The tech downturn didn’t stop Archangel raising the first $20 million for its seed-stage venture capital fund in just three weeks.
Early-stage investing group Archangel Ventures has completed the first close of its new venture capital fund, hitting $25 million in just a few weeks despite the tech market downturn.
“I like my [investment] positions to be similar sizes, but with the underwriting unpredictability, some of my positions became much larger.”The three partners have varied backgrounds: Mr Ong is a former software engineer turned angel investor, Mr Armstrong is a former Telstra Ventures principal, and Mr Wallace is a former lawyer and start-up founder who had been head of legal at Culture Amp. Andrew Cicutto is an investment associate with the fund.
While the fund plays at the earliest stage of the market that has been the least affected by the tech downturn so far, Mr Ong said deals that would formerly have been done on $10 million pre-money valuations were now being done at $7 million.“Historically, Australia has been pretty honest venture investors, until the international money came in and macro conditions changed,” he said.
From the new fund, it will write cheques across three types of companies: very early stage businesses, seed stage start-ups and the emerging winners from the first two categories.
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