Catch up on all the news and fund raising announcements from TEN13, Australia's fastest growing syndicate.
Q1 Quarterly Update #Stayhome Edition
March has brought turbulence as we are adjusting to both WFH and the impact it is having on our families, businesses and society. We have been full throttle in working to support our existing portfolio. Last month we published our COVID-19 resource information here. We also reached out to our network to talk to some familiar faces and experts that have been through similar times.
🐶 Stew chatted with Glen Richards about how he navigated a recently listed company through the 08' GFC. How to scenario plan and where he sees consumer behaviour changing post-COVID-19.
🥤 Steve caught up with Janine Allis and discussed how this isn’t like anything we have seen before, how retail is going get through this, and the not so long process before we return to regular habits.
👨⚖️ Steve sat 1.5m away from Ashley Tiplady — Partner (Restructuring and Insolvency) @ Mills Oakley on what is Force Majeure and contract frustration? How to deal with changes to insolvency and how that affects safe harbour laws.
Round of Applause
💸 Transition Level Portfolio company Arkose Labs secured $34m AUD from Microsoft’s M12, Paypal and USVP to continue their mission eliminate the business of fraud. Read about that here.
💸 Several of our new TEN13 portfolio companies raised funding, read more on that below.
A New Exit
👨🏻⚕️We are excited to announce Transition Level investments latest exit with Atomo Diagnostics being the first company since COVID-19 begun to list on the ASX. Congrats to John and the team on their successful IPO.
Virtual Boardroom Lunch
🍱 If you’re a sophisticated investor looking to access to high calibre technology deals, we are hosting a TEN13 prospective member virtual boardroom lunch this Wednesday on the 29th of April from 12–1 pm. Every sign up gets free lunch delivered (via Uber eats gift card). Learn more about our latest exit, our winning model and why we love investing in startup companies. Register on the form here.
🎉 NEW YEAR, NEW US
At the end of 2019, the Transition Level Investments team dived into the development of our new product offering TEN13. We have supported startups since 2011 and invested in over 35 businesses since then. After Steve exited River City Labs in 2018, we wanted to continue to support early-stage companies and be the catalyst for growth in the startup ecosystem. We wanted a solution to bring in more capital (from traditional investors that were interested in diversifying their existing portfolios) that would allow us to continue our investments in the existing portfolio and invest further in exciting startups.
The new way is TEN13. An investment syndicate platform that allows sophisticated investors the opportunity to invest alongside Steve and Transition Level Investments in vetted deals, deals that become part of our portfolio and get the fullest support of our organisation and benefiting from the years of experience operating in this space. We are excited to get more capital in the hands of amazing companies and the founders that lead them, allowing sophisticated investors to invest early in top calibre technology companies.
You can read more about our founding members that joined our efforts in our article published in the AFR here. Michael Malone (founder iiNet), Robin Levison (executive chairman PPK Group) and Bob Waldie (co-founder Opengear) have all come on board. Amongst a growing number of amazing investors, many of whom have had extensive careers as operators in their own businesses.
If you classify as a sophisticated investor under the wholesale investor guidelines, we would love to have you onboard you can view our offering here at TEN13. Are you not convinced? We are hosting a virtual board room luncheon next Wednesday the 29th of April at 12–1 pm for sophisticated investors to explore our offering and learn more about our thesis and the latest TLI exit Atomo Diagnostics IPO, you can register here.
To the companies we have worked with and funded up to now, you will see no difference, TEN13 is an addition to what we do — not a replacement. We are working harder than ever to get more support and funding to our portfolio and the awesome dealflow we see despite the times. We are still open for business and are always accepting pitches for exceptional founders and companies. With the addition of TEN13, we hope to not only fund but help support future tech leaders in Pre-seed to Series A rounds.
Welcome to the family
We launched TEN13 in October last year and we are happy to say we have welcomed 4 investments into the TEN13 family. Some are very familiar as we follow-on funding from our existing portfolio and others that are sure to be household names.
We also want to introduce our newest team member.
Doug Oliver joins TEN13 as Head of Platform, managing community, marketing and internal tools.
Doug has been a startup advocate, especially in Queensland with roles at the RCL Accelerator and other local incubators plus experience managing teams at unicorn fintech N26 in Berlin. We’re excited to work with Doug to help grow our community of founders, investors and ecosystem partners.
Please join us in welcoming Doug, and you can follow him on Twitter and on LinkedIn.
Say 👋🏼 to Drawboard
Drawboard is on a critical mission to eliminate paper and digital waste in the workplace with its design communication and collaboration platform Bullclip, trusted by design teams worldwide to eliminate coordination issues.
We have invested alongside Blackhorn Ventures in the US to participate in Drawboards $9.3M Series A round. Welcome to TEN13, Alistair and the team.
We are excited to continue to support Alex, David, Soeren and Tobias as they grow out Clipchamp and its enterprise offering.
Its been a rocketship since we invested early at seed for the company, now boasting over 8 million users and closing their $13.2m Series A. We are happy to start working with the team at Tola Capital in Seattle.
Read about why we love this company so much in the AFR.
Say 👋🏼 to Vervoe
We welcome Omer & David to the TEN13 family.
Vervoe helps reduce recruitment times and hire on performance and merit, not the background of the candidate. Vervoe automatically ranks and grades candidates based on how well they can do the job.
Happy to be co-invested with Seek Ventures for the second time.
Say 👋🏼 to Arcade
We welcome David Cherrie and the team at Arcade.
Arcade works with retailers to gamify their frontline worker’s management tools. Arcade’s mission is to make for 1 million happy frontline workers across the globe. They believe that happy workers do their best work, live their best lives, and are more successful because of it.
Great to be along for the ride with ATX Venture Partners from Texas.
Find out more >>
It’s been a tough time for the startup ecosystem this quarter, not only for founders but for the employees that help these businesses grow, innovate and succeed. Looking for something new? Here are some of the startups in our portfolio that are hiring right now. 🤝 Drawboard is looking for a customer success manager based in Melbourne or New York.
📼 Clipchamp is hiring across multiple departments. Recruitment, growth, product and engineering in Brisbane.
👩🏾💻 Kapiche is hiring an engineer specialising in vue.js or django in Brisbane.
👩🏻🏫 Wonde is looking out for account managers, developers and integration members in London.
Safe Travels, TEN13
Investor Spotlight Series - Daniel Johnson
Introducing our Investor Spotlight Series, highlighting the leading supporters of startups in the Australian ecosystem. First up, Daniel Johnson, a successful founder turned angel investor with over 70 startups in his portfolio so far.
AFSL Disclaimer TEN13 Management Pty Ltd (TEN13 Management) is a corporate authorised representative of Boutique Capital Pty Ltd (BCPL) AFSL 508011, CAR Number 1298306. TEN13 Nominee Pty Ltd (TEN13 Nominee) is a corporate authorised representative of BCPL, CAR Number 1298307. Together, TEN13 Management and TEN13 Nominee are referred to as we, us, or our in this document. To the extent to which this document contains advice it is general advice only and has been prepared by us for individuals identified as wholesale investors for the purposes of providing a financial product or financial service, under Section 761G or Section 761GA of the Corporations Act 2001 (Cth). The information herein is presented in summary form and is therefore subject to qualification and further explanation. The information in this document is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account personal investment objectives, financial circumstances or particular needs. Recipients of this document are advised to consult their own professional advisers about legal, tax, financial or other matters relevant to the suitability of this information. The investment summarised in this document is subject to known and unknown risks, some of which are beyond our control and our directors, employees, advisers or agents. We do not guarantee any particular rate of return or the performance, nor do we and our directors personally guarantee the repayment of capital or any particular tax treatment. Past performance is not indicative of future performance. The materials contained herein represent a general summary of our current portfolio construction approach. We are not constrained with respect to any investment decision making methodologies and may vary from them materially at its sole discretion and without prior notice to investors. Depending on market conditions and trends, we may pursue other objectives or strategies considered appropriate and in the best interest of portfolio performance. There are risks involved in investing in our strategy. All investments carry some level of risk, and there is typically a direct relationship between risk and return. We describe what steps we take to mitigate risk (where possible) in the investment documentation, which must be read prior to investing. It is important to note that despite taking such steps, we cannot mitigate risk completely. This document was prepared as a private communication to clients, is confidential and is not intended for public circulation or publication or for the use of any third party, without our approval. Whilst this report is based on information from sources which we consider reliable, its accuracy and completeness cannot be guaranteed. Data is not necessarily audited or independently verified. Any opinions reflect our judgment at this date and are subject to change. We have no obligation to provide revised assessments in the event of changed circumstances. To the extent permitted by law, BCPL, we and their directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information in this report, or for any negligent misstatements, errors or omissions. TEN13 Disclaimer TEN13 Nominee may, from time to time hold securities referred to in the information herein and may trade in these securities as a nominee (either as principal or as agent). We may receive commissions, fees or other forms of remuneration from transactions involving investments referred to in the materials. By accepting the materials contained herein, you agree to indemnify TEN13 Management, TEN13 Nominee, Transition Level Investments Pty Ltd ACN 154 457 155, TEN13 Holding Pty Ltd ACN 634 042 783, and Birkdale Holdings (Qld) Pty Ltd ACN 120 407 981 ATF the Baxter Family Trust and any of their respectivedirectors, officers, employees, consultants, advisors or agents (TEN13 Parties) against any claim, liability, action, damage, loss, cost or expense sustained by any of them arising from or as a result of any breach by you of the confidentiality obligation under this disclaimer. The TEN13 Parties: disclaim and exclude all liability for all losses, claims, damages, costs and expenses of any nature arising out of or in connection with the materials contained herein (or any accompanying or subsequent information); and do not have any obligation to advise any person if they become aware of any inaccuracy in, or omission from, the materials contained herein (or any accompanying or subsequent information).