New $60 Million Fund AirTree Has Looked At 70 Australian Startups, But Is Yet To Fund Any

Dan Petre of AirTree Ventures

AirTree Ventures, the $60 million fund which has Dan Petre running point, has looked at more than 70 startups in its first four weeks of operation.

The fund, which has former Microsoft exec and tech investor Petre as well as former Expedia MD Craig Blair at the helm, has been busy since it closed a funding round last month.

Petre told Business Insider it’s been a “bit busy”, with the pair seeing more than 70 opportunities in the last month.

He said only three or four look worthy of pursuing at this stage.

It’s a trend which isn’t exclusive to AirTree, with The Sydney Seed Fund – another VC group – hoping to invest in up to 20 startups over three years but according to Fairfax Media only three startups have received funding in its first year.

The small amount of investments isn’t because there’s a lack of opportunity either; Sydney Seed Fund received more than 200 application in the past year.

AirTree is looking at investing between $2 million and $5 million in about 15 tech startups over the next three years.

Announced back in March, setting a raising target of $50 million, which it quickly surpassed after almost 10 weeks in the market.

There are 17 investors involved, including a mix of high net worth individuals and some UBS and Macquarie Bank clients.

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