Salesforce taps into “phenomenal” opportunity with Australian investment fund
Salesforce Ventures has launched a new $50 million fund for Australian startups.
Salesforce Ventures, Salesforce's corporate investment arm, has announced the launch of a new $50 million fund for Australian startups in the company's ecosystem. The Australian Trailblazer Fund will allow Salesforce Ventures to capitalise on a "phenomenal market opportunity" to empower Australian startups.
"Salesforce Ventures recognises the incredible opportunity to invest in Australian entrepreneurs to create world-class startups that will grow the opportunity within the Salesforce ecosystem and deliver customer success," said John Somorjai, EVP of corporate development and Salesforce Ventures.
Salesforce Ventures has invested in a number of Australian startups since 2012 including security platform Bugcrowd and Salesforce partners Sqware Peg and Arxxus.
Chairman, founder and CTO of Bugcrowd Casey Ellis said the establishment of Salesforce Ventures in Australia "speaks volumes" about the calibre of Australian entrepreneurs.
"Salesforce Ventures was an early investor in Bugcrowd and is continuing to take to the global market," Ellis said. "Alongside the capital, this move will deepen the availability of Salesforce's considerable technical and partnership resources to Australian entrepreneurs, which will help fuel the process of supporting Australia's talent and accelerate local innovations into the global market."
Startup Muster's 2018 report revealed that 49.2% of startups were actively trying to raise funds. The survey also showed that almost one-third (29%) were planning to raise private equity in Australia while 15.9% had raised funds via an incubator or accelerator. Of the startups surveyed in the report, 45% identified as delivering a Software as a Service (SaaS) product.
"Initiatives such as Salesforce Ventures' new $50 million Australian Trailblazer Fund provide the valuable support and investment needed for startups to scale, employ Australians, and see their great ideas become great businesses," said Simon Birmingham, Minister for Trade, Tourism and Investment.
"I congratulate Salesforce on its commitment to Australia with the launch of this new fund, and look forward to seeing the homegrown startups it supports scale and succeed at home and internationally."
The Australia Trailblazer Fund will be officially launched as part of the Salesforce World Tour Sydney taking place at the Sydney International Convention Centre on 6 March 2019.