Flying Fox Ventures
Flying Fox Ventures is a Melbourne-based early-stage venture capital and angel syndicate founded in 2021 that invests pre-seed to Series A capital into Australian and New Zealand startups, operating cohort-based LP programs and an investor education platform called the Angel School.
- Company typePrivate
- Founded2021
- HeadquartersMelbourne, Australia
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Flying Fox Ventures does
Flying Fox Ventures is a privately held, Melbourne-based early-stage venture capital and angel syndicate founded in 2021 by Rachael Neumann and Kylie Frazer. The firm invests pre-seed to Series A capital into Australian and New Zealand startups across fintech, insurtech, healthtech, SaaS, agtech and consumer products, and operates a portfolio of over 80 companies including Operata, Butter Insurance, Castlepoint, Heaps Normal and Everlab. Its core offerings are the Annual Diversified Cohort and Female Founder Cohort investment programs, complemented by the Flying Fox Angel School — an educational platform that teaches individuals and corporate teams how to invest in startups and think like investors.
The firm generates revenue through two primary streams: ongoing management fees charged to fund Limited Partners for portfolio management, due diligence and investor relations, and carried interest on profits returned above the fund's hurdle rate once portfolio companies exit via IPO, acquisition or secondary sale. Distribution is community-led: LPs apply through the firm's website to join cohort programs, existing investors refer peers, and the Angel School functions as a mid-funnel acquisition channel that simultaneously educates new investors and feeds structured deal-flow. The firm does not build proprietary technology, and its competitive position rests on brand, community flywheel and the operating track records of its two co-founding partners.
Strategic positioning is deliberately differentiated from traditional Australian VCs: Flying Fox markets itself as "disciplined in practice, slightly deviant in spirit," targets undercapitalised segments such as women-led founders, and co-invests alongside Startmate, Tidal Ventures and other ANZ early-stage syndicates. The company has received two non-dilutive grants from LaunchVic (~$199K in 2023 and $300K in 2024) to support community-building and female-founder programs, signalling public-sector alignment with its mandate. Operating geographies are anchored in Australia and New Zealand with claimed expansion into Southeast Asia and North America, though deployment remains predominantly ANZ-focused.
Flying Fox Ventures firmographics
Firmographics- Name
- Flying Fox Ventures
- Legal name
- Flying Fox Ventures Pty Ltd
- Website
- https://flyingfox.vc
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Flying Fox Ventures is a Melbourne-based early-stage venture capital and angel syndicate founded in 2021 that invests pre-seed to Series A capital into Australian and New Zealand startups, operating cohort-based LP programs and an investor education platform called the Angel School.
- Ownership category
- akta.pro rank
Flying Fox Ventures industry classification
Industry- Product category
- Venture Capital
- NAICS
- Other Investment Pools and Funds (5259), All Other Financial Investment Activities (52399)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
- akta.pro secondary industry
- Micro-VC & Angel Funds (FSANAAAI)
Keywords
Where Flying Fox Ventures is headquartered
LocationHeadquarters
- HQ city
- Melbourne
- HQ country
- Australia
- HQ region
- Oceania
Offices2 records
Markets served
Flying Fox Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Portfolio Returns and Carried Interest: Returns generated from successful portfolio company exits, including IPOs, acquisitions, and secondary sales. The firm collects carried interest (performance fees) on profits returned to investors above the hurdle rate.
- Management Fees: Ongoing management fees charged to fund investors for portfolio management, due diligence, and investor relations services.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
Flying Fox Ventures product offering
Product offeringCore offering
Flying Fox Ventures is an early-stage venture capital firm and angel syndicate that deploys capital into Australian and New Zealand startups through a $20 million fund. The firm offers cohort-based investment programs (Annual Diversified Cohort and Female Founder Cohort) for individual and institutional investors, and runs the Flying Fox Angel School to educate participants on startup investing.
Product overview
Flying Fox Ventures is an early-stage venture capital firm that provides investment programs and educational services for Australian and New Zealand startups. The firm operates two main cohort-based investment programs: the Annual Diversified Cohort and the Female Founder Cohort, alongside the Flying Fox Angel School educational program. The company also maintains a portfolio of over 60+ invested startups across various sectors including fintech, healthtech, edtech, and SaaS.
Differentiator
Problem solved
Functional benefit
Products and services
- Flying Fox Angel School
Companies that use Flying Fox Ventures
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles2 records
Flying Fox Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Flying Fox Ventures partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- The Wade InstituteminorCo-founding partner Rachael Neumann serves as lead instructor in The Wade Institute's VC Catalyst program, providing educational programming that aligns with Flying Fox's angel investing curriculum.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
Flying Fox Ventures competitors and assessment
Company assessmentDirect peers
- Startmate: Australia's leading accelerator and angel syndicate; directly comparable to Flying Fox in stage, geography, and community-driven investor model. Flying Fox co-invests with Startmate in multiple ANZ startups.
- Tidal Ventures: Australian early-stage VC specialising in technology investments. Direct peer in stage and ANZ geography; Flying Fox has co-invested alongside Tidal Ventures in Operata's Series A.
- Quokka Ventures: ANZ-focused angel syndicate / micro VC. Direct peer in stage, geography, and cohort-driven investor model; co-invested with Flying Fox in Butter Insurance.
- Black Nova Venture Capital: Early-stage ANZ VC that co-invested with Flying Fox in Operata. Comparable in stage and focus, though typically operates as a more traditional fund structure.
- Working Theory Angels: Previously founded by Flying Fox co-founder Rachael Neumann. ANZ-focused angel syndicate with highly comparable community model and stage focus.
- Eleanor Venture: Previously founded by Flying Fox co-founder Kylie Frazer. ANZ-focused investment vehicle with comparable stage and community-driven thesis.
- Rampersand: Australian early-stage VC investing at pre-seed and seed. Comparable in stage, geography, and ticket size to Flying Fox's portfolio investments.
Broad incumbents
- Blackbird Ventures: One of Australia's largest and most established early-stage VCs. Operates in the same ANZ pre-seed/seed market as Flying Fox but at materially larger fund sizes and broader sector mandate.
- AirTree Ventures: Top-tier ANZ early-stage VC investing across consumer, SaaS, fintech, and climate. Competes with Flying Fox for the same founders but at much higher AUM and broader sector coverage.
- Square Peg Capital: Major ANZ early-to-growth VC. Operates one stage above Flying Fox in many cases but competes for the same founder talent pool.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Flying Fox Ventures social profiles
Digital presenceFlying Fox Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Flying Fox Ventures leadership team
Management profileNumber of profiles
Profiles3 records
Flying Fox Ventures funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Flying Fox Ventures M&A and investment
M&A and investmentM&A
Investments94 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Flying Fox Ventures
What does Flying Fox Ventures do?
Flying Fox Ventures is an early-stage venture capital firm and angel syndicate that deploys capital into Australian and New Zealand startups through a $20 million fund. The firm offers cohort-based investment programs (Annual Diversified Cohort and Female Founder Cohort) for individual and institutional investors, and runs the Flying Fox Angel School to educate participants on startup investing.
Is Flying Fox Ventures a public or private company?
Flying Fox Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Flying Fox Ventures founded?
Flying Fox Ventures was founded in 2021. It employs 1 to 10 people.
Where is Flying Fox Ventures based?
Flying Fox Ventures is headquartered in Melbourne, Australia, in the Oceania region.
How does Flying Fox Ventures make money?
Two revenue lines are on record. Portfolio Returns and Carried Interest is the primary driver. The others are management Fees.
Who are Flying Fox Ventures's main competitors?
Direct peers on record are Startmate, Tidal Ventures, Quokka Ventures, Black Nova Venture Capital, Working Theory Angels, Eleanor Venture and Rampersand. Broad incumbents are Blackbird Ventures, AirTree Ventures and Square Peg Capital.
Does Flying Fox Ventures have an API?
No public API is recorded for Flying Fox Ventures.
What industry is Flying Fox Ventures in?
Flying Fox Ventures's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B), with a secondary code of FSANAAAI, Micro-VC & Angel Funds. Its NAICS code is 5259 and its SIC code is 6282.