Australia-based venture capital firm King River Capital is close to finalising a $100-million fund focused on artificial intelligence, targeting software startups in Australia and the US, according to a company announcement.
The fund’s prominent investors include Future Group—investing for Future Super and Verve Super—alongside Marinya Capital, the Fairfax family office, David Gonski, and the Smorgon family, per the announcement.
King River Capital said the fund will continue its strategic focus on AI-driven software startups disrupting traditional SaaS models and backing founders pushing tech boundaries across Australia and the United States.
This is the fifth fund launched by King River Capital since its founding in 2019.
The fund has already backed four startups, including Relevance AI, a no-code AI management platform; Safewill, Australia’s largest digital estate planning firm; US-based AI property management system Zuma; and telecom-as-a-service company Oxio.
King River Capital’s portfolio includes multiple high-profile investments, notably Cover Genius and Immutable in Australia, and Discord and Paystand in the US. The firm previously launched the King River Digital Assets Fund in 2022 and the Inevitable Gaming Fund in collaboration with Immutable and Polygon Labs in 2024, the latter posting a 180% return since inception.
“AI is evolving at breakneck speed, and we’re at a pivotal moment where innovation and responsibility must go hand in hand,” said Chris Barter, one of the co-founders and managing partners of King River Capital.
Future Group, traditionally focused on climate and renewable investments, is diversifying its portfolio through its commitment to King River’s latest fund.
Sharon Davis, executive director at Future Group, noted that the firm’s approach to AI aligns with its broader investment goals, enabling members to benefit from emerging technologies beyond renewables.
“This fund presents an attractive opportunity to benefit from the growth of AI while continuing our commitment to invest for a future worth retiring into,” Davis said.
King River Capital invests in early- to mid-stage, high-growth technology businesses. Since its founding in 2019, the firm has raised four funds and invested in 32 companies across North America and Australia.
