Is Daniel Petre about to launch a 50 million dollar VC fund in Australia?
Former Microsoft Executive and serial investor Daniel Petre is set to launch a 50 million dollar VC fund within Australia according to fairfax in an article published on AFR today. Petre who is commonly recognised across the global business scene as being the right hand man of Bill Gates is no stranger to investing and advising Australian technology startups, with companies such as Ingogo and Smart Sparrow both who recently raised significant funds being part of his portfolio.
This will also not be the first venture fund he has ran, starting $40 million dollar fund netus with Executive Chairman of zeebox Craig Blair and eBay Australia Managing Director, Alison Deans – which was half owned by Newscorp. In 2012 it is reported that they sold their shares to Fairfax media for $50 million dollars. The fund made investments in media companies such as Allure media which produce such publications as Gizmodo, Life Hacker and Business Insider.
Petre is said to be working with Blair on aspects of this new fund as well.
According to many of our Shoe String Media sources across Australia’s startup space, the fund will launch later this year and the funds will be used to invest $2 million to $5 million in local technology startups with proven revenues and business models.
Both Petre and Blair are being tight lipped about the situation at the moment and have not spoken to media. We will release more information as it comes to light.