Australian early-stage investment firms Square Peg Ventures and Victoria Capital have merged to form Square Peg Capital.
The new firm will invest on a deal-by-deal basis using capital provided by founder Paul Bassat, ex-Macquarie managing director Tony Holt and billionaire James Packer among others.
Square Peg will take control of the 12 companies both firms had invested a total of $20m prior to the merger, including Vend, NinjaBlocks and Bella Box.
Bassat told StartupSmart they had combined the similar funds to meet a gap in available Australian funds.
He said, “Plenty of people in Australia are providing seed capital, but we think there is a gap in series A, B and subsequent rounds.
“Square Peg was operating on the early stage end of the spectrum with venture capital and Victoria Capital was more focused on the growth stages.”
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