From 2024 to 10 November 2026 the most active startup investors in Australia by number of deals were Blackbird (35), AirTree (27) and Main Sequence (24), per Story Recruitment's funding database. The median Series A from 2021 to 2026 was A$14.6m and the median seed round A$3.5m.
What a venture capitalist does
A VC firm raises a fund from investors called limited partners, such as super funds, family offices and wealthy individuals, then invests it in startups over a few years. In return it takes shares, often a board seat, and the right to a say on later rounds. Most of the companies in a fund will return little or nothing, so a VC needs each investment to have a credible path to being very large.
Australian startups raised A$5.4 billion across 390 deals in 2025, according to Cut Through Venture. By my estimate, tech, fintech and deep tech take about 80% of venture money, which is why those are the three sectors I recruit in.
Who invests in Australian startups
Story keeps a public database of Australian startup funding rounds, built from published announcements. Counting the deals each investor took part in, as lead or alongside others, from 2024 to 10 November 2026:
| Deals, 2024 to 2026 | Their rounds in the database | |
|---|---|---|
| 1. Blackbird | 35 deals | |
| 2. AirTree | 27 deals | |
| 3. Main Sequence | 24 deals | |
| 4. National Reconstruction Fund | 20 deals | |
| 5. Investible | 18 deals | |
| 6. Antler | 17 deals | |
| 7. Breakthrough Victoria | 14 deals | |
| 8. Square Peg | 13 deals | |
| 9. Archangel Ventures | 12 deals | |
| 10. OIF Ventures | 11 deals |
A government fund now sits in the top group: the National Reconstruction Fund backs mostly deep tech and tends to arrive late. And the database covers roughly half the market, because not every round is announced, so treat the counts as a ranking rather than a census.
Why the National Reconstruction Fund became one of Australia's busiest startup investors, and who it backs.
Match the VC to your stage and sector
The fastest way to waste a raise is pitching the wrong fund. Every VC has a thesis (the sectors and business models it backs) and a stage where it writes cheques. Check both before the first email, using the rounds they have actually done rather than the website copy.
The jump to Series A is the one that changes the business. At a median of A$14.6m, a Series A is usually the first round big enough that investors expect real reporting, a board that meets on a schedule and someone who owns the numbers full time. That is the point most of my first finance hire searches start.
The data on when Australian startups make their first finance hire, by stage and sector.
What venture capitalists look for in your numbers
Strong financials are not enough on their own. Every SaaS business has figures it can justify. The ones that get the valuation they want can also prove their moat: a data network effect, being a system of record, a regulatory product, or being embedded in a customer's workflow. Whoever owns finance has to validate that moat, not just report the figures.
The same test applies to AI. Investors are paying a valuation premium where AI materially improves the product, the economics or the customer workflow, not where it has been bolted on. Expect to show the difference in the numbers.
The rest is whether the finance function can carry a raise: a model you can defend line by line, a clean data room and someone who can answer diligence questions without the founder in the room. I asked investors and startup finance leaders what that looks like at each stage, and wrote it up as what investors look for in your finance function.
How to build a founder financial model investors will test, from five startup finance people.
Run a process, not a pitch
Start the investor conversations early. A founder who leaves it late has little room to push back on terms; one who starts early can run a proper process with several investors competing for the deal, and that competition pulls the terms their way. I go through the timing in more detail in my guide to capital raising for an Australian startup.
Widen what counts as an option, too. A capital raise is not only equity. Venture debt, non-dilutive grants and R&D funding are all valuable, and the right mix depends on your stage and how much dilution you are willing to take. Venture debt can extend your runway or bridge you to a stronger equity round with far less dilution than selling more shares. A lot of founders never consider it.
When venture debt makes sense, and what it costs.
Where a finance hire fits
Most of my relationships with VCs run through their portfolio companies rather than the funds themselves. After a round closes, the question is who should own the numbers now. Before Series A that is usually a head of finance or financial controller. From a late Series A onwards it is often the first CFO, the person who owns the raise and the investor relationships. Those are the two hires I run searches for.
What finance-ready for a Series A means in practice.
Common questions
What does a venture capitalist do?
A venture capitalist raises a fund from limited partners such as super funds and family offices, then invests it in young companies in exchange for equity, usually with a board seat or board rights. Because most investments return little, a VC looks for companies with a credible path to becoming very large.
Who are the most active venture capital investors in Australia?
From 2024 to 10 November 2026, the most active startup investors by number of deals in Story Recruitment's Australian startup funding database were Blackbird (35), AirTree (27), Main Sequence (24), National Reconstruction Fund (20), Investible (18). Counts include deals where the firm led or joined the round.
How much do VCs invest at each stage in Australia?
Median round sizes from 2021 to 2026 in Story's funding database: pre-seed A$1.2m, seed A$3.5m, Series A A$14.6m, Series B A$31.37m and Series C A$66.5m. Individual rounds vary widely by sector and by how much of the round one fund takes.
What do venture capitalists look for before investing?
A large market, a team that can execute, and numbers that hold up. On the finance side they test whether the company can prove its moat rather than just report revenue, whether any AI premium shows up in the product or the economics, and whether the model, data room and reporting can stand up to diligence.
When should a VC-backed startup hire its first finance person?
Usually around the Series A, when the round is large enough that investors expect regular reporting and a board that meets on a schedule. Before that it is typically a head of finance or financial controller; the first CFO tends to follow from a late Series A or Series B, when capital strategy and investor relationships need a dedicated owner.
These guides set out how we see it, drawn from the searches we run and the finance leaders we work with. They are general information about the market, not financial, accounting or legal advice, and they are no substitute for advice on your own circumstances.