Bassat launches $200m VC fund

Seek co-founder Paul Bassat launches new fund with backing of James Packer: report.

Bassat launches $200m VC fund

Seek co-founder Paul Bassat has started a $200 million venture capital fund with backing from James Packer, The Australian Financial Review reports.

The new fund will be run by Mr Bassat’s Square Peg Capital with the aim to find the next big local name in tech.

"To some extent we are making judgements or bets, not just about how interesting the business model is, but the ability of the team to scale, continue to be hungry and bring in lots of great people as the management team needs to grow," Mr Bassat told the AFR.

"It is one thing running a business with 50 people and turning over $5 million a year but not many people can go from there to a business that is 5000 people turning over $500 million a year, and that's why some of the great success stories like Carsales and Atlassian have really lit the way for other entrepreneurs.”