The opportunity

EVP Fund III invests in world class B2B software businesses in Australia and New Zealand. The Fund invests at the Series A stage and in subsequent follow-on rounds. It focuses on Software-as-a-Service (SaaS) businesses with subscription-based revenue models and annuity income characteristics. The Fund targets capital efficient businesses with global addressable markets, delivering mission critical software to their customers.

About the manager

Equity Venture Partners (EVP) is a Sydney-based early stage venture capital firm. Founded in 2014 by Les Szekely and Howard Leibman, EVP has unparalleled experience investing in SaaS companies in Australia. EVP has invested $67 million across a portfolio of 29 early stage software companies. The current value of its holdings exceeds $400 million2. The firm has a team of six investment professionals with deep sector experience and complementary financial, operational, consulting and legal backgrounds.

About the strategy

EVP provides early growth capital for B2B software businesses at the Series A stage. The firm invests when there’s clear evidence of product market fit, with an established customer base and strong early revenue growth. It focuses on subscription software businesses with high margin, contracted revenues, compelling unit economics, and global addressable markets. The firm takes an active, high conviction investment approach, invariably serving as lead investor and reserving capital to support follow-on investment rounds. EVP always invests with a board seat and aims to serve as a value-add partner to its founders over the long term.

1. Founding portfolio launched 2000, EVP Fund I launched 2016, EVP Fund II launched 2018. Return to the reference

2. Indicative valuation only. Investments are held at cost or at the price of the company’s most recent 3rd party funding round. The current value of holdings includes $72m of capital returned. Return to the reference

3. Gross multiple achieved on capital invested. Return to the reference