Australia’s largest start-up accelerator, Startmate, has given its earliest backers almost three times their money as technology investors focus on cash returns during the ongoing downturn.
Startmate takes founders who may have only the barest idea of a product, puts them through a boot camp and pairs them with experienced mentors to try to get their nascent company off the ground. It invests $120,000 in each company in return for an 8 per cent stake.Its focus on cash returns shows how venture firms are tailoring their pitches to a depressed market where some large funds have extended their deadlines and are holding impressive returns only on paper.
A longer snapshot of its funds, from 2011 to 2022, shows distributions to investors so far total 30 per cent of the $19.5 million Startmate received from investors with a paper value of 2.5 times that amount. The same figures do not show a cash distribution from 2017 onwards, but it is normal for venture capital funds to take years before starting to return money to investors., which it sold its stake in to later investors, and a handful of other firms from its earliest vintages.
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