Side Stage Ventures has achieved a $15 million first close for its initial fund for which it is targeting $30 million.
The firm launched fundraising for its very early-stage venture fund early this year. So far most of the commitments have come from syndicate members but prominent tech company founders Tim Fung of Airtasker and Andrew Barnes of Go1 have also committed.
Side Stage Ventures is led by Markus Kahlbetzer, a co-founder of investment firm BridgeLane Capital and early-stage venture capital firm Tank Stream Ventures, and Ben Grabiner, co-founder of UK-based creative talent discovery platform Platoon that was acquired by Apple in 2018.
After continuing to lead and expand Platoon in London under Apple, Grabiner relocated to Sydney last year and joined Kahlbetzer in founding Side Stage Ventures.
Other members of the Side Stage team are Linktree founders brothers Alex and Anthony Zaccaria; Unified Music founder Jaddan Comerford; What the Health?! podcaster and former community manager of innovation hub Stone and Chalk, Emily Casey; former BridgeLane investment analyst Harrison Wright; and co-founder of venture debt fund manager Tractor Ventures, Matt Allen.
Side Stage Ventures has already made three investments including in online acute pain management platform More Good Days.
As an investment syndicate, Side Stage Ventures invested around $3 million in start-ups including in QR code-based mobile phone accessible menus business Mr Yum, in-store audio customer experience platform Qsic, alcohol-free beer maker Heaps Normal, events app platform Delegate Connect, event tickets sales platform Tixel, and alternative assets management firm Alts.
Kahlbetzer said the team plan to build Side Stage Ventures into a firm dedicated to becoming a trusted and respected first cheque provider for founders in Australia.
“Our aim is to consistently provide value, inspire confidence and cultivate a collaborative atmosphere that founders can count on as they embark on their entrepreneurial journeys,” he said.
Side Stage Ventures was formed last year by a group of mainly technology founders brought together by their involvement in the creative arts, hence the name.
Image: Side Stage Ventures co-founder Markus Kahlbetzer.