Technology entrepreneur Matt Berriman has started a new early-stage venture capital firm.
RealVC, which is represented in Melbourne and Sydney, has achieved a first close of $20 million on its initial fund. The fund is seeking up to $50 million.
Investors in the fund include Hoperidge Capital, the family office of Navitas founder Rod Jones; Craig Burton, the West Australian mining and resources and technology investor who recently took on a role of general partner with Perth-based Upswell Ventures.
Berriman, managing partner of RealVC, has been involved with numerous high-growth digital ventures in Australia, the US and the UK in roles including founder, executive, advisor, investor and board member. A number of these ventures have achieved successful exits, but Berriman is best known for a failed venture. He co-founded mobile phone advertising venture Unlockd. The business developed an app that displayed advertising to mobile phone users on Google’s Android operating system when they unlocked their phones. In about three years, Unlockd went from concept to a $20 million-plus annual run rate, and a $200 million market cap.
Unlockd was close to launching an IPO when Google banned use of its technology causing the company to collapse. Last year, the company’s founders filed legal proceedings in the US claiming Google’s action was illegal anti-cometitive behaviour.
Other members of the RealVC team are investment partners Martin Dalgleish and Paul Saunders; venture partners James Rushton and Hannah Spilva and financing partner Matt Rule.
Martin Dalgleish is a partner at Asia Principal Capital and HEAL Partners and was formerly managing director of Optus’ consumer division.
Paul Saunders is chief executive and co-founder of Asia Principal Capital. He previously held roles in equity analysis, funds management and investment banking with Goldman Sachs Japan, GS JBWere, Commercial Union Asset Management and Greenway Capital.
James Rushton is co-founder and former chief executive of sports streaming platform DAZN Group. He was once commercial manager of Birmingham City soccer club in the UK.
Hannah Spilva is co-founder and chief executive of flower and gift delivery service LVLY which was acquired in April by South-East Asia based Limitless Technology for $35 million.
RealVC seeks to take the role of lead investor in seed-stage funding rounds and to provide practical advice and assistance, including from former founders.
The firm has made a first investment in gaming industry start-up Livewire. The business seeks to connect advertisers to gaming audiences through its technology and to help game developers fully monetise their assets.
Image: RealVC managing partner Matt Berriman.