Upswell Ventures

Upswell Ventures is a dynamic early-stage venture capital firm founded in 2020 and based in Cottesloe, in the Perth area of Western Australia. The firm is dedicated to backing the next generation of great Australian founders, concentrating on B2B software and deep-technology companies at the seed and Series A stages. Its portfolio spans a broad set of categories, enterprise applications, auto tech, high tech, consumer, travel and hospitality tech, and energy tech, with a tilt toward enterprise B2B and SaaS businesses. Upswell typically writes first cheques of around $500,000 and above, investing primarily in Australian startups and frequently co-investing alongside other parts of the Australian early-stage ecosystem, including Startmate, Blackbird Ventures and Common Sense Ventures, and it is willing to lead. The firm runs a lean team of about four people, including two partners. As of mid-2024 it remained an active investor with a portfolio of roughly seven companies; among its most recent activity, Upswell led the A$617,000 seed round of Lasertrade alongside Startmate, with Blackbird Ventures and others participating. Its combination of a Western Australian base, somewhat outside the dominant Sydney and Melbourne hubs, and a focus on deep-tech and B2B software positions it as a regionally distinctive backer of early-stage Australian innovation. By writing first cheques into founders outside the country's largest venture centres, Upswell Ventures supports the growth of Western Australia's startup ecosystem while reaching nationally.