Eastend Ventures Closes $30M Debut Fund to Back Early-Stage Tech
Eastend Ventures closed a $30M debut fund to back early-stage B2B tech startups in South Australia, Western Australia, and Queensland.
The big picture: Eastend Ventures has closed a $30 million debut fund, Eastend Ventures Fund 1, to back early-stage B2B tech companies in South Australia, Western Australia, and Queensland.
What it will back:
- Focus: The fund targets early-stage tech companies, primarily with a B2B focus.
- Geography: Investments are concentrated in South Australia, Western Australia, and Queensland.
- Strategy: The fund aims for exits within approximately five years, backing founders building businesses valued between $200 million and $500 million.
Who is behind it:
Eastend Ventures is led by founding partner Josh Garratt and managing partner JD Sheard. Funds SA, which manages over $50 billion, served as the cornerstone investor with a $5 million commitment. More than 50 sophisticated investors and family offices from Australia, Singapore, and the US also participated. Josh Garratt previously advised founders through the federal government’s Entrepreneurs’ Programme, while JD Sheard built and exited a technology services business.
The catch: Eastend Ventures focuses on Australian states that typically attract less venture funding, often leading investment rounds. This regional strategy, coupled with a focus on specific exit valuations rather than pursuing unicorn status, differentiates the fund but may also present unique challenges in deal sourcing and competition with larger, more generalized funds.
Key Facts
- Firm: Eastend Ventures
- Fund: Eastend Ventures Fund 1 (debut fund)
- Size: $30M
- Status: Final close
- Stage: early-stage
- Focus: B2B tech
- Geography: South Australia, Western Australia, and Queensland
- Anchor LP: Funds SA
- Partners: Josh Garratt, JD Sheard