Eastend Ventures becomes Adelaide's first ESVCLP after raising $13m
Eastend Ventures is targeting underserved regions outside Sydney and Melbourne after raising $13 million toward a $50 million fund focused on South Australia, Western Australia and Queensland.
The newest unconditional ESVCLP in the country is making a contrarian bet: while everyone else chases deals in Sydney and Melbourne, it's launching a venture capital fund in Adelaide.
Eastend Ventures has become South Australia's first Early Stage Venture Capital Limited Partnership fund, raising $13 million, with the aim of raising $50 million to bet on startups in "underserved" regions including South Australia but also WA and Queensland. Those states collectively receive less than 10 per cent of Australian VC investment.
Headed up by Josh Garratt and JD Sheard, the duo told Capital Brief they bring complementary skills with Garratt having built deal flow through his Southern Angels network and Sheard bringing experience scaling and exiting companies in international markets.
The founders have put over $2 million of their own money into the fund.
