Salesforce Ventures, the CRM giant’s corporate venture capital arm, has unveiled a US$50 million (A$70 million) fund to back startups in the Australian Salesforce ecosystem.
Since 2012, Salesforce Ventures has been investing in Australian startups includings Arxxus, Bugcrowd and Square Peg.
Salesforce said with this new fund, called the Australia Trailblazer Fund, its VC arm deepens its commitment to the region by investing in local innovation and inspiring Australian entrepreneurs to create next generation technology that drives customer success across industries.
John Somorjai, EVP of corporate development and Salesforce Ventures said, “Digital transformation is impacting businesses around the world and companies need to innovate faster and smarter to meet customer expectations today.
“Salesforce Ventures recognises the incredible opportunity to invest in Australian entrepreneurs to create world-class startups that will grow the opportunity within the Salesforce ecosystem and deliver customer success.”
Simon Birmingham, minister for trade, tourism and investment said, “Initiatives such as Salesforce Ventures’ new US$50 million Australian Trailblazer Fund provide the valuable support and investment needed for startups to scale, employ Australians, and see their great ideas become great businesses.”
There is a phenomenal market opportunity to enable world-class startups across the country. According to Startup Muster, nearly half of Australian startups are actively trying to raise funds, and 45 per cent identify as delivering Software as a Service (SaaS) products.
Startup Australia said if these startups can secure financing and scale, 25 per cent of the Australian economy is likely to be directly impacted by software by 2025, which equates to US$524 billion of GDP.
Salesforce Ventures was launched in 2009 with a presence in the US, Canada, Japan and Europe.
The announcement of the Australian focused fund kicks off Salesforce World Tour in Sydney which begins tomorrow March 6.