Business software focused venture capital firm EVP has achieved a $60 million first close for its − $100 million target − new fund, EVP Fund IV.
Commitments to date have come from family offices and high net-worth individuals who have backed the firm’s earlier funds. EVP, formerly Equity Venture Partners, will now be seeking to attract new investors. The firm has a current investor base of 400-500.
Co-founder Howard Leibman said: “Over the years we’ve been fortunate to partner with some of Australia’s most successful technology entrepreneurs. With our fourth fund, we double down – yet again – on our B2B software focus, investing in the region’s next generation of global software companies.”
Along with the first close, Liebman announced the firm had recruited eight longstanding supporters and friends of the firm as venture partners: Mike Ford, Adrian Dimarco, Chloe Lim, Damon Pezaro, Russ Bennett, Joe McShanag, Tiziana Bianco and Craig Butcher.
Mike Ford is the founder of SiteMinder; Singapore-based Chloe Lim is APAC marketing leader for Meta; Damon Pezaro is chief product officer for Prospa (ASX: PGL) and an experienced B2B and B2C executive; Craig Butcher of Bravo Futura Capital is a private capital investor, adviser and non-executive company director; former NAB (ASX: NAB) executive Joe McShanag is a private capital investor and non-executive company director.
EVP has fully allocated the $50 million raised for its third fund in 2020 so new investments are now being made from the new fund.
EVP specialises in making early-stage investments in business-to-business (B2B) software companies. The firm was an early investor in global workforce management software company Deputy. More recent investments include Biteable, VendorPanel, Pendula, Foodbomb, Hnry, Shippit, Coassemble, Zipline.io and Explorate. Overall, the firm has invested in more than 40 companies.
Long-time angel investor Les Szekeley – the first external investor in Siteminder (ASX: SDR) in 2007 – and Howard Leibman, a former corporate adviser and angel investor, founded EVP in 2014. The firm now has an investment team of 11.
Image: The EVP investment team.