Australia’s Airtree Ventures announced on Wednesday that it has closed its fifth fund at $425 million, securing substantial backing from global limited partners making their first bet on the country’s venture capital market.
The Sydney-based firm said the oversubscribed fund—split into $165 million for early-stage and $260 million for growth investment—brings its total assets under management to about A$2 billion ($1.3 billion).
Airtee said the milestone signals rising institutional interest in Australia’s tech ecosystem, which has produced over 40 unicorns with just $34 billion in venture funding since 2000.
Airtree’s portfolio includes nine unicorns—most backed from early stage—such as Canva, Airwallex, Go1, Linktree, Pet Circle, and Employment Hero.
“Australia and New Zealand’s venture markets are entering a pivotal chapter,” said Andrew Kaplan, Senior Director and Head of Venture Capital at MetLife Investment Management, one of the fund’s investors.
The country’s tech sector has expanded significantly over the past decade, with the number of local tech companies valued above A$100 million rising from six in 2013-2015 to over 150 in 2025, according to Airtree. Technology, the firm said, is now the country’s third-largest sector by economic contribution.
“The world’s most sophisticated LPs have woken up to the ANZ opportunity,” said John Henderson, general partner at Airtree. “It is extremely gratifying to have them see what we see—world-class, venture-scale companies are being built here, and they want to be part of what comes next.”
The Australian market has also recorded several major exits over the past decade, including Atlassian’s Nasdaq listing in 2015, Block’s $29-billion acquisition of Afterpay in 2022, and the A$24-billion sale of AirTrunk in 2024.
Secondary transactions, too, have gained pace. Canva saw a $1.6-billion deal in April 2024; SafetyCulture secured A$90 million in September 2024; and Airwallex completed a $300-million Series F round, including secondaries, in May 2025. Airtree is an investor in all three companies.
“When Airtree launched its first growth fund in 2017, fewer than 8% of local deals were at the growth stage. Today, that number is over 20%, with a highly compelling cohort of early-stage companies progressing to growth stage as the market has matured,” said Kell Reilly, general partner at Airtree.
“For global institutions, Australia represents a rare combination: proven exits, capital efficient founders, and a pipeline that’s just hitting its stride. The opportunity has always been here. Now the world is paying attention,” Reilly added.
