Ochre Ventures, the first Australian VC solely focused on First Nations entrepreneurship, has reached a $30 million first close on the $100m target for its first fund.
The VC has already made its first five investments, including veteran First Nations-owned construction and facilities management business PSG Holdings; video games maker MicroProse, which generated $5m in revenue in FY2024; and AI biodiversity platform Xylo Systems, cofounded in 2020 by Camille Goldstone-Henry.
Dhungutti man and Ochre Ventures analyst Aidan Devitt said Australia’s First Nations business sector generates around $16 billion in revenue and employs more than 116,000 people, but long-term financial and advisory support has often been lacking.
“There’s no shortage of ambition — the constraint is access to scale capital plus strategic support to grow,” he said.
“Grants and bank loans have been a traditional source of funding, but can only take a business so far, yet investment at some scale and capacity development, mentoring, and the steadfast support of a strong Board are also requirements for growing any business. Ochre Ventures backs First Nations founders with capital, connections, and practical guidance so they can scale, hire, develop markets, build intergenerational wealth, and create pathways for others to follow.”
Ochre will typically invest between $250,000 and $2 million per company, from Seed and Series A with reserve capital for follow-on investments also possible.
Ochre Ventures also developed pre-accelerator backed by $400,000 from LaunchVic for Indigenous entrepreneurs as well as an incubation programs.
Devitt said they’re sector-agnostic, with the portcos already spanning gaming, AI, construction and clean tech, with the primary focus on First Nations scalable companies that have strong leadership, early traction, and potential for sustainable growth.
“Our vision is to create a cycle of success where First Nations entrepreneurs have the resources, guidance, and networks to achieve their aspirations,” he said.
“By harnessing the drive and creativity of these founders and pairing it with experienced investment support, we can build businesses that strengthen communities and make a significant contribution to the Australian economy.”
Ochre’s investment manager is Dr Kyle Turner, a Wiradjuri man with a PhD from Oxford, and former startup founder. His social enterprise, Pearlii used world-first AI technology to scan photos of teeth and gums for common dental problems raised more than $3 million to launch in 2019 and is now profitable.
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