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Venture Capital
airtree.vc

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Investments

109

Portfolio Exits

6

Funds

8

About AirTree Ventures

AirTree is a new $60m venture capital fund that is focussed on investing in growth stage businesses that are disrupting traditional markets.

AirTree Ventures Headquarter Location

52 Victoria Street Paddington

Sydney, New South Wales, 2021,

Australia

+61 2 80353459

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Research containing AirTree Ventures

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CB Insights Intelligence Analysts have mentioned AirTree Ventures in 1 CB Insights research brief, most recently on Oct 23, 2019.

Latest AirTree Ventures News

Early AirTree funds marked down 18pc on massive Canva valuation cut

Aug 3, 2022

, the fund said it did not benefit from holding companies at “inflated valuations” and acknowledged the importance of valuing its portfolio as accurately as possible, especially for its superannuation fund backers. AirTree Ventures managing partner Craig Blair says the fund will maintain its rate of investment. Dominic Lorrimer The markdowns led AirTree to reduce the value of its early funds by an average of 18 per cent. After the reduction, these funds have an aggregate internal rate of return (an annualised figure) of 49 per cent. “Our valuation policy has always been conservative,” AirTree told investors. “We only mark a company up when a credible, third-party investor leads a round, and we can justify the valuation based on fundamentals. “There are various cases of companies in our portfolio raising high valuation rounds, and we’ve held them at cost or a previous round. We’re also quick to write a company down due to operating performance. Advertisement “This quarter, we have marked down a small subset of late-stage companies that have a large impact on our funds’ holding value. “These markdowns aren’t a reflection of our conviction in the relevant companies. They’re an acknowledgement of movements in public comparables for our material, late-stage positions.” While AirTree’s accounts have been audited since the fund launched in 2014, it was the first time it had an independent valuation conducted, which was done by big four accounting firm EY. The move by AirTree follows the country’s other biggest VC funds, Blackbird Ventures and Square Peg Capital , which also marked down Canva by 36 per cent to $US25.6 billion, wiping $US14.4 billion of its value. It is understood the local funds joined forces to get an independent assessment of Canva’s valuation, with the support of the superannuation funds invested in them, leading to the consistency in their mark-downs. The decision from the local VCs followed US-based investors Franklin Templeton and T.Rowe Price making moves earlier this year to mark down the value of Canva in some of their funds. Advertisement Right balance As part of AirTree’s quarterly update to investors, it also shared performance metrics of its funds, stating that to date, it has had 11 full or partial exits, at an average of 2.1 times the value in AirTree’s books. “This gives us some comfort that we’ve struck the right balance on holding valuations,” AirTree wrote. AirTree also revealed in its letter that it had sold part of its core 2014 fund last year, which delivered a 3.3 times return on capital to investors, and realised an internal rate of return of 80 per cent, putting it in the top 5 per cent of funds globally of that vintage. AirTree managing partner Craig Blair said the fund expected to maintain its historical pace of investment, despite the tech market downturn, and AirTree’s focus would be on backing companies that were still early in their journeys. Advertisement “Like any industry, we can make mistakes and get too far over our skis and calling us out and being grounded is important if you’re serious about building a long-term venture fund,” he said. “Yes, we have companies that may not make it. Failure is a part of our industry. But, at the core, we have very, very smart, talent people choosing careers in entrepreneurship ... and we firmly believe tech will solve some of the world’s biggest problems, be it in energy, health or food.” The VC fund announced in February that it had raised $700 million across three new investment vehicles, including the biggest seed fund in the country, and a dedicated fund for Web3 companies. State of the market There has been a substantial contraction in deal values and volumes across the local market, with the latest Cut Through Venture figures indicating $228 million was invested across 35 deals in July. This was almost two thirds less than the prior year, and down $181 million on June this year. Advertisement The tough funding market has led start-ups to lay off staff and alter investment plans to extend their capital runways. Some have also already collapsed, including IPO hopeful Metigy which was raising capital at a $1 billion valuation , a property tech start-up founded by an ex-Macquarie Group team called Yabonza , and multiple grocery delivery players. While the AirTree letter said the next few years hold a “unique opportunity” for companies that can operate efficiently to recruit more easily and take market share, the VC cautioned that capital efficiency would be paramount. “For those unable to extend runway sufficiently, we’ll lean in to help portfolio companies fundraise,” the letter said. “We anticipate some down rounds, and a higher failure rate than in recent years.” When asked how long the downturn would last, Mr Blair said trying to pick the market cycle was a “mug’s game”. “The companies we invest in are driven by structural tailwinds, they’re not cyclical,” he said. “We’re in the business of making eight to 10-year bets and that’s what our investors expect from us.” Yolanda Redrup is an award-winning senior journalist who writes on technology, healthcare and occasionally covers Street Talk from our Melbourne newsroom. Connect with Yolanda on Twitter . Email Yolanda at yolanda.redrup@afr.com Save

AirTree Ventures Investments

109 Investments

AirTree Ventures has made 109 investments. Their latest investment was in Human as part of their Seed VC on July 7, 2022.

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AirTree Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/26/2022

Seed VC

Human

$10.15M

Yes

2

6/7/2022

Series B

Edrolo

$28.95M

No

1

6/6/2022

Series E

Go1

$100M

No

3

4/14/2022

Seed VC

Subscribe to see more

$99M

Subscribe to see more

10

4/11/2022

Series A

Subscribe to see more

$99M

Subscribe to see more

10

Date

7/26/2022

6/7/2022

6/6/2022

4/14/2022

4/11/2022

Round

Seed VC

Series B

Series E

Seed VC

Series A

Company

Human

Edrolo

Go1

Subscribe to see more

Subscribe to see more

Amount

$10.15M

$28.95M

$100M

$99M

$99M

New?

Yes

No

No

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

2

1

3

10

10

AirTree Ventures Portfolio Exits

6 Portfolio Exits

AirTree Ventures has 6 portfolio exits. Their latest portfolio exit was Hyper Anna on October 07, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/7/2021

Acquired

$99M

2

6/2/2021

Acquired

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$99M

Subscribe to see more

10

2/23/2021

Merger

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$99M

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10

12/12/2019

Acquired

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$99M

Subscribe to see more

10

6/11/2019

IPO

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$99M

Subscribe to see more

10

Date

10/7/2021

6/2/2021

2/23/2021

12/12/2019

6/11/2019

Exit

Acquired

Acquired

Merger

Acquired

IPO

Companies

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Sources

2

10

10

10

10

AirTree Ventures Fund History

8 Fund Histories

AirTree Ventures has 8 funds, including AirTree Ventures Growth-Stage Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

2/1/2022

AirTree Ventures Growth-Stage Fund

$318M

1

2/1/2022

AirTree Ventures Web3 Fund

$99M

10

2/1/2022

AirTree Ventures Early-Stage Fund

$99M

10

10/21/2019

AirTree Ventures Fund III

$99M

10

10/21/2019

AirTree Ventures Fund 3

Subscribe to see more

Subscribe to see more

$99M

10

Closing Date

2/1/2022

2/1/2022

2/1/2022

10/21/2019

10/21/2019

Fund

AirTree Ventures Growth-Stage Fund

AirTree Ventures Web3 Fund

AirTree Ventures Early-Stage Fund

AirTree Ventures Fund III

AirTree Ventures Fund 3

Fund Type

Subscribe to see more

Status

Subscribe to see more

Amount

$318M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

AirTree Ventures Team

3 Team Members

AirTree Ventures has 3 team members, including current Founder, Managing Partner, Craig Blair.

Name

Work History

Title

Status

Craig Blair

Founder, Managing Partner

Current

Daniel Petre

Founder

Current

John Henderson

General Partner

Current

Name

Craig Blair

Daniel Petre

John Henderson

Work History

Title

Founder, Managing Partner

Founder

General Partner

Status

Current

Current

Current

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