Community-based AfterWork Ventures has reached a $10 million first close for AfterWork Fund III which it describes as its first ‘professional’ venture capital fund.
Members of the AfterWork team raised and invested two earlier proof of concept funds before they announced the current fundraising, with a target of $30 million, in mid-March.
The fund’s investors so far include individual investors from the wide-spread AfterWork community – AfterWork partners Adrian Petersen and Alex Khor are based in Perth while partner Dave Insull is based in Hawke’s Bay, New Zealand, and investment manager Jessy Wu is based in Sydney – contacts of community members and founders of some of the early-stage businesses in which AfterWork has invested so far.
AfterWork’s current investments include Functionly, Vitruvian, Lyka, Stropo and Send Payments. Previous investments included 90 Seconds, Car Next Door and Cover Genius.
Image: AfterWork Ventures investee Vitruvian’s V-Form trainer.