Sydney Angels start second fund
Non-for-profit angel investment organisation, Sydney Angels has launched its second co-investment fund, the Sydney Angels Sidecar Fund 2, which aims to raise $10 million to $20 million in early-stage Australian ventures.
Sidecar Fund 1 launched in 2012 and invested $8 million alongside angel investors, in 27 start-ups. Those start-ups raised a further $85 million in equity capital and grants to grow those seed businesses, the organisation said.
Sydney Angels and Sidecar Fund investment committee member, Richard Dale said: "Early investments by Sydney Angels members helped put startups on the path to success, including Atomo Diagnostics which was first invested back in 2011 and is now a player on the world stage, receiving substantial investments and grants from the Bill and Melinda Gates Foundation".
"Back then only angel investors could get into exciting early stage deals like Atomo, but since 2012 when Sidecar Fund 1 became operational its investors have had a stake in every deal Sydney Angels members do."
Their first sidecar fund successfully completed its five year investment period. The portfolio of 27 included a number of high profile ventures, such as Ingogo, Fame and Partners, Instaclustr, and Clarity Pharmaceuticals, Dale said.
The fund leveraged an exclusive co-investment arrangement with Sydney Angels, which claimed to be Australia's largest and most active angel group.
Each year they screened and evaluated hundreds of high growth potential early-stage investment opportunities, while they also used the experience and expertise of over 100 angel investor members, Dale said.
Sydney Angels Sidecar Fund 2 was open to wholesale and sophisticated investors.
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