The South Australian government’s $50 billion investment corporation Funds SA, has committed $5 million to Adelaide venture capital firm Eastend Ventures for its debut fund.
The backing for Eastend Ventures Fund 1 takes the total raised to $25 million ahead of its final close.
Eastend was founded by JD Sheard and Josh Garratt to find, invest and support early-stage tech startups in South Australia, Western Australia and Queensland.
Sheard said it was unusual for an institutional investor the size of Funds SA to back a first-time fund, and is a notable show of confidence in Eastend Ventures.
“Earning the confidence of an institution like Funds SA is not a quick process, nor should it be,” he said.
“Their team spent a great deal of time getting to know our business, our processes and our portfolio. Coming through that level of scrutiny is a strong signal to every investor in the fund.
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“A manager’s early funds are often where the most value is created for investors, so having Funds SA with us from the very start means a great deal.”
Championing SA
While its the first fund for Eastend, Garratt pointed out its now the first rodeo for the experienced duo, and many local sophisticated investors have already backed Eastend Ventures Fund 1.
“We have been investing in South Australian tech for years, in companies like JackApp, Priori Analytica and Nitrosend, because the talent and ambition here are world class,” he said.
“Because capital is harder to come by in a smaller market like Adelaide, founders here tend to be revenue-focused rather than reliant on endless funding rounds. That’s a feature, not a bug. It lets us back early-stage companies that have real technology and real revenue, led by founders set on building a valuable business that can be acquired and return capital to investors.
“We are excited about the potential returns we can generate for Funds SA’s clients.”
Funds SA chief investment officer Con Michalakis, who joined the team in early 2025, has previous experience in deploying institutional capital in VC funds – something many in the startup sector see as an important lever in the growth of the sector
“We’re building our venture capital exposure deliberately over time, across a range of managers and strategies,” Michalakis said.
“It’s less about any one investment and more about how the program comes together as a whole.”
Funds SA CEO John Piteo said Eastend Ventures brings a disciplined approach to early-stage investing.
“Partnerships like this help ensure we are accessing a diverse pipeline of opportunities, including those emerging from South Australia,” he said.
“This investment complements our broader portfolio and reflects our long-term approach to manager partnerships, helping to identify and grow the next generation of Australian companies.”
