Member-based venture capital firm Investible is halfway through raising its first VC fund of $20 million, which will be used to back early stage start-ups, as it claimed its existing portfolio was delivering market-leading growth.
Investible's co-founder Creel Price told The Australian Financial Review the four-year-old operation had so far achieved an unrealised compound return of 66.2 per cent per annum, based on its investments in start-ups such as Canva, Ipsy and Car Next Door, which he said made it one of the best in the industry.
This means the value of the companies it has backed has grown on paper, and he said it compared favourably to high-profile funds like Blackbird Ventures.
The launch of its first fund, which has already raised more than $10 million, comes six months after it expanded to Asia, setting up an office in Singapore and recruiting talent scouts in Thailand, China and Malaysia.
Mr Price told The Australian Financial Review the new fund would sit alongside its existing model, which consists of a club of "super angels", and has been investing for almost four years on a formal basis.
"We've seen a lot of venture capital funds mandate Series A raises and beyond and then some angel investors, but there's not many professional pre Series A funds," he said.
"At the early stage you don't want to be too locked into a traditional VC with a lot of conditions in the term sheet. At Investible our term sheets are founder-friendly and we come with more founder support than a traditional VC firm."