Australian Financial Review, Australia’s leading business publication, quotes Opensparkz CEO Terry McMullen in Early Stage Fintech sector feature.
OpenSparkz CEO Terry McMullen agrees that Australian early stage Fintech companies that use technology to build businesses are becoming some of the most exciting new ventures, as the sector begins to mature.
“There are plenty of venture capital and family funds with money to invest” Terry was quoted by the AFR as saying. “My experience (however) has been that VCs and family funds focus on Series A opportunities where the start up has a product in the market that is generating revenue”
“This makes it difficult for pre-revenue start-ups to get funding. For this reason, we went offshore to obtain our first seed round of AUD$1Mn, which came from a corporate investor on the Hong Kong stock exchange”
According to McMullen in the AFR “Large corporates are also investing, with many having their own start-up funds – for instance, NAB Ventures and Qantas Ventures who also look for Series A opportunities”
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