Telstra Ventures forms new fund with HarbourVest

Via Telstra

Jul 2, 2018

02 July 2018

A new fund focused on early to late stage venture investment opportunities in the US, Asia and Australia has been formed with the backing of Telstra and capital investment from HarbourVest, a global private markets investment specialist.

The agreement will see Telstra Ventures contributing its current investments into the new fund with a continued focus on technology and innovation for future investments.

The partnership will streamline investment activities in world-leading technology companies while continuing to leverage Telstra and HarbourVest’s global network.

“Consistent with our Telstra2022 corporate strategy announced last week this initiative will enable us to continue to leverage the benefits of our successful Telstra Ventures activation while supporting future growth with a new source of capital. We will also realise AU$75 million from the initial HarbourVest investment,” said Telstra Chief Executive Officer, Andrew Penn.

“HarbourVest’s commitment to the new fund validates the strength of the Telstra Ventures business. We are looking forward to the added experience, reach and scale they can bring as a long term institutional investor in the asset class."

A key part of Telstra2022 is industry-leading portfolio management and this announcement supports this pillar.

“The Telstra Ventures team has built an attractive portfolio over the past six years and we are pleased to be supporting them alongside Telstra through their next phase of growth,” said Tim Flower, Managing Director at HarbourVest.

“We know that the best entrepreneurs seek investors with significant strategic and financial resources. The Telstra Ventures team has been investing in technology companies since 2011, and we are excited about this new phase and the capabilities it will add to our portfolio, Telstra, HarbourVest, and the broader ecosystem,” said Mark Sherman, Managing Director at Telstra Ventures.

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