TLDR: Maxine Minter’s Co Ventures Raises $5 Million for Fund 1
Key Points:
- Maxine Minter’s Co Ventures closes first fund after hitting $5 million target
- Co Ventures aims to back pre-seed tech startups with at least one Australian founder
Maxine Minter’s pre-seed VC, Co Ventures, has successfully closed its first fund of $5 million. The fund, raised over nearly two years, targets pre-seed tech startups with at least one Australian founder looking to scale globally, especially in the US. Minter, formerly based in San Francisco and well-known in the investment community, plans to deploy the fund in around 33 startups at a rate of one per month, with a cheque size of A$150,000.
She believes that the funding landscape for the current financial year will continue positively, especially for AI-focused companies. Co Ventures focuses exclusively on pre-seed companies showing early signs of product-market fit, prioritizing gritty founding teams passionate about making a meaningful impact. Minter also highlights the importance of micro funds in the ecosystem, filling the gap between bigger VC funds and individual angel cheques.
Minter sees a great opportunity for Australian founders to capitalize on their existing skills, particularly in the services sector, and believes the local venture scene is becoming more sophisticated as older VC funds wind up. She is hopeful that more micro funds will emerge in Australia, alongside Co Ventures, to support early-stage startups and provide vital middle ground between large funds and individual investors.
