Dedicated hardware VC Melt Ventures has raised $10 million for a new fund and expects to raise $20 to $30 million by the end of this financial year.
The raise was supported by new investors including founder of Camplify Justin Hales, CEO and founder of Newcastle tech firm Pegasus, and co-CEO Andre Pinkowski of Sydney contract and supplier software platform Portt, as well as family offices.
Managed by Slingshot Accelerator founder and Camplify chair, Trent Bagnall, and established angel investor, Steph Hinds, Melt Ventures is a venture fund that invests in hardware, not software.
Melt announced it had raised $20 million in December, 2022, with the $10 million announced today representing what the company calls ‘the first fund from Melt Ventures’.
Original backers were EnergyLab, Robotics Australia and The Melt Accelerator.
This fund has announced its first three investments into game-changing longer-duration storage companies Allegro Energy, Endua, and MGA Thermal.
Managing Partner, Melt Ventures Trent Bagnall (pictured) said: “It’s time to double down on investing in advanced manufacturing in Australia.
“We strongly believe that when it comes to the energy transition, software will only play a minor role.
“This is the first fund helping to build incredible hardware companies that are doing everything from sustainable and thermal energy storage to using Hydrogen to replace the need for diesel generators.”
Picture: Trent Bagnall Managing Partner, Melt Ventures