Eastend Ventures Research
Investment Thesis
Eastend Ventures is an Adelaide-based venture firm that backs early-stage technology companies from South Australia, Western Australia and Queensland, the markets it says most Australian VC overlooks. It cites federal figures showing these three states attracted only 9.7 per cent of investment from the early-stage venture funds registered under the Commonwealth program, less than the 15.8 per cent deployed to overseas companies. The firm invests at sensible valuations and builds for trade-sale outcomes: it targets an exit from each investment within about five years and backs founders who want to build and sell companies worth $200M to $500M, rather than waiting for a billion-dollar outcome.
Stage Focus
Three stages: angel (pre-seed), early (seed) and growth or follow-on. Valuation guides are under $5M post-money at angel, under $10M at early stage and under $20M at growth. It wants evidence of traction, with revenue as the strongest signal, or pilots, signed letters of intent or high-intent waiting lists for pre-revenue teams.
Check Size
- Angel (pre-seed): under $500K
- Early (seed): under $1M
- Growth and follow-on: $1M and above
About $10.9M deployed across 16 companies in EVF0 and EVF1. Fund 1 had deployed more than $8M into seven companies at close.
Lead Tendency
The firm says it leads or co-leads, and re-ups or increases in later rounds where the case is strong. It led the US$500K Nitrosend seed round, with Archangel Ventures and Aussie Angels joining, and led JACK App's Series A.
Recent Activity
- June 2026: led a US$500K seed round in Nitrosend, an AI-native email platform from the founders of SmartrMail.
- Fund 1 (EVF1) closed at $30M, with Funds SA (the South Australian Government's $50B investment corporation) as cornerstone with a $5M commitment, plus more than fifty sophisticated investors and family offices from Australia, Singapore and the US.
- EVF1 is South Australia's first ESVCLP and is deploying now. EVF0, the pilot fund, has returned one exit (WorkSafe Guardian). Both funds are closed to new investors; co-investment syndicates are open.
- Several portfolio companies are progressing to follow-on rounds.
Portfolio Highlights
- Priori Analytica: ML-driven failure prediction for defence, resources and logistics, deploying with NATO and US Navy programs
- JACK App: software for residential builders, over $1M ARR in 10 months, expanding in the US and Canada
- Heatseeker: AI market experimentation, customers include L'Oreal, Cisco and DoorDash
- BlueNexus: middleware for AI applications
- Optible AI: AI grant management
- Legend Sports AI: community sport platform
- Nitrosend: AI-native customer messaging
- Hyprfire (cybersecurity, Curtin spin-out), Fusetec (medtech), Clevertar, Licorice, Keeyu, PickStar, Alyra Biotech
- Exit: WorkSafe Guardian. Written off: Super Fierce (listed openly on the site)
Team
- JD Sheard, Managing Partner: operations, governance, compliance and fundraising; formerly scaled a multinational services business from 100 to 1,800+ staff across four countries
- Josh Garratt, Founding Partner: chairs the Investment Committee, leads sourcing and fundraising; 2023 Australian Angel Investor of the Year; founded Southern Angels; former commercialisation facilitator for the federal government
- Brad Feld, EVF1 LPAC Chair: co-founder of Foundry Group and Techstars
- Sarah Shelton (Head of Operations), Ava Sheard (Head of Platform), Gina Woodman (Relationship Manager)
- Investment Committee: Sonya Brocklehurst, Dr Roger Voyle (Southmore)
- Venture Partners: Greg Riebe (WA), Scarlett McDermott (ACT), Laura Ashmole (QLD), Sneha Rajan (sustainability), Jo Chaturvedi-Durant (APAC and US)
Decision Process
Companies apply through the website and are scored on a 5TX framework (Team, Traction, Technology, Total market, Terms, eXposure, eXit). Roughly 1,000+ companies reviewed historically, with 1-2% reaching full diligence. The Investment Committee approves, and approval requires a unanimous partner decision. Investment decisions are made by the Partnership and approved by an independent investment committee.
Founder Preferences
Repeat founders, deep domain operators and technical specialists who have done the work. Defensible IP, data or customer relationships, a clear use of capital, and a global, exportable product. Not a fit: pre-team or pre-product, thin traction, valuations above guide, services businesses dressed as software, and consumer or marketplace models (a higher bar, not a ban). Excludes gambling, tobacco and vaping, sanctioned regimes, thermal coal without a transition plan, forced-labour exposure and controversial weapons. As an ESVCLP, EVF1 can only back Australian-resident companies with under $50M in assets, and cannot back property, finance or infrastructure plays.
Geographic Focus
South Australia, Western Australia and Queensland first, plus the ACT, Tasmania, the Northern Territory and regional NSW and Victoria. Essentially anywhere outside Sydney and Melbourne. Post-investment support focuses on US, Canada and UK expansion. Warm introductions are not required; founders apply via the site.