Ochre Ventures has reached a $30 million first close for its debut $100 million fund, positioning itself as Australia’s first venture capital firm dedicated solely to First Nations entrepreneurship. The firm is targeting scalable Indigenous-led businesses that can grow into meaningful contributors to the national economy while strengthening their communities. Its initial close signals growing investor recognition of both the commercial potential and structural undercapitalization of First Nations enterprises.
Backing First Nations Entrepreneurship at Scale
Australia’s First Nations business sector generates an estimated $16 billion in annual revenue and provides jobs for more than 116,000 people, yet long-term investment and advisory support have lagged behind this growth. Ochre Ventures argues that ambition is not the issue, but access to larger-scale capital and strategic guidance remains a critical bottleneck. The fund aims to fill that gap by combining equity investment with hands-on support from experienced investors and board members.
Fund Strategy and Investment Focus
Ochre typically plans to deploy between $250,000 and $2 million per company, focusing on Seed and Series A rounds with reserves for follow-on backing. The mandate is sector-agnostic, allowing the firm to back opportunities across gaming, artificial intelligence, construction, clean tech, and other growth areas as long as they are led by First Nations founders. Core selection criteria include strong leadership, early evidence of traction, and the potential for sustainable, scalable growth.
Early Portfolio Highlights
The fund has already completed five initial investments that showcase its breadth of interest. These include PSG Holdings, a veteran First Nations-owned construction and facilities management business, which aligns with large-scale infrastructure and services demand. Ochre has also backed video games maker MicroProse, which generated about $5 million in revenue in FY2024, and AI biodiversity platform Xylo Systems, cofounded in 2020 by Camille Goldstone-Henry, reflecting its appetite for IP-rich and technology-driven ventures.
Beyond Capital, Building Capability and Networks
Ochre Ventures emphasizes that grants and bank loans, while important, rarely provide the strategic backing required to scale a business. Its model is built around pairing capital with capacity development, mentoring, and board-level support, aiming to help founders hire, expand into new markets, and build intergenerational wealth. The firm’s stated vision is to create a cycle of success in which First Nations entrepreneurs have the resources, guidance, and networks needed to pursue their ambitions and open pathways for others.
Pre-Accelerator and Incubation for Indigenous Founders
To strengthen the pipeline of investment-ready businesses, Ochre has also developed a pre-accelerator and incubation offering tailored to Indigenous entrepreneurs. This work is supported by a $400,000 contribution from LaunchVic, helping founders refine their business models, validate demand, and prepare for institutional capital. The combination of early-stage programs and a dedicated fund is designed to address both the supply of quality opportunities and the availability of aligned investors.
Leadership with Lived Experience
The firm’s investment team brings both professional and lived experience to the task of backing First Nations founders. Analyst Aidan Devitt, a Dhungutti man, has framed the fund’s mission around removing structural barriers that have historically limited access to scale capital and strategic support. Investment manager Dr. Kyle Turner, a Wiradjuri man with a doctorate from Oxford, previously founded Pearlii, a social enterprise that raised more than $3 million for its AI-based dental screening technology and has since reached profitability, providing a practical blueprint for tech-enabled impact businesses.
With its first close secured and an initial portfolio already in place, Ochre Ventures is moving quickly to establish itself as a specialist investor in Indigenous-led growth companies. By combining venture funding with tailored advisory support, accelerators, and incubation, the firm is seeking to reshape how capital engages with First Nations entrepreneurship in Australia. If it can scale its model to the full $100 million target, the fund is positioned to play a meaningful role in both economic development and community-led wealth creation.
Source: StartupDaily