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Venture Capital
FINANCIAL | Investment Firms & Funds
squarepegcap.com

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Investments

99

Portfolio Exits

9

Funds

4

Partners & Customers

1

About Square Peg Capital

Square Peg Capital is an Australian based investor in early-stage technology companies. The firm backs people with great passion and vision and who have the capability to execute on that vision. SquarePeg's portfolio encompasses a diverse group of companies that desire to make a difference.

Square Peg Capital Headquarter Location

Level 1 28 Claremont Street

South Yarra, Victoria, 3141,

Australia

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Research containing Square Peg Capital

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CB Insights Intelligence Analysts have mentioned Square Peg Capital in 2 CB Insights research briefs, most recently on Sep 2, 2021.

Latest Square Peg Capital News

Square Peg pays out $650m to investors, as VC returns top $1b

Sep 30, 2021

Share The new generation of venture capitalists is putting to bed any doubts surrounding their ability to realise returns for investors, with the country’s most established funds collectively paying out upwards of $1 billion to investors. Paul Bassat’s Square Peg Capital has paid out $650 million to investors. Wayne Taylor With tech M&A activity heating up in the private markets, as well as public, the first generation of VC funds born post-global financial crisis are starting to yield the sector’s early believers handsome profits. Paul Bassat’s Square Peg Capital revealed to Street Talk it has returned $650 million to investors on the back of 10 exits (both full and partial), while its remaining holdings in companies such as Canva, Airwallex, Athena Home Loans and long-rumoured IPO-hopeful ROKT are worth $2.4 billion. Joining Square Peg in paying out hundreds of millions is Dr Michelle Deaker’s OneVentures. The fund, which has more than $500 million in funds under management, has realised and contracted returns of $125 million. With AirTree Ventures revealing its internal rate of return across its five funds is sitting at 57 per cent (on $625 million), and having had upwards of 20 exits to date (including A Cloud Guru’s recent $2 billion acquisition), plus Blackbird Ventures revealing in late 2019 it had sold off 40 per cent of its first fund for $100 million (it declined to provide updated return figures), it’s not hard to hit the $1 billion figure. Advertisement Bassat said the bulk of Square Peg’s returns had been paid out to investors in the last 18 months, and he expected the rivers to keep flowing. “It takes time for vintages to mature,” he said. “Each year I now expect multiple exits, but not all will be amazing [results]. “The thing about venture now is that there are lots of paths for founders, employees and investors to create value, and it’s not as binary as an IPO or trade sale. We’ve seen lots of growth equity funds and PE funds come into this market... there are secondary funds emerging. It’s a much richer ecosystem with a lot of the elements now in place.” Square Peg’s exits (partial or full) include Vend, Fiverr, UHG, Puresec and Shipping Easy. OneVentures ranks in the top decile of funds globally, with a five times return net of fees from its first fund and four times invested capital of its second $75 million fund, having recently sold 50 per cent of its holding in Employment Hero for 10 times invested capital. “The industry is really maturing and in the last two years has started to show the potential of venture capital,” Deaker said. Advertisement While AirTree would not reveal dollar figures, it said its first fund from 2014 was worth 19.6 times the $60 million invested. Of its portfolio companies, 23 are now worth more than $100m and 4 have gone on to become unicorns or ‘decacorns’. The return figures indicate the potential of the VC funds, while the majority of their most promising picks still remain private - such as Canva, Culture Amp, ROKT, SafetyCulture and the like. With many funds reporting an uptick in inbound M&A inquiries, and global late-stage VCs and crossover funds becoming more active down under, the limited partners including Hostplus and AustralianSuper can start to expect regular pay cheques. “The world is changing. As companies stay private for longer and longer, we are increasingly seeing crossover funds replace the initial role of the public markets. We’ve got four unicorns now, a few more on their way, and we could sell secondaries in any of those tomorrow,” AirTree partner John Henderson said. “Most venture funds have a 10-year life and can be extended beyond that. [What happens in the next 12 months] is a relevant question for the older funds that are coming up on that mark. We think about it closely when it comes to our 2014 fund - for that fund, it will be a big year.” Rampersand revealed it was tracking at a 40 per cent IRR and had returned 150 per cent cash to investors from its first 2013-14 fund, while Dr Chris Nave’s biotech focused fund Brandon Capital (which has longer investment timelines than tech-focused VCs) first three funds were fetching multiples of 3.9, 2.9 and 2.1 times respectively. “We saw liquidity come in around year six, which was in line with expectations,” Rampersand’s Paul Naphtali said. “For a VC there’s a fine line between continuing to back great companies, but also returning cash to investors, but it’s our job to balance that, and ultimately, our investors need to know that we are in the business of returning cash at some point.” Get a first look at tomorrow's headlines Sign up to the Street Talk First Look newsletter

Square Peg Capital Investments

99 Investments

Square Peg Capital has made 99 investments. Their latest investment was in Joyous as part of their Seed VC - III on October 10, 2021.

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Square Peg Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/4/2021

Seed VC - III

Joyous

$10.44M

Yes

1

9/23/2021

Series B

Sternum

$27M

No

btov Partners, Hinrich Foundation, Spark Capital, and Undisclosed Investors

3

9/16/2021

Seed VC

OnLoop

$5.5M

Yes

1

9/13/2021

Series B

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$99M

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10

8/31/2021

Series C

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$99M

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10

Date

10/4/2021

9/23/2021

9/16/2021

9/13/2021

8/31/2021

Round

Seed VC - III

Series B

Seed VC

Series B

Series C

Company

Joyous

Sternum

OnLoop

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Amount

$10.44M

$27M

$5.5M

$99M

$99M

New?

Yes

No

Yes

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Co-Investors

btov Partners, Hinrich Foundation, Spark Capital, and Undisclosed Investors

Sources

1

3

1

10

10

Square Peg Capital Portfolio Exits

9 Portfolio Exits

Square Peg Capital has 9 portfolio exits. Their latest portfolio exit was FinAccel on August 03, 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

8/3/2021

Acq - Pending

$991

4

00/00/0000

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$991

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10

00/00/0000

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$991

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10

00/00/0000

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$991

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10

00/00/0000

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$991

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10

Date

8/3/2021

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Exit

Acq - Pending

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Companies

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Valuation

$991

$991

$991

$991

$991

Acquirer

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Sources

4

10

10

10

10

Square Peg Capital Fund History

4 Fund Histories

Square Peg Capital has 4 funds, including Square Peg Capital Fund IV.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/14/2020

Square Peg Capital Fund IV

$450M

2

6/24/2019

Square Peg Capital Fund III

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$99M

10

5/3/2019

Square Peg Capital Fund II

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$99M

10

3/20/2017

Square Peg Capital Fund

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$99M

10

Closing Date

12/14/2020

6/24/2019

5/3/2019

3/20/2017

Fund

Square Peg Capital Fund IV

Square Peg Capital Fund III

Square Peg Capital Fund II

Square Peg Capital Fund

Fund Type

Subscribe to see more

Subscribe to see more

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Status

Amount

$450M

$99M

$99M

$99M

Sources

2

10

10

10

Square Peg Capital Partners & Customers

1 Partners and customers

Square Peg Capital has 1 strategic partners and customers. Square Peg Capital recently partnered with CBA on July 7, 2020.

Date

Type

Business Partner

Country

News Snippet

Sources

7/28/2020

Partner

CBA

Hungary

Big four embrace fintech nirvana

CBA 's strategic partnership with Square Peg Capital , which specialises in artificial intelligence applications for business , marks a new tack in CBA 's fintech financing model .

1

Date

7/28/2020

Type

Partner

Business Partner

CBA

Country

Hungary

News Snippet

Big four embrace fintech nirvana

CBA 's strategic partnership with Square Peg Capital , which specialises in artificial intelligence applications for business , marks a new tack in CBA 's fintech financing model .

Sources

1

Square Peg Capital Team

1 Team Member

Square Peg Capital has 1 team member, including undefined undefined, undefined.

Name

Work History

Title

Status

Paul Bassat

Founder

Current

Name

Paul Bassat

Work History

Title

Founder

Status

Current

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