Happenco closes $12m fund for earliest-stage startups

The news: Australian venture investment and advisory firm Happenco has announced the close of its first fund, raising $12 million for earliest-stage startups.

The numbers: To date, 60% of the $12 million fund has been deployed across 16 companies including electric utility software company Neara, online hub for managing ad specs The Spec Sheet and school trip platform EdTripper. Launched in 2021, Happenco has a total portfolio of 27 companies, working with 11 startups in an advisory capacity spanning healthtech, retail, AI, and fintech.

The context: The fund is led by Ben Cheyne (ex-Deloitte Ventures), Gideon Gut-Silverman (ex-Google)and Omar Varts (ex-Deus Ex Machina), supported by Australian family offices and investors including Michael Rennie, Jeeva Suresh, and the O’Rielly, To and David family offices.

What they said: Happenco Managing Director Ben Cheyne said: “There are so many brilliant subject matter experts in Australia, many with the desire and conviction inside to innovate and build something great. Navigating how to get it off the ground can be the hurdle that keeps some of our best ideas locked in a box. We see a gap in our market here in Australia at the earliest stages – we want creators to play their strengths and provide technology build, operational and financial capability where needed."