Eastend Ventures lands $5m from Funds SA, $25m raised
Adelaide VC Eastend Ventures secured $5 million from government-backed Funds SA, bringing total raised to $25 million for Fund 1. Target close sits at $50 million.
The firm targets early-stage B2B tech in SA, WA, and QLD. They are deliberately skipping Sydney and Melbourne, betting on secondary markets where founders build revenue-focused businesses instead of chasing endless funding rounds.
The Numbers
Fund 1 plans to invest in up to 30 early-stage B2B tech companies. It is structured as SA's first registered ESVCLP (Early Stage Venture Capital Limited Partnership), which means capital gains tax-free returns and tax offsets for investors.
First close hit $13 million. This $5 million from Funds SA brings them to $25 million, halfway to target.
Why It Matters for Sales Teams
More regional VC capital means more B2B tech hiring outside the major metros. Eastend's portfolio includes JackApp, Priori Analytica, and Nitrosend. Early-stage B2B usually means SDR and AE hiring within 12-18 months of investment.
Founder JD Sheard says capital scarcity in smaller markets creates different founder behaviour: "Founders here tend to be revenue-focused rather than reliant on endless funding rounds. That is a feature, not a bug."
Translation: these companies need sales teams that can close deals, not just build pipeline for the next raise.
The Regional Play
Eastend operates out of Adelaide, Perth, and Gold Coast. Co-founders are JD Sheard and Josh Garratt, with venture partners Jo Chaturvedi-Durant (Adelaide) and Greg Riebe (Perth) handling regional deal flow.
Funds SA chief investment officer Con Michalakis has prior VC deployment experience, which is uncommon for institutional investors backing first-time funds. That is a signal: institutional capital is starting to look seriously at regional tech.
For sales professionals: watch this space. Regional B2B tech with proper funding and revenue focus means real quota-carrying roles, not just coastal hype.
Portfolio Context
Current investments span revenue-generating B2B: JackApp (workforce management), Priori Analytica (data analytics), Nitrosend (email infrastructure). These are infrastructure and workflow plays, which typically mean enterprise sales motion and longer sales cycles.
If you are an AE or sales leader looking at ANZ opportunities, Eastend's portfolio companies will likely be hiring in the next 12 months as the fund deploys capital.