Women-only VC fund banks $45m and targets $100m fund

An example of the types of investments Artesian plans to make from its new fund is Singaporean-based Turtle Tree, which it already backed in late 2020, and which is making “human-free breast milk” in a lab.

“The thematic there is acutely targeted at women, it’s founded by a woman and hits exactly where women customers are,” Ms Clunies-Ross said.

Artesian already manages investments across public and private debt, as well as venture capital. Its portfolio companies are spread across climate and clean energy, agri-food, medical and health as well as artificial intelligence and robotics. It looks to invest in both Series A and B rounds.

Artesian will be looking to replicate its exit strategies, which has seen it cash out of Camplify, Jayride Group, and Clarity Pharmaceuticals as they had their initial public offerings, all of which Artesian was a seed investor.

If an IPO isn’t an appropriate exit, Ms Clunies-Ross said the fund will also look to facilitate trade sales as well as to sell its holding through secondary markets for private shares.

‘Get the ball rolling’

Rather than focus on the small-but-growing pipeline of Australian deals, the fund will also look to invest in start-ups from other markets including New Zealand, Singapore, India, Indonesia, Japan, Korea and China.

“It’s true there aren’t as many female-founded start-ups in Australia, so we’re deliberately looking broader to find them and get the ball rolling,” Ms Clunies-Ross said.

Superannuation fund Hostplus is one of the largest backers of the local VC sector, and has kicked $25 million into the Artesian fund.

Legal Super, an industry super fund for legal professionals, says it has 71 per cent female representation in its membership base, giving it a sound interest in the direction of Artesian’s new fund.

Artesian’s fund will join the likes of ALIAVIA Ventures, an early-stage venture capital firm focused solely on women founders, that launched earlier this year.

ALIVIA is headed by former Google, YouTube and Spotify ANZ managing director Kate Vale and Marisa Warren, who also founded female founder-focused accelerator ELEVACAO.