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Australia’s first listed fintech venture company gets high-profile support


fintech venture fund

Atlassian co-founder Mike Cannon-Brookes has committed to purchasing shares in H2Ocean's first public offering.

H2Ocean, Australia's first listed fintech venture company, has gained high-profile support before its first public offering. Mike Cannon-Brookes, Atlassian co-founder and director of Tyro Payments, has committed to buying shares when trading is expected to begin on 19 October 2016.

The company is a first for Australia and already has high-profile names attached – David Koch and former Assistant Innovation Minister Wyatt Roy make up two out of the three directors, with Beyond Bank chair Anne O'Donnell rounding off the team. H2 Ventures co-founders Ben and Tony Heap are co-founders.

Cannon-Brookes is looking to get access to the fintech ventures the company is looking to back. Currently, H2Ocean has reached its minimum aim for a portfolio of 15 startups, many of which come from the H2 Ventures accelerator program, but it's looking to bolster its portfolio with up to 50 startups from here and abroad.

As well as individuals such as Cannon-Brookes, the offer is being marketed to self-managed super funds and superannuation funds have also expressed interest. Shares are issued as staple securities at $1.10 per share, together with one option for every share subscribed for under the offer. Each option is exercisable at the same price on or before 19 April 2018. The offer is available to Australian and New Zealand residents only.

In a letter to potential investors, the Heap brothers outlined the uniqueness of the offer.

"H2Ocean shareholders will gain investment exposure to early and growth stage Fintech Ventures that would otherwise be difficult to access while the H2Ocean investment portfolio may also provide a hedge against traditional bank and insurance investments that are at risk of digital disruption," they said.

The company is looking to raise between $27,500,000 and $55,000,000.

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