Sydney's OneVentures funding stands out in Australian venture capital for one reason: it is a later-stage firm. Established in 2006 by Dr Michelle Deaker — after she sold her E Com Industries business — and now holding $1 billion in funds under management, OneVentures partners with technology and healthcare companies from product-market fit to global scale. (The firm's first fund, Innovation Fund I, followed in 2010.)

Three investment strategies

The firm invests through three strategies. Growth Equity backs tech companies between product-market fit and global scale, at Series A and beyond. Growth Credit provides debt facilities to scaling, revenue-generating tech businesses — OneVentures launched Australia's first venture credit fund with Viola Credit (part of Viola Group, Israel's largest tech investment group). Healthcare invests in clinical-stage life sciences — therapeutics, medical devices and diagnostics — from clinical proof onward. The firm's Fund VII thematic targets include AI disruption, the digitisation of industries, the net-zero energy transition, tokenisation of assets and improving health outcomes.

Cheque size and fund size

OneVentures states it is seeking to invest around AU$20 million per company from its Growth Equity Fund V (2020), with potential co-investment on top. For Fund VII — a $200 million target announced in August 2024 — it said it would invest $10 million to $30 million per round in technology companies. No cheque range is publicly disclosed for the healthcare strategy. The firm's earlier funds: $40 million Innovation Fund I, $100 million Innovation and Growth Fund II, $170 million Healthcare Fund III, and the 1V Venture Credit Fund (first close around $45 million in 2019).

Notable portfolio and exits

The firm's homepage names Employment Hero, Vaxxas, Phocas, BiVACOR, InDebted and ImmVirX; its portfolio also includes Buildkite, 6clicks, Smart Sparrow and Paragen Bio. Its best-known exit is Employment Hero: OneVentures' $8.8 million Fund II investment in 2018 returned $116 million on sale in December 2023 — a 13x multiple that returned 1.5x of the entire fund. Fund I closed in 2024 with a 10x multiple for private investors.

Key partners and programmes

Founding Partner and Managing Partner Dr Michelle Deaker leads the technology side, with fellow Managing Partner and co-founder Dr Paul Kelly on healthcare, plus partners Anne-Marie Birkill, Grant Chamberlain, Sarah Meibusch and Dean Hawkins. In 2022 Deaker co-launched WinVC with Andrea Gardiner of Jelix Ventures and Ingrid Maes of W23 to get more women onto the investment side of venture capital.

How to apply for funding

OneVentures runs a "Submit a Pitch" form on its homepage (one-ventures.com.au) and its healthcare page, aimed at technology and healthcare founders approaching their next stage of growth. You can also email [email protected] or call +61 2 8205 7379. Given the later-stage focus, come with product-market fit and revenue — this is a growth partner, not a first-cheque fund.

Why it matters for founders

OneVentures funding is aimed at a segment most Australian VCs ignore: proven tech and healthcare companies raising serious growth capital. With $1 billion under management, a venture-debt option for founders who want to avoid dilution, and a 13x Employment Hero exit on its record, it is the growth-stage partner to approach once you have product-market fit and are scaling toward global markets.