Salus Ventures raised its first $25 million in only eight weeks as investors look to back companies that extend Australia’s sovereign capabilities.
OurCrowd managing partner Dan Bennett and long-time start-up investor Marten Peck have joined forces to create a new $40 million venture capital fund, targeting fields that are important to Australia’s sovereign capabilities., robotics and advanced manufacturing.
It has already raised $25 million for the fund, and has appointed former Salesforce Ventures Australian boss Mike Ferrari as managing director.Mr Bennett said the world had changed over the course of the COVID-19 pandemic and there was more attention being given to the country’s ability to be self-sufficient.
“We closed the first $25 million after an eight-week fund-raise. We thought that was a phenomenal response in the lead-up to Christmas,” he said. Salus will focus on seed to Series A investments and will write cheques of up to $1.5 million for initial investments. Mr Bennett said some of its investors had also indicated a willingness to co-invest to increase cheque sizes.Mr Ferrari had led Salesforce Ventures locally since late 2021, but says he had already been in discussions with Salus Ventures for six months before the redundancy.
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