Galileo Ventures — a firm boasting offices in Melbourne, Sydney, and San Francisco — has closed its second major fund ‘Expansion’ with Innovation Victoria signing up as a flagship local investor.
Fund II is expanding — hence the name — Galileo’s list of international limited partners with the likes of early Fitbit investor Brad Feld, former WhatsApp engineering director Michael Donoue, and top New Zealand startup advisor Andy Hamilton.
Galileo Ventures is notably continuing its partnership with Artesian Capital and has a strong focus on backing Aussie founders with an average cheque size of $250,000-$500,000.
James Alexander, the co-founder and managing director of Galileo Ventures, said fund II was “a testament to the calibre of founders and the ambition of the technologies being built in Australia”.
“It is the greatest privilege to be among the first backers of exceptional emerging founders, and to support them as they build and grow.”
Galileo has previously invested in robotics startup Andromeda whose $23 million Series A last year helped the aged care companion bots expand into the US.
The newly merged and re-badged Innovation Victoria is well placed to put its weight behind Fund II which is set to have 40% of its funding going directly to Victorian-based founders.
“We’re proud to have supported Galileo’s growth and congratulate the team on their first close,” said Rod Bristow, CEO of Innovation Victoria.
“Innovation Victoria’s role is to help strengthen the innovation ecosystem, from supporting founders and emerging technologies through to attracting capital and building investment capability.
“Our investment in funds like Galileo Ventures is a key part of that work, helping connect ambitious founders with the capital, expertise and networks they need to scale.”
