Galileo Ventures has raised AUD$15 million in the first close of its second fund, known as Expansion, moving halfway toward a AUD$30 million target. The venture capital firm, which operates from Melbourne, Sydney, and San Francisco, has already made its first investment from the new vehicle in brain interface startup Fluent BCI. The fund is designed to back roughly 30 emerging technology companies while reserving capital for follow-on investments as they scale.
First Close and Investor Backing
The first close brought together institutional and individual investors led by Innovation Victoria as a cornerstone backer. Artesian Capital renewed its partnership with Galileo, while international support came from early Fitbit investor Brad Feld and former WhatsApp engineering director Michael Donahue. New Zealand startup advisor Andy Hamilton and Lorne Capital's Nicola Kaldor also joined a syndicate that reflects both local commitment and global technology networks.
Fund Strategy and Follow-On Capital
Galileo Ventures plans to invest in approximately 30 companies through Fund II, with initial cheque sizes ranging from $250,000 to $500,000. Co-founder and managing director James Alexander said the fund targets exceptional emerging founders at the earliest stage of their journey. The firm is also deliberately reserving capital for follow-on rounds, aiming to support portfolio companies well beyond their initial institutional cheque and into later growth phases.
This strategy is intended to bridge a persistent funding gap between angel investment and larger Series A rounds. Alexander said it is the greatest privilege to be among the first backers of founders who are building and scaling ambitious companies. Galileo's approach reflects a belief that early-stage technology founders need committed capital as well as access to experienced networks in Australia and abroad.
First Investment and Track Record
Galileo has already deployed capital from Fund II into Fluent BCI, a startup developing brain interface technology at the intersection of health and computing. That initial investment points to the fund's appetite for frontier technologies with the potential to reach global markets. It also illustrates how the firm combines early-stage risk appetite with a focus on startups that can attract broader commercial interest.
Galileo's recent track record includes backing robotics startup Andromeda, which raised a $23 million Series A round to expand its aged care companion robots into the United States. That successful follow-on round demonstrates the firm's ability to identify startups that later secure substantial institutional funding. Investor confidence in Fund II is built partly on such milestones and the firm's ongoing presence across Australia and San Francisco.
Victorian Ecosystem Impact
A guaranteed 40 percent of Fund II capital is expected to be directed to founders based in Victoria. Innovation Victoria chief executive Rod Bristow said the investment helps strengthen the local innovation ecosystem by connecting founders with capital, expertise, and networks. He added that backing funds such as Galileo is central to supporting ambitious founders and emerging technologies across the state.
Bristow described the role of Innovation Victoria as helping strengthen the ecosystem from founders and technologies through to capital and investment capability. The agency's participation as a cornerstone investor underlines a broader state strategy to attract private capital and build local investment skills. That alignment between public backing and venture expertise is expected to improve access to early-stage funding for Victorian startups.
The first close of Galileo Ventures' second fund marks a meaningful step for early-stage technology funding in Australia. With $15 million secured toward a $30 million target and a clear mandate to reserve follow-on capital, the firm is positioned to support emerging founders across Victoria and the wider country. Its blend of local institutional support and international investor expertise offers a practical model for building a more resilient startup ecosystem.