Australian venture capital firm Wunala Capital is seeking to raise up to A$100 million ($71.5 million) for its debut fund that seeks to back pre-IPO and IPO companies in Australia, the USA, and Israel, according to an announcement.
The fund, Wunala Capital Emerging Opportunities Fund, will target a 20 per cent internal rate of return (IRR) by actively managing a portfolio of up to 20 positions. It accepts a minimum commitment of A$100,000 ($71,500) from investors.
Wunala Capital, led by Scott Wilson, a former senior vice president at Macquarie Group, said the new fund focuses on technology, financial services, healthcare, and sustainable energy or transportation.
“We have a particular expertise in supporting companies considering an IPO or other liquidity event within the next 12-24 months, especially those considering an ASX listing,” the firm said on its website.
The firm, composed of four executives, has offices in both Australia and the US.
“We originate exciting investment opportunities in Australia and the US, often before other funds even see them,” the VC said.
Aside from venture investing, Wunala Capital also assists foreign companies considering an ASX listing by guiding them through the IPO process and recommending service providers, such as lawyers and accountants.
Wunala now joins a list of Australian VC firms that have raised or are raising funds to support companies in Australia and New Zealand. Among them is Square Peg Capital, the country’s largest pensions backed VC, which raised $242 million in June. The firm targets early-stage technology companies.
Blackbird Ventures, an early investor in graphic design unicorn Canva, recently secured $356 million for its fourth fund. The firm’s strategy is to invest at the very beginning of a company’s life before there is revenue or a product.
Last month, Australia-based OneVentures hit the final close of its 1V Venture Credit Fund at about $57 million. The credit fund will make investments in technology and healthcare companies over the next three to four years.