Foxglove Capital Research
Investment Thesis
Foxglove Capital is a venture investor headquartered in Cottesloe, Western Australia (Perth), founded in 2021. Its website says it backs exceptional founders building scalable solutions to the world's most critical challenges, across three themes: climate, energy and cyber/defence. The firm names itself after the foxglove (Digitalis purpurea), a plant that is medicine in the right dose and poison in excess, and says the same principle guides how it allocates capital: precision, deep conviction in its thematics, and positioning ahead of the shift in global capital flows needed to address existential challenges.
Its stated vision is to build, with patience and precision, a world-class portfolio, and to be a recognised hub of excellence and innovation by 2030. Values stated on the site: patient and methodical, ambitious, trustworthy and honest, and clear about what it knows and does not know.
Stage Focus
The site does not state a stage. Third-party trackers classify Foxglove as an early-stage venture firm. Recorded deals include a Seed extension in Type One Energy (July 2024) and a Series A in HydRegen (reported October 2026), so the firm looks to work from seed into Series A. Stage preferences here are inferred and held at low confidence.
Check Size
Not disclosed. No check size range is stated on the site or in the sources reviewed, so none is recorded.
Lead Tendency
Unknown. The firm co-invests alongside other funds (for example, a seed round in a portfolio company that LinkedIn lists with Plural, Foxglove Capital, SNR and Tiny Supercomputer Investment Company), but no source reviewed shows whether it leads or follows.
Recent Activity
- July 2026: launched a new microfund for fusion-enabling technologies (reported by FusionXInvest, tagged with Tritos). Details are behind a members paywall.
- October 2026: HydRegen Series A, about $8M, listed by Krest Signal as a recent Foxglove investment.
- July 2024: Seed extension in Type One Energy, reported at $53.5M in total.
- 2025: Foxglove Defence founded by the Foxglove Capital team, a wholesale defence investment platform with the Foxglove Defence Fund at its core, supported by the SABIR Foundry accelerator and Adriarc (international market access).
The firm appears to be actively deploying across climate, energy and defence.
Portfolio Highlights
The website lists about 34 named companies plus two stealth companies, tagged Climate, Energy or Cyber/Defence.
- Energy: Type One Energy (fusion), EcoJoule Energy, Piris Labs, REEcycle, Allume Energy
- Climate: Vertical Oceans, InterEarth, Canopy Blue, IBI-Ag, DisperseBio, Kunin Technology, Eco Detection, terra., SensorC, Blue Carbon, Raaise, PlasmaLeap, Gigablue, GreenOnyx, AgSeq, NewWave Biotech, Phytoform, flouv, Naki
- Cyber/Defence: StirlingX, PixelSight, entX, Signal Edge, Hoxton AI, Space Machines Company, AtlasKAI, Augur, Tiberius Aerospace, MAKO
No exits are listed on the site.
Team
- Gareth Hicks: co-founder and director, fund manager
- Matt Bungey: co-founder and director, former investment banker
- Harold Burnett
- Cameron McKenzie
- Hamish White
- Adi Peleg
- Bella Poll
- Katie Mahony: joined February 2026, invests in the energy transition, climate, defence, space and cyber
Titles for most team members are not given on the site. Bungey and Hicks also appear as managers of Kapunda Ventures, an Australian early-stage hard-tech fund, and as directors of Foxglove entities in an SEC filing.
Advisory board: Rob Musetti, Julie Bishop (former Australian foreign minister), Murray Hansen and Trevor Cade.
Decision Process
Not disclosed. A small partnership-style team led by two co-founders; recorded as partnership at low confidence.
Founder Preferences
Founders building scalable, technology-led solutions to large climate, energy and defence problems. The Foxglove Defence side puts weight on operators with forward-edge experience and a credible path to adoption in allied markets.
Geographic Focus
Headquartered in Australia and connected to a global network. The portfolio spans Australia, the US and the UK (for example Type One Energy in the US and HydRegen in Oxford, UK). The defence platform draws on networks in Australia, the UK, the US and Israel.
Contact
[email protected]; founders apply through a form linked from the website.