Glitch Capital debuts with $50m raise for local 'founders fund'
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The news: A group of unicorn founders and operators have launched a $50 million venture fund, Glitch Capital, positioning it as Australia and New Zealand's first 'founders fund'.
The numbers: The fund aims to invest $1 million to $3 million alongside top-tier VCs in high-growth, globally focused technology companies.
Over 70% of the fund is backed by individuals from unicorns, scale-ups and companies worth over $100 million.
The context: Glitch said the fund represents a "new approach to venture capital in the region", led by founders who have built and exited technology unicorns rather than traditional investment professionals. The model is inspired by US funds such as Founders' Fund and a16z.
Glitch's founding partners are Payapps co-founder Geoff Tarrant, Aconex co-founder Rob Phillpot and A Cloud Guru co-founder and Cuttable founder Sam Kroonenburg.
The fund also has limited partners from companies including Employment Hero, Xero, MYOB, Fresho, Leonardo AI, Pet Circle, Cover Genius, Roller, Ofload, Go1, VendorPanel, Zeller, Neara, Who Gives a Crap, Mr Yum, GROW Inc, Upguard, Ignition, Bare and Bellroy.
Glitch has made its first investment in edtech Cadmus, a digital assessment platform serving the global higher education market.
The source: Glitch media release
