The Fund, the early-stage investment firm focused on pre-seed and seed startups, is going Down Under for its latest expansion. The Fund was founded in New York in 2018, before launching in Los Angeles, London, the Rockies and the Midwest, too.
Co-founder Jenny Fielding, who is also managing director at Techstars New York, said The Fund decides on new areas for expansion based on demand from the local startup ecosystem, and earlier this year, it heard from a group of founders and operators who wanted to launch it in Australia, too.
In addition to participating in first check rounds, The Fund also builds communities of founders and other leaders from successful startups, who not only provide mentorship, but also capital as limited partners. The Fund now has a network of about 400 founders and has made around 120 investments across its funds.
In each of its regions, The Fund is led by an investment committee of four people. In Australia, they are: Techstars managing director Todd Deacon; venture firm AirTree principal Elicia McDonald; AfterWorks Ventures co-founder Adrian Petersen; and former Canva head of product Georgia Vidler. There will be 50 people in The Fund Australia’s limited partner base, including founders of startups like Culture Amp’s Rod Hamilton, Linktree’s Alex Zaccaria, Adore Beauty’s Kate Morris, and leaders from Canva and Safety Culture, too. The Fund Australia’s LPs will help source promising startups from their networks, and refer them to the investment committee for review.
The Fund is targeting $3.5 million USD and will invest in about 40 startups, writing check sizes of $50,000 to $100,000 USD over 24 months. Limited partners and other members of its community around the world will provide guidance as portfolio companies grow.