Queensland-based software-as-a-service (SaaS) investment firm, VentureOn Partners, is making a strategic move into the proptech (property technology) and contech (construction technology) sectors through the acquisition of Brisbane’s own VC firm, Story Bridge Ventures.
Founded in 2023 by a team of four SaaS industry veterans, VentureOn Partners has established a reputation for its unique approach to supporting software companies. They provide not only financial resources but also valuable operational expertise. This distinguishes them from the typical consulting firm. Their diverse portfolio encompasses machine learning, big data, cloud computing, and a smart device startup.
The $15 million fund was initiated by Curtis Thomson, the founder of Simpro, in collaboration with his former colleagues from the C-suite: Ricky Sevta and Sean Diljore, as well as Graeme Caplen. The objective of this fund is to identify and support startups with an annual recurring revenue (ARR) ranging from $1 to $3 million, steering them towards achieving $25 million ARR within a span of 3 to 5 years post-investment. What sets VentureOn Partners apart is their hands-on approach, as each operating partner engages in just 1 to 2 deals at a time to ensure unwavering commitment.
With this acquisition, Isaac Coonan and Dion Jensen from Story Bridge Ventures will become integral members of VentureOn Partners, carrying forward their duties in overseeing the existing portfolio.
In a joint statement, Coonan and Jensen expressed their enthusiasm for joining VentureOn Partners, citing the wealth of experience possessed by the company’s founders and operators. They believe this partnership will substantially contribute to the ongoing growth and success of their portfolio companies.
Isaac Coonan will continue to lead the charge in the proptech arena through his involvement in proptech BNE, extending support to the proptech and contech community in areas such as advocacy, consultancy, thought leadership, events, partnerships, growth programs, and publications, with a reach that extends beyond Queensland.
Sean Diljore of VentureOn Partners emphasized that this acquisition marks an expansion of their investment focus. He expressed his excitement over joining forces with Story Bridge Ventures, a key player in proptech and contech investments, who share their vision of providing SaaS companies with both the capital and operational expertise necessary for substantial growth.
Together, VentureOn Partners and Story Bridge Ventures aim to augment the value and opportunities available to their portfolio companies and investors. This strategic alliance positions them for success in the rapidly evolving proptech and contech industries.
