New Zealand’s leading deep-tech venture capital firm, Pacific Channel, has today announced it is establishing a new fund in Australia. With support from LaunchVic, Victoria’s startup agency, Pacific Channel’s Australian-based fund will be the first time a New Zealand-based VC expands offshore.
The new fund, Pacific Channel Ventures, will target investments in 25-30 deep-tech startups, providing pre-seed to Series A capital. Beyond financial support, the fund will offer access to Pacific Channel's specialist skills and expertise, critical for nurturing the growth of early-stage companies in complex technological fields.
"This expansion is an exciting opportunity to apply our successful investment model to Australian companies developing ground-breaking technologies in the areas of food, health and the environment. We are confident this will deliver significant benefits for Victoria and our investors on both sides of the Tasman,” said Brent Ogilvie, Managing Director of Pacific Channel.
"Over the past year, Pacific Channel has invested in several Australian startups. We are about to announce investments in two more startups and we’re observing an increasing pipeline of opportunities. Expanding into Australia allows us to capitalise on this momentum and fill a critical gap in the market."
“While there are several later-stage deep-tech investors in Australia, as a multi-stage investor providing pre-seed through to Series A capital, we can support deep-tech companies at the earliest and most critical stages of their development,” said Mr Ogilvie.
LaunchVic CEO Dr Kate Cornick says, ““Victoria’s startup ecosystem is booming. The number of local startups has more than tripled since 2017 to 3,500 and the enterprise value of the sector now sits at AUD$123B.”
“We’re thrilled to have Pacific Channel Ventures entering the market under the new grant to support the growth of our VC sector and place more capital into the hands of quality founders during those crucial early stages.”
Pacific Channel plans to have experienced personnel on the ground in Australia, ensuring hands-on support and guidance for portfolio companies. This local presence, combined with the firm’s track record in New Zealand, will provide valuable expertise to the Australian deep-tech sector.
Mr Ogilvie adds “With its conducive startup ecosystem, Victora is a great location for Pacific Channel's Australian-based fund. In addition to the strong government support for start-ups, the city has world class universities conducting pure and applied research and a robust entrepreneurial environment.
“This new fund will complement our NZ investment strategy. We expect it will create opportunities for further scale, more capital, and increased collaboration which will benefit local deep-tech companies. We're looking forward to contributing to and growing with Australia's vibrant deep-tech sector."
