CONFIDENTIAL, please do not share

Dear Fund Australia LPs,

In 2024, we’ve seen a few bigger deals get done which is pushing up the total venture funding numbers (Betashares, Cover Genius, etc.) but the reality is that the market is still slow. Funding for venture sits just above $2B for this year. And while AI is the place to be, it’s really AI companies led by second time founders or highly technical teams with impressive track records that are commanding the bulk of the capital raised. That said, smaller deals (under $5m) are getting more active which is great for our thesis. As we close out the final investments in the fund, please send us any companies or founders that you are excited about or use this form.

The Fund Australia by the Numbers

New investments [Confidential]

Aera - A new financial services and technology company radically reducing the time it takes for Kiwis to get their first home.

Mary Technology - A comprehensive, end-to-end document drafting solution that uses AI to turn any number of documents into detailed chronologies.

Restoke (closing) - AI-Powered restaurant management system that coordinates teams, simplifies operations, and boosts profitability.

Updates of Existing Portfolio

**Blakthumb** - Converted two signed customers with an ARR of $20k and two customers with an ARR of $41K and reduced burn costs. Expanding operations into Colorado and Utah, and are qualified to conduct research with AGF and the New York Office of Cannabis Management (OCM).

Everlab - Passed 100 members and the Melbourne Lab is close to completion. Implemented several new AI features and medical guardrails/frameworks to help doctors and will test product in July. Entered a referral deal with Absolute Health out of Melbourne and are in final negotiations of a partnership with Lockerroom in Sydney.

**Human** - Surpassed 40k patients in the US who tracked over 2M health actions on the platform. Acquiring over 1500 patients a week, and cracking a few digital marketing channels including Tiktok - best CACs are down to 60c. Passed HIPAA compliance. Shifting into a full AI feature focus post subscription live - becoming the AI-Driven Health OS for everyone with a chronic condition. Will be raising soon.

Indemn - Sponsoring a conference in Boston on September 17&18 titled Generative AI in Insurance and started a company Substack. 51% premium growth over Q1 and runway of a year.

**One Future Football** - Lined up a partnership with Cricket NSW, potentially with the ICC partnering to launch All-In Cricket (cricket version of 1FF) and are in advanced discussions with multiple brands to fund Beyond Tennis (Tennis version of 1FF) for the first 12 months. Have a runway of 8 months and are looking to raise soon.

**PropHero** - Currently at US$12M revenue and on track to be >0 EBITDA in Q3, with gross profit up 44%. Focused on launching revamped Track App and preparing for their Series A.

**Search Eye** - Hit record GMV this quarter of $590k. Currently going through a restructuring, shrinking the team by about 75% and reducing overhead by $75k/m USD. Launched a new website and pricing plans.