Black Nova, Australia’s newest venture capital fund, has announced raising A$10 million ($7 million) for its debut fund that invests in early- and growth-stage companies.
The firm, which aims to double the fund to A$20 million by the end of this year, focuses on technologies and solutions related to enterprise and software applications.
The fund has already invested in 23 local startups in the B2B sector, with an initial cheque size ranging from A$100,000 to A$1 million. Its portfolio includes consumer software firms Remote Social and Functionly.
It also invested in edutech startup The Mintable, enterprise cloud SaaS ybot, monitoring and assurance platform Operata, cyber safety firm Avertro, carbon management platform Pathzero, data storage platform CipherStash, B2B marketplace B2buy, and B2B SaaS platform hudled, among others.
Black Nova was co-founded by Matt Browne and Darcy Naunton. Browne said the firm embraces a “boring is better” mentality when it comes to investing.
“Our focus is on taking what is traditionally considered ‘unsexy’ and ‘boring’ enterprise-focused startups and moulding these opportunities into returns that are out of this world,” he said.
Browne added that the majority of Black Nova’s portfolio companies are faced with the task of having to sell into big enterprises with long sales cycles.
Prior to Black Nova, Browne co-founded a variety of startups, including Donesafe, a global SaaS startup with 1.5 million users, which he exited in 2020. He is also a Y Combinator Alumni and was a venture partner at early-stage VC firm Antler.