Airwallex founder launches VC fund Capital 49

Airwallex founder launches VC fund Capital 49

Airwallex co-founder and Capital 49 founder Jack Zhang.

After their global payments platform achieved a US$2.6 billion ($3.5 billion) valuation in March, the founders of Airwallex are turning their attention to new startups with the launch of venture capital fund Capital 49.

The new fund has already completed investments in two fintech firms, according to Airwallex, whose founders along with other investors will aim to raise US$200 million ($271 million) for investing in early stage, high-growth technology-enabled companies.

Industries under consideration include e-commerce, Software as a Service (SaaS), digital and technology, business services and enablers, and fintech.

A spokesperson for Airwallex, founded in Melbourne in 2015 and now headquartered in Hong Kong, said the scope of investments would be focused on companies within Airwallex's ecosystem, which is global in nature.

"As the fund has only just launched, we are unable predict the number of investments in Australia based or founded businesses," the spokesperson clarified.

Capital 49 founder and Airwallex co-founder and CEO Jack Zhang, says the team was excited to be sharing news about the new fund.

"As part of the fintech and start-up ecosystem, we have consistently observed that a clear technological advantage is incredibly important for a business to stand out from the competition," Zhang said.

"That is why we are committed to invest in and foster the growth of tech-enabled companies, particularly at a time where there is huge appetite for innovative solutions to enhance business efficiencies."

While the fund was set up by Zhang, all the Airwallex co-founders - Max Li, Lucy Liu and Xijing Dai - have invested into Capital 49.

(L-R) Airwallex co-founders Xijing Dai, Jack Zhang, Lucy Liu and Max Li.

After announcing a capital raising of US$100 million ($135 million) in a Series D extension in March, Airwallex had lifted its total funds raised to US$500 million ($678 million) and now has more than 800 employees across 12 global offices.

That round was led by US-based Greenoaks, known for its investments such as Deliveroo and Stripe.

Grok Ventures, the investment vehicle of Atlassian founder and co-CEO Mike Cannon-Brookes, also participated in the round along with ANZi Ventures and Skip Capital, the latter founded and led by Kim Jackson and her husband, Atlassian's other founder and co-CEO Scott Farquhar.

The company recently announced the rollout of its online payment solution in Hong Kong and Australia, as well as the launch of its Airwallex Borderless Cards for businesses in Hong Kong.

"As an organisation, Airwallex could not have achieved what it has today if not for the players within our ecosystem," Zhang said.

"With this fund, we will continue to empower businesses to grow without borders by providing them access to capital, a global network and deep insights and expertise, while ensuring we continue to generate financial returns for our investors."

In just two years, Airwallex nearly tripled its valuation, following the company's unicorn status during its successful Series C fundraising in March 2019.

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Microbio goes public as med-tech tackles condition that causes 11 million deaths per year

Microbio goes public as med-tech tackles condition that causes 11 million deaths per year

Brisbane-based medical technology company Microbio has stepped...

IT entrepreneur Christian Pacheco on the cusp of launching digital engineer Pia

IT entrepreneur Christian Pacheco on the cusp of launching digital engineer Pia

With its debt facility from a Big Four bank more than doubled to $6...

Available anywhere and everywhere: Lifestyle brand The Somewhere Co. targets global expansion

Available anywhere and everywhere: Lifestyle brand The Somewhere Co. targets global expansion

Despite a difficult few months for everyday wares outfit The Somewh...

G'day space: Australia is "go" for launch

G'day space: Australia is "go" for launch

Just after midnight on Monday 27 June, above the vast wilderness of...