Exclusive

Steve Baxter faces resistance for weapons-focused VC fund

Jessica SierNorth Asia correspondent

Aug 7, 2023 – 11.00am

Email LinkedIn Twitter Facebook

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Subscribe now

Already a subscriber?

Key Points

ESG mandates often prohibit investors from backing defence start-ups
Beaten Ventures wants to raise $60m from ‘patriotic’ investors
Developing sovereign military technology is critical in a dangerous world, says founder

Former Shark Tank judge and serial tech investor Steve Baxter is trying to sell backers on a new defence-focused venture capital fund, hoping to raise $60 million to fund companies developing weapons and other defence technologies that fail the ESG mandates followed by institutional and family offices.

Mr Baxter, who made his fortune through the sale of internet company PIPE Networks and now runs Brisbane-based venture syndicate TEN13, has stumped up $6 million of his money to jumpstart the fund, but concedes the reception for military-focused innovation remains lukewarm.

Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics.