Square Peg stands as one of Australia's largest and most successful venture capital firms, with a track record of backing category-defining companies from the Southern Hemisphere to global scale. Founded in 2012 by Paul Bassat (co-founder of Seek, Australia's dominant jobs platform), Tony Holt, Barry Brott, and Justin Liberman, the firm was built on the insight that world-class technology companies could emerge from "our corner of the world" — Australia, New Zealand, Israel, and Southeast Asia.

The firm's thesis, stated on its website, is "Helping founders from our corner of the world shape the future." Operationally, this means backing a small number of new founders each year — a concentrated, high-conviction approach — and investing early and repeatedly through multiple rounds. The firm does not spray capital across hundreds of bets; it picks few and supports them deeply.

Square Peg focuses on AI, fintech, SaaS, and consumer internet/software — sectors where network effects and technology moats create outsized outcomes. It invests from seed through Series B, with later-stage follow-ons via dedicated Opportunities funds. Its geographic footprint spans Australia and New Zealand, Israel, Southeast Asia, and the US, giving portfolio companies access to multiple markets and follow-on capital sources. Partner Tushar Roy, based in Singapore, leads Southeast Asia coverage.

The firm's scale is substantial. Press-reported figures (the firm's site shows "$B+ USD" without a specific number) include approximately $3 billion in assets under management as of 2022. The fund sequence shows remarkable growth: Fund I at $234 million (2017), Fund II at $340 million (2019), Fund III at $600 million (2020), and Fund IV plus Opportunities Fund 2 at $860 million (2022). In 2026, the firm raised over $1 billion across Fund 6 and Opportunities Fund 3 — its largest raise since founding, with a $650M first close in February 2026. Note: these are press-reported figures, not firm-stated AUM.

Notable portfolio companies read like a who's who of global tech: Canva (design platform, Australia's most valuable startup), Airwallex (cross-border payments), Stripe, Fiverr, Supabase, Rokt, PropertyGuru, Kredivo, Bugcrowd, and Deci.ai (sold to Nvidia). The firm also backed Thinking Machines Lab.

For Indian founders, the verified connection is Xflow — a Bengaluru-based B2B cross-border payments platform solving a critical pain point for Indian exporters and importers. Square Peg participated as an existing investor in Xflow's $16.6 million Series A led by General Catalyst in February 2026, at a valuation of $85 million. Xflow holds RBI PA-CB licences for both exports and imports, a significant regulatory moat. The firm's participation alongside General Catalyst signals conviction in India's cross-border fintech opportunity.

Why it matters for founders

Square Peg brings Antipodean capital with a genuinely global outlook and a track record of backing category definers — Canva, Airwallex, Stripe. Their concentrated, high-conviction model means if they back you, they back you deeply across rounds. Their Xflow investment shows openness to Indian fintech, particularly cross-border and SaaS with global ambition. If you are building for the world from India, they should be on your radar.