Tidal Ventures Research
Investment Thesis
Tidal Ventures is a thesis-led venture fund headquartered in Sydney that backs early-stage founders building what it calls AI-native Systems of Work. Its tagline is "Do the Work": software used to support the work, and now it does the work. The firm argues that companies are beginning to execute work previously done by people, and that AI is a structural reallocation of labour, cost and competitive advantage rather than a feature cycle. Its Fund IV thesis essay (May 2026), "Building the Systems of Work Era", frames the coming decade as a great sorting and describes an offensive posture: build tomorrow's incumbents rather than defend yesterday's software. Every portfolio company on the site is described with the line "Does the work" followed by the outcome it delivers.
Stage Focus
Tidal writes the first institutional cheque on the cap table at pre-seed and seed. It looks for two proofs: the team can build elite technology, and customers will pay for it. Revenue helps but is not required; where it is absent, the firm weighs founder-market fit. With Fund IV it has added capacity to follow on into Series A. Past funds include Tidal Seed Fund II (pre-Series A, Australia and New Zealand lens) and Tidal Seed Fund III.
Check Size
- Pre-seed: first cheque typically $500K to $1.5M
- Seed: up to $5M, with most seed investments around $2.5M
- Follow-on into Series A supported from Fund IV
Lead Tendency
Tidal states it leads most pre-seed and seed rounds it invests in, taking a view on price and being first on the term sheet. At later stages it will follow a lead it respects. Examples include leading Vinyl's seed (Seed Fund III), Minikai's seed, Asseti's seed and RedOwl's A$5.3M seed (October 2026), and co-leading AIMon's pre-seed alongside Bessemer Venture Partners.
Recent Activity
- October 2026: led RedOwl's $5.3M seed, a Melbourne-based, Mastercard-backed fintech, alongside CP Ventures
- May 2026: published the Fund IV thesis essay
- October 2025: SecurePII (voice data protection)
- August 2025: Vinyl (accounting AI) and Refold (integration agents)
- June 2025: MediScan AI; TheLoops acquired by IFS
- A third-party tracker lists a $7.0M seed in TMRW in March 2026
The firm appears to be actively deploying from Fund IV.
Portfolio Highlights
The portfolio page lists about 34 companies across Australia and the US. Notable names: Secure Code Warrior (Series C), Shippit (Seed to Series B+), FrankieOne, Checkbox (New York, legal workflow), Operata, PredictHQ, Sonder, Lifelenz, Hone and Flagship. Exits include Search.io (acquired) and TheLoops (acquired by IFS).
Team
- Grant McCarthy, Managing Partner and Co-Founder
- Wendell Keuneman, Managing Partner
- Georgie Turner, Partner
- Murray Bleach, Chair
- Kieran O'Neill, Principal
- Liz Ross, Operating Principal
- James Rusconi, Investment Associate
- Tony Faure, Chair (FOO Fund)
- Fee Barry, Nick Muy and Dan Winter, Venture Partners
- Oliver Shapleski (COO) and Craig Holden (CFO) run operations
A large operator bench of founders and executives across product, engineering, GTM, growth and strategy invests in the funds and advises portfolio companies.
Decision Process
The partner leading a deal builds conviction, brings it to the team, and argues it from both sides in front of the investment committee. The firm meets founders a year or two before they raise and moves quickly once it decides. It will talk to every inbound and does not require a warm intro; the contact form is the fastest way in.
Founder Preferences
Real domain expertise and a personal connection to the problem, the ability to attract talent and capital, strong commercial instincts, and self-awareness to change direction. Solo founders are acceptable. The firm wants global ambition from day one, pricing tied to outcomes rather than seats, and founders who build with what exists today.
Geographic Focus
Sydney headquarters with presence in Australia and the US (New York). Most cheques go to US- or Australia-headquartered companies, and the firm helps Australian founders expand into the US and Europe. It co-invests with Bessemer, Tiger Global, Touring Capital, Eniac, Airtree, Blackbird and Five V Capital. It claims Tidal founders are 6x more likely to raise a Series A.
Sector Focus
B2B and B2B2C, sector-agnostic within AI-native companies rebuilding how industries operate. Portfolio spans enterprise software, security, fintech and compliance, legal tech, health and care, energy and supply chain.