Galileo Ventures Hits First Close of New Fund Connecting Victorian Startups to US Venture Capital
Galileo Ventures, the first VC fund in Australia to open and run a US office in San Francisco, has closed the first round* of its latest fund with backing from Innovation Victoria.
Fund II, known as EXPANSION, brings in prominent Australian, Singapore and US Limited Partners (LPs), including US angel investor Brad Feld, early WhatsApp hire Michael Donahue, Nicola Kaldor of family office Lorne Capital and Melbourne-based VC Artesian.
The fund will invest primarily in pre-seed and seed stage Australian companies, building on the success of Fund I investments such as Andromeda, SyncTech, Relevance AI and Tixel.
Average cheque sizes will range from A$250,000 - $500,000, with around 40% of capital allocated to founders domiciled in Victoria to support entrepreneurial and technology growth in the state.
Fund II launched with cornerstone investment from Innovation Victoria in October 2025, as part of a $75 million investment into leading venture capital firms to unlock more capital for Victorian innovators.
The team at Galileo Ventures comprises James Alexander, Hugh Stephens and Julia French who share a belief that the first cheque any Australian startup receives should come from an Australian fund.
The team is split amongst three geographical locations that are known for being the leaders in Australian technology; with Stephens in Melbourne, Alexander in Sydney and French in San Francisco.
*A first close represents the point when a fund is ready to begin deploying the money that its investors have committed.
Galileo Ventures Co-Founder & Managing Director - James AlexanderIt is the greatest privilege to be among the first backers of exceptional emerging founders, and to support them as they build and grow. The opportunity to do this again with Fund II - supported by the trust of our incredible existing and new LPs - is a testament to the calibre of founders and the ambition of the technologies being built in Australia. There’s never been a better time to be in venture than this pivotal moment in history. ”
Innovation Victoria CEO - Rod BristowWe're proud to have supported Galileo's growth and congratulate the team on their first close. Innovation Victoria's role is to help strengthen the innovation ecosystem, from supporting founders and emerging technologies through to attracting capital and building investment capability. Our investment in funds like Galileo is a key part of that work, helping connect ambitious founders with the capital, expertise and networks they need to scale. ”