Archive: Our 2018 fundraising update
This is an archive post from our previous website before we launched the Galileo Ventures fund and accelerator. We thought to keep it live so founders can see the journey we've been on over the years to get Galileo up and running. Check out our new blog for the latest news and articles.
A little over a year ago we announced Galileo Ventures to the world. We’ve been busy fundraising in 2018 and wanted to update the wider community on our progress.
We’ve travelled across Australia and New Zealand having visited many boardrooms and cafes (next up, a cafe review blog) to drum up support for our mission. We have had hundreds of meetings, countless coffees and some pretty fascinating conversations with accomplished entrepreneurs.
The first thing we’ve learnt is that it is really, really difficult to start a fund. I like to say the only thing harder than raising money for a startup is raising money to invest in startups. We were warned by our mentors and other experienced investors but it only becomes reality when you do it.
Having said that in 2018 we publicly announced our first two universities investing, Monash and UTS. Both are world class universities investing heavily in student entrepreneurship and we’re proud to be part of that equation.
We’re proud and thankful to our first investors, universities and individuals, to commit to investing in Galileo and back a new team trying to change how we support and invest in emerging founders at scale.
The second thing we’ve learnt is that finding the right investors is key and is extremely challenging in a market that typically avoids investing at the seed stage. Only in the last six months have we felt like we’ve started to have meaningful conversations with the investors that align with our thesis and believe in backing the next generation.
The third thing we’ve learnt is the gap in support for young entrepreneurs is much larger than even we have anticipated. This is from our research and discussions and by the number of founders reaching out to us for advice and support.
We also discussed this gap with our first roadshow events, ‘Investing in Emerging Founders at Universities’, a high-level Q&A style event with local investors and senior university staff. We’ve run one of these in Sydney and Melbourne and plan to do more across the country to help put a spotlight on the trends in this part of the tech and investment landscape. If you’re interested in running one in your city please reach out.
Backing emerging founders is a difficult space, many investors are happy to ‘wait and see’ how young founders progress thus creating a gap in support and funding. At Galileo, we believe that gap is our opportunity.
We’re on a mission to back the top emerging founders across Australia and New Zealand from Day One helping them grow from the first seed investment to next stage of the business and beyond.
Thanks for following us on the journey over the year, here’s to 2019 and Galileo One, our first cohort of startups we’ll be supporting.
James and Hugh