'Wind the f---ing thing up': Investors gun for Afterpay's struggling VC arm Touch Ventures
Afterpay's founders may have pulled off one of the most miraculous exits in Australian startup history. But the VC fund they left behind could be on its last legs as investors push for it to be liquidated.
In August 2021, US tech giant Block paid a record-breaking $39 billion for Afterpay, making it the biggest tech exit - and corporate takeover - in Australian history.
Capitalising on the moment and the market fervour for all things fintech Afterpay's VC arm, then-called AP Ventures, raised $100 million and announced an IPO shortly after, promising retail investors a shot of getting in on the ground floor of Australia's next unicorn.
Two and a half years later the fund, now rebadged as Touch Ventures, has significantly underperformed the market and torched nearly $250 million in shareholder value as most of its investments lurch towards zero.
Frustrated investors are now calling on management to shut shop altogether and delist from the ASX.
