EVP (Equity Venture Partners) Research
Investment Thesis
EVP is a Sydney-based early-stage software investor that has backed software companies since 1996 and formalised the current EVP fund platform in 2014. The firm describes its focus as mission-critical B2B software where AI strengthens the product and compounds advantage over time. It looks for defensibility (data moats, embedded workflows, network effects, proprietary distribution, hardware-enabled software), scalability, capital efficiency, high gross retention and pricing power, and founders with earned founder-market fit and hard-won domain expertise.
Stage Focus
EVP is an early-stage investor but does not invest pre-revenue. It wants a product in market, an established early customer base and strong revenue growth. In practice this means Series A, although the firm says it is not fixated on the label. Hardware as part of a bundled software product is acceptable; pure hardware is not.
Check Size
The Fund V announcement states a typical initial investment of $3-5 million at Series A. The Approach page cites a wider first-cheque range of $1-10 million. Currency is AUD by default for an Australian fund, so treat figures as approximate. About 50% of the fund is reserved for follow-on investing.
Lead Tendency
EVP has a strong preference to lead rounds and always looks for a board seat after investing. It describes itself as an active, high-conviction investor with concentrated portfolios and dedicated 1:1 partner access for every founder.
Recent Activity
- Fund V is live and approaching a $100 million target, announced 26 November 2025. The fund is capped at $100 million, in line with Fund IV.
- More than 80% of Fund V commitments came from existing EVP investors. Partners committed $15 million as GPs.
- Fund V plans a concentrated portfolio of 10-15 Series A companies. Australian investors get ESVCLP status (10% tax offset, tax-free capital gains).
- Recent investment notes were published for SprintSuite (August 2025) and Termina (June 2025).
- EVP was the largest backer of StrongRoom AI, which collapsed in 2025 after EVP accused former executives of misrepresentation. The AFR covered the saga alongside the Fund V raise.
Portfolio Highlights
The firm cites more than 50 companies across four earlier funds, and 54 companies across six funds including the current one. Named successes include SiteMinder, Deputy, Ignition, Hnry, EatClub, Autograb, Ordermentum, Splose, Nexl, Mutinex and Veridooh. Other portfolio names on the site include Shippit, Rezdy, Practifi, Fergus, Clipboard, Coviu, Mad Paws, Bluethumb and SprintSuite.
Team
- Les Szekely, Partner. Has invested in early-stage software since the late 1990s.
- Howard Leibman, Partner. Fund V announcement spokesperson.
- Justin Lipman, Partner.
- Daniel Szekely, Partner.
- Additional investment and operating team members listed on the site include Mark Velik, Devin Kaplan, Fred Callaghan, Allen Zhu, Charmaine Villasin, Jenny Chen, Liezle Aliado, Khobi Deep, Victoria Macarthur-Stanham, Kevin Geller and Alana Zhang. Titles were not stated on the team index page.
- Venture partners include Adrian Di Marco, Mike Ford, Chloe Lim, Russ Bennett, Tiziana Bianco, Damon Pezaro, Craig Butcher and Joe McShanag.
Decision Process
Process runs from an introductory meeting to early diligence on performance metrics, product and team, then a presentation to the Investment Committee and meeting the whole team, followed by a quick term sheet. Founders are introduced to other portfolio founders for references. Decision-making is a partnership with an investment committee.
Founder Preferences
EVP backs founders with unique insight into the problem they are solving, credibility from lived experience, and ambition with clarity. It values industry insiders building specialised software for large global markets, as in its SprintSuite and Splose notes.
Geographic Focus
Australia and New Zealand are the core. EVP provides US, UK and APAC expansion playbooks and has relationships with global growth-stage investors, since its companies are expected to scale globally. Office: Suite 2102, Westfield Tower 1, 520 Oxford St, Bondi Junction, NSW 2022.
Support Model
Services include in-house executive recruiting, operational guidance across go-to-market, data, pricing and legal, a portfolio peer network, and follow-on capital.