Eastend Ventures, an Adelaide-based venture capital firm, has secured the backing of Funds SA, the South Australian Government's investment corporation, for its debut fund.
Funds SA, which manages more than $50 billion on behalf of South Australia's public sector, has made an initial commitment of $5 million to Eastend Ventures Fund 1. The investment takes the fund past $25 million raised as it approaches final close.
Eastend invests in early-stage technology companies with global ambitions from South Australia, Western Australia and Queensland — markets that have long sat outside the Sydney-centric venture capital scene.
A rare bet on a first fund
For an institutional investor the size of Funds SA, backing a manager's first fund is unusual. Investors of its scale typically commit to large, well-established names, and Funds SA itself recently appointed two of the country's biggest venture capital firms, Square Peg and Blackbird, to its program. Its decision to also back a first-time fund is a notable show of confidence in Eastend Ventures.
Earning the confidence of an institution like Funds SA is not a quick process, nor should it be. Their team spent a great deal of time getting to know our business, our processes and our portfolio. Coming through that level of scrutiny is a strong signal to every investor in the fund. We are pleased to have their support in our first fund. A manager's early funds are often where the most value is created for investors, so having Funds SA with us from the very start means a great deal.
So says JD Sheard, Managing Partner of Eastend Ventures, who founded the firm with Josh Garratt to identify, invest in and support high-growth-potential early-stage technology businesses.
Built for an overlooked market
We have been investing in South Australian tech for years, in companies like JackApp, Priori Analytica and Nitrosend, because the talent and ambition here are world class. Because capital is harder to come by in a smaller market like Adelaide, founders here tend to be revenue-focused rather than reliant on endless funding rounds. That's a feature, not a bug. It lets us back early-stage companies that have real technology and real revenue, led by founders set on building a valuable business that can be acquired and return capital to investors.
That's Josh Garratt, Founding Partner of Eastend Ventures. "We are excited about the potential returns we can generate for Funds SA's clients, and for the many local sophisticated investors who have already backed Eastend Ventures Fund 1."
A program built deliberately
Funds SA has been steadily building its exposure to private equity and venture capital and developing relationships with managers who can support a co-investment approach. The program has grown since Con Michalakis joined as Chief Investment Officer in February 2025, drawing on his experience allocating to Australian venture capital in earlier roles. Eastend Ventures is the newest manager appointed to the program.
We're building our venture capital exposure deliberately over time, across a range of managers and strategies. It's less about any one investment and more about how the program comes together as a whole.
So says Con Michalakis, Chief Investment Officer at Funds SA.
Funds SA Chief Executive Officer John Piteo said the partnership reflects a long-term approach to backing managers. "Eastend Ventures brings a disciplined approach to early-stage investing. Partnerships like this help ensure we are accessing a diverse pipeline of opportunities, including those emerging from South Australia. This investment complements our broader portfolio and reflects our long-term approach to manager partnerships, helping to identify and grow the next generation of Australian companies."
Eastend Ventures Fund 1 is open to wholesale and sophisticated investors only. This article is for informational purposes and does not constitute financial product advice, a solicitation, or an offer to invest. Prospective investors should seek independent legal, financial and tax advice before making any investment decision and refer to the relevant fund documents, including the Information Memorandum and constituent documents.