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Venture capital

Today

Max Mito’s business trip to luxury villas in Morocco was a red flag to finance staff. EVP’s Misha Saul called in the cops after investing.

From a Moroccan villa to the courtroom: how StrongRoom AI’s good times went bad

Court filings that allege fraud at the tech start-up paint a picture of company funds being used to fund a lavish lifestyle of foreign trips and fine dining.

This Month

EVP’s Misha Saul with StrongRoom AI executives Christopher Durre and Max Mito in March.

EVP claims StrongRoom founder admitted to fraud, faked accounts

Documents filed by the venture capital firm also allege one of the software start-up’s directors used company money to pay for a holiday to Morocco.

Strongroom founders (right) Max Mito and Christopher Durre (left) and EVP’s Misha Saul on March 13.

StrongRoom AI administrators launch firesale despite freezing order

HLB Mann Judd said it would seek “urgent” bids for the pharmacy software start-up’s assets this week even as it clarifies whether they can be sold.

StrongRoom AI founders Max Mito (middle) and Christopher Durre (right), with EVP’s Misha Saul.

EVP issues ill-timed capital call amid StrongRoom AI fiasco

Sources suggested EVP would have been better off delaying the capital call until it had better clarity on the recoverability at StrongRoom AI.

OpenAI finalises biggest ever tech funding round at $US300b valuation

The ChatGPT maker has closed the largest private funding round in history, at $US40 billion, led by Japanese investor SoftBank.

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March

Misha Saul, left, the head of EVP’s Opportunities Fund led a $17 million capital raising in StrongRoom AI, which was co-founded by childhood friends Max Mito and Christopher Durre.

Inside StrongRoom’s breakneck trip from hero to zero

Three months ago, the pharmacy software start-up was on top of the world. New investors, plenty of blue sky. Then came the allegations from its new backers.

Anoulack Chanthivong in Sydney.

NSW plans investment funds to boost innovation and productivity

Strategic investment and emerging technology commercialisation funds will be considered for June budget, innovation minister Anoulack Chanthivong reveals

StrongRoom AI goes into administration two weeks after $70m valuation

The future of the software start-up, which will be put up for sale, has been in doubt since EVP, a venture capital investor, raised doubts about its finances.

Canva’s Cliff Orbrecht (left), Cameron Adams and Melanie Perkins.

You don’t need a family office to buy shares in unicorns

For as little as $8000, investors can buy stock in unlisted tech superstars like Airwallex on a market that, at first glance, looks and feels a lot like a public market. Is Canva next?

Used car refurbisher and dealer Carma hopes to break the IPO drought

Should it proceed with an initial public offering, it would counter a trend of venture-backed companies delaying listings for years or even indefinitely.

PsiQuantum founders Jeremy O’Brien (left) and Terry Rudolph.

PsiQuantum targets $9.5b valuation, handing Labor a potential windfall

The Silicon Valley-headquartered quantum computing start-up is heavily backed by the federal and Queensland governments, and is raising about $1.2 billion.

Strongroom founders (right) Max Mito and Christopher Durre (left) and EVP’s Misha Saul on March 13.

Sydney VC firm calls in forensic experts, police at start-up StrongRoom AI

EVP has called in legal and forensic accounting experts to plough through the financial accounts of StrongRoom AI, which makes software for pharmacies.

Potentia Capital must reshape itself from the Andy Gray (left) and Tim Reed show in 2025.

McNamara set to depart Potentia Capital after $1.35b Micromine exit

The fall-out between Andy Gray and Tim Reed of Potentia Capital fame has claimed another high-value victim at the technology-focused buyout firm.

Abhishek Maran is a senior associate at Sydney venture capital fund Rampersand.

Three young venture capitalists get creative to break through

It’s a cut-throat world, and that’s not just for the start-ups scrambling to raise money. Many junior dealmakers need to think differently to progress.

Venture Capital fund, King River Capital, Zeb Rice - Co-Founder & Partner, Dom Tayco - CFO & Partner, Chris Barter - Co-Founder & Partner, Jane Deloughery - Head of Fund Operations and Ed Davies - Principal, New York at their office in Surry Hills.

King River lands Future Super, wealthy families for $150m AI fund

The Sydney-based crypto and software investor has landed its first superannuation backer for a new AI-focused venture capital fund.

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Immutable said it has accrued more than $54 million in revenue for the 2024 financial year.

Late Immutable accounts a glimpse into crypto game developer’s health

The Australian developer behind popular online video games Gods Unchained and Guild of Guardians said revenues had jumped after a near $80 million loss in 2023.

Square Peg’s Paul Bassatt, OneVentures’ Michelle Deaker, Airtree’s Craig Blair,  Andrea Gardiner of Jelix Ventures, and Blackbird’s Rick Baker are among the investors who responded to the AFR survey.

14 venture capitalists unpack the year ahead

More than a dozen of the country’s biggest tech investors say floats will return, there’s no AI bubble, and Donald Trump may be good news for local firms.

Uni side hustle grows to nearly $70m valuation

Three friends have turned their university side hustle into a software business after landing new venture capital investors.

Federico Collarte is hoping a change of product direction can save Baraja.

Investors hope for U-turn in Baraja fortunes after millions wiped out

Investors in former star tech start-up Baraja are waiting to see if a change of product direction can revive the tech company, before considering a sale of its assets

Sonder co-founders Chris Marr, Peter Burnheim and Craig Cowdrey, have attracted $40 million in fresh funding.

Wellness app Sonder secures $40m from Blackbird, Seek and Hostplus

The start-up said the round had left it with a “material uplift” on a $150 million valuation secured last year. It will use the money to expand overseas.

Original URL: https://www.afr.com/topic/venture-capital-1n1u