Investec backs Australia fintech investor H2 Ventures

The size of the commitment was not disclosed, but The Sydney Morning Herald reported that it runs to several million dollars. David Phillips, head of principal investing at Investec Australia, will join the H2 board alongside founder siblings Ben and Toby Heap.

H2 Ventures spun out from listed entity AWI Ventures last year. It became one of the first tenants at Stone & Chalk, a co-working space in central Sydney intended to serve as a non-profit fintech hub. H2 plans to back 100 start-ups over the next three years, contributing capital and a place on the accelerator program in return for a minority equity interest. Successful start-ups will receive ongoing support through the seed funding program.

Last December, H2 established a partnership with First State Super that will see the superannuation fund make later-stage investments in companies that have come through the accelerator.

Ben Heap said at the time that he was in talks with a number of different investors about a fund that would focus on Series A rounds of A$5 million ($3.6 million) or above, essentially providing a domestic option for start-ups that would otherwise have to look for capital offshore.

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• Topics
• Australasia
• Venture
• Early-stage
• Financials
• Technology
• Financial Services
• Australia
• seed