in 5-10 years' time, but Israel and the US will rank second and third largest. "Provided we find the opportunities, which is a big proviso because we are not going to spend money for the sake of it, we have the capability to invest in the range of $50m-$100m on an annual basis across all geographies,'' he said.
Dan Krasnostein, a partner at Square Peg, has relocated to Tel Aviv so lead the company's local expansion. There is now also a venture partner based in the city, Arad Naveh, formerly of Benchmark Capital and Cisco. Last month, Square Peg invested in Feedvisor, a Tel Aviv-based business intelligence platform that uses algorithms to help e-commerce companies plan pricing.
Another partner at the VC firm, Matt Rockman, has moved to Los Angeles to head up US operations.
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