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Seek’s venture fund wears $210m hit even as top performers surge

Tess Bennett
Tess BennettTechnology reporter

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Seek has marked down the value of the venture capital fund run by the employment platform’s founder, Andrew Bassat, by $210 million as higher financing costs and sluggish dealmaking pushed the valuations of technology start-ups down.

But Ian Narev, Seek’s chief executive, said the lower valuations did not reflect the performance of the businesses in the Seek Growth Fund’s portfolio. The ASX-listed jobs giant owns 84 per cent of the venture capital fund, which was spun out of Seek in 2021 and owns stakes in high-profile software firms such as Go1 and Employment Hero.

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Tess Bennett is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter. Connect with Tess on Twitter. Email Tess at tess.bennett@afr.com

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    Original URL: https://www.afr.com/technology/seek-s-venture-fund-wears-210m-hit-even-as-top-performers-surge-20240813-p5k1wl