Blackbird founders, Airtree back VC fund exclusively for students
NextGen Ventures' $2.5 million fund is modelled on America's Dorm Room Ventures, which has backed student-run startups that went on to raise US$6 billion.
The founders of Blackbird and Airtree — Australia’s two largest venture capital firms — are among those backing a $2.5 million fund exclusively for students, aimed at accelerating a new wave of startups.
NextGen Ventures plans to write $70,000 cheques for 30 student-led startups, hoping to energise the sector by supplying capital to early-stage companies not yet developed enough for seed funding.
"There has been a capital gap for a very long time, where there just really aren't that many allocators for young founders," said Jerry X'Lingson, who founded NextGen Ventures in 2023 alongside Mitchell Hugheswhile still a university student.
"In this day and age, it's never been easier and cheaper to build a company," added Hughes, "so $70,000 at that early stage goes an incredibly long way."
