Australia will soon have its first $200 million VC fund focused entirely on later-stage startup investments in an “exciting turning point” for the sector.
Blue Sky Venture Capital has announced it will be raising the fund to help plug the current funding gap and help founders find assistance locally without having to look overseas.
This is another big moment for the startup ecosystem, assistant minister for innovation Wyatt Roy says.
“It’s great to see investment managers such as Blue Sky attract significant capital to develop and nurture the local VC scene and invest in later-stage companies,” Roy says.
“This represents an exciting turning point in the development of the Australian innovation ecosystem.”
It will join three other $200 million Australian-based VC funds – with Square Peg Capital and Blackbird Ventures recently announcing their own, and Brandon Capital closing a biomedical-focused fund earlier this year.
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