Early-stage VC firm Sprint Ventures has raised $8 million in the initial close of its second $50 million fund.
Managing Partner and entrepreneur Llew Jury said the second fund, the Expansion Capital Fund, follows the success of their first $5 million Vintage Sovereign Seed fund in 2020, which delivered a 45% return on investment.
Sprint recently invested in its 13th portfolio company, four of which with capital from its new fund.
That includes business news streaming channel ausbiz (where Startup Daily hosts a show), VAPAR, another female founder of software that uses artificial intelligence for preventive sewer inspections, and Brisbane shared payments fintech YouPay.
The judges said the dealflow pipeline is stronger than ever for Sprint’s themes of AI & automation, health, obsolescence, e-commerce, finance, real estate and energy, so they are eager to continue building the new fund with family offices. and wholesale investors.
“This means we can invest in the very best founders and their teams at the right valuations, and apply our unique Sprint investment thesis to each of our portfolio companies,” he said.
“It is important that we provide not only financial capital, but also social, experience and network capital. Founders and their teams currently need a lot of support in all areas of their business and we work closely with them to ensure they have adequate cash flow. and runway to look out for for the next 18 months and beyond. ”
The jury also appointed banking veteran Georgia Barkell as Chief Operating Officer.
Barkell has spent two decades in the financial services industry, including time at Nomura Bank, Westpac and Deloitte, and will also serve on the Sprint Investment Committee. journey,” she said,
“I am excited to be working with great people both at Sprint and within the wider VC community and look forward to continuing to grow the Sprint portfolio as we invest in the amazing founders who strive to build a brighter future. to build”.
The jury said that Sprint’s second Expansion Capital Fund is accepting investment applications from high net worth, family office investors and institutional investors seeking a 7-10 year investment horizon.
“Investors in Sprint funds have the opportunity to connect and guide the portfolio companies through Sprint’s advisory programs,” he said.
Details here.
- Editor’s note: Startup Daily partners with ausbiz, a company with Sprint Ventures as an investor.