Black Sheep Capital

What Black Sheep Capital does

Black Sheep Capital (legal entity: Black Sheep Capital Pty Ltd, ACN 168 028 939) is an early-stage venture capital firm headquartered in New Farm, Queensland, Australia. Founded by Dan Gavel in 2013 after his exit from financial advisory, the firm invests across Pre-seed, Seed, and Series A stages in technology startups based in Australia and Oceania, with stated allocations of 30% Pre-seed, 40% Seed, and 30% Series A. Typical ticket sizes range from 100k AUD (Pre-seed) to 500k AUD (Series A), with industry-standard terms, and the firm explicitly does not accept pitches from outside Oceania.

The firm operates as a hands-on, network-driven investor rather than a passive allocator. Its stated value proposition centers on founder support "from day one to day done," providing strategic guidance, mentorship, introductions, and operational assistance throughout scaling. Its 22+ portfolio companies span diverse verticals — energy retail (Amber Electric, exited), marketplaces (Airtasker, exited by IPO), edtech (GO1, exited by IPO), delivery (Sendle, exited by IPO; GetSwift, exited by IPO), fintech (Valiant Finance, Ignition), AI compliance (Haast), voice AI (Curious Thing), nonprofit AI (Dataro), productivity (Llama Life, Meet modo, Beamible), and e-commerce tooling (Profit Peak). Notable backers Airtree, Aura Ventures, and Peak XV Partners have co-invested alongside the firm on later-stage rounds, indicating the firm's portfolio companies can attract top-tier syndicates.

The firm does not sell technology products; its "product" is capital and operating support. Revenue is generated through venture capital economics — management fees on assets under management and realized carried interest from exit events, including multiple IPOs and at least two exits in the current year. Portfolio companies have collectively raised over $290M. The team is small (1-10 employees), led by Dan Gavel (Director, Founder) and Paul Osborne (Director), with the firm structured as a privately held, founder/partner-owned entity with no disclosed parent or institutional backing.

Name

Black Sheep Capital

Legal name

Black Sheep Capital Pty Ltd

Website

http://www.blacksheepcapital.com.au

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Black Sheep Capital is an early-stage venture capital firm based in Queensland, Australia, investing Pre-seed through Series A in Australian and Oceania technology startups. It backs 22+ portfolio companies with AUD 100k–500k tickets, including IPO exits Airtasker, GO1, and Sendle.

Ownership category

akta.pro rank

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Venture Capital Returns: Black Sheep Capital generates returns through equity investments in early-stage technology companies. Returns are realized through exit events including IPOs, acquisitions, and secondary transactions. The firm has achieved over $290M in capital raised by portfolio companies with 2 exit events this year alone.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Black Sheep Capital is an early-stage venture capital firm that invests equity capital in Australian and Oceania-based technology startups from Pre-seed through Series A stages, with typical investment sizes of AUD 100k–500k. The firm provides hands-on mentorship, strategic guidance, industry connections, and operational support to founders from day one, targeting exceptional founders with deep domain expertise building scalable technology companies. Returns are generated through exit events including IPOs, acquisitions, and secondary transactions.

Product overview

Black Sheep Capital is an early-stage venture capital firm that invests in technology startups, providing capital from pre-seed through Series B stages. The firm does not offer a distinct product or platform; instead, it provides investment funding, strategic guidance, and operational support to portfolio companies. Investment sizes typically range from AUD 100k–500k for pre-seed, 30% for seed, and 40% for Series A rounds.

Differentiator

Problem solved

Functional benefit

Products and services

• Pre-seed Investment Program Equity capital investment targeting Pre-seed stage technology startups in Australia and Oceania, with typical investment sizes of AUD 100k–250k. Designed for early-stage founders building scalable technology companies from concept stage.
• Seed/Seed+ Investment Program Equity capital investment targeting Seed and Seed+ stage technology startups in Australia and Oceania, with typical investment sizes of AUD 250k–500k. Includes hands-on mentorship, strategic guidance, and access to networks.
• Series A Investment Program Equity capital investment targeting Series A stage technology startups in Australia and Oceania, providing growth capital alongside continued strategic support and network access.

Quantifiable outcome

• Over $290M in capital raised by portfolio companies
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• AirTree Ventures: One of Australia's largest and most active early-stage venture capital firms, investing across seed and Series A in Australian technology companies. Directly comparable to Black Sheep Capital on stage, geography, and target founder profile, though with a meaningfully larger fund size.
• Blackbird Ventures: Prominent Australian early-stage venture capital firm backing ambitious founders from the idea stage through Series A. Highly comparable to Black Sheep Capital in stage focus, founder-first approach, and Australian tech mandate, and is also listed as a co-investor in Black Sheep's Haast Series A.
• Square Peg Capital: Australia and Israel-focused venture capital firm investing from seed through growth stage in technology companies. Comparable to Black Sheep Capital on technology focus and Australian early-stage exposure, though it operates at a larger fund size and broader stage range.
• Startmate: Leading Australian startup accelerator and seed investor backing technical founders from the earliest stages. Directly comparable to Black Sheep Capital in pre-seed/seed focus, hands-on mentorship model, and Australian tech mandate.
• Folklore Ventures: Australian early-stage venture capital firm investing in seed and Series A rounds in technology companies across the ANZ region. Comparable to Black Sheep Capital on stage, region, and founder support model, with a similar focus on early partnership with technical founders.
• Aura Ventures: Australian early-stage venture capital firm backing high-growth technology founders from seed through Series A. Highly comparable to Black Sheep Capital on stage, geography, and co-investor relationship (Aura participated alongside Black Sheep in the Haast Series A).
• Reinventure: Australian venture capital firm with a fintech and emerging-technology focus, investing from seed to growth stage. Comparable to Black Sheep Capital on Australian early-stage mandate and portfolio-company support orientation.
• Shearwater Capital: Australian early-stage venture capital firm investing in technology companies from pre-seed through Series A. Comparable to Black Sheep Capital on stage mix, Australian regional focus, and check size orientation at the pre-seed/seed tier.
• OIF Ventures: Australian early-stage venture capital firm focused on seed and Series A investments in technology startups. Comparable to Black Sheep Capital on stage, Australian tech focus, and founder-support orientation.
• Investible: Australian early-stage investment platform combining a venture capital fund and a climate tech fund, backing startups from pre-seed to Series A. Comparable to Black Sheep Capital on early-stage Australian tech focus and hands-on portfolio support model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/capitalsheep
• LinkedInlinkedin.com/company/black-sheep-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments53 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Black Sheep Capital