About Thorney
Thorney is a venture capital firm founded in 1991. It is primarily based out of Melbourne, Australia. As of Aug 2023, Thorney has invested in 28 companies. It primarily invests in Series A round in Australia based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Consumer. Most recently it participated in the $***** Series B round of Awayco Overall, Thorney portfolio has seen 9 IPOs and 2 acquisitions including key companies like Updater, FiscalNote and Enlitic. A lot of funds co-invest with Thorney, with names like Regal Funds Management sharing a substantial percentage of its portfolio. Thorney has team of 15 people including 2 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 3 more
Portfolio IPOs
Portfolio Acquisitions
Thorney's List of Top Investments
Thorney has a portfolio of 28 companies. Their most notable investments are in Zero Latency and Immediation.Their portfolio spans across Australia, United States, Israel and 1 more locations. They have invested in Enterprise Applications, High Tech, Consumer and 17 other sectors, across stages such as Series A, Series B and 3 more. Here is the list of top investments by Thorney:1. Updater
Provider of a platform for simplifying complex commerce and order management. The platform helps businesses sell products across various channels without extensive rebuilding. It offers tools to streamline sales, monetize relationships, and simplify moving processes. The platform supports industries including financial products, home improvement, and moving services.
Key facts about Updater
- Founded Year: 2011
- Location: New York City (United States)
- Stage: Public
- Total Funding till date: $15M
- Employee Count: 217 as on Sep 30, 2026
- Investors: SBNY, Lerer Hippeau and 10 Others
- Latest Funding Round: Post IPO, Jun 14, 2023, $*****
- Highlight: Public
2. iAngels
Fundraising platform connecting investors with startups. It is a venture capital firm and investment platform offering accredited investors worldwide access to tech startups and scaleup investment opportunities. Investors can set up a managed portfolio with a platform and invest in high-tech companies across multiple verticals, from seed to growth rounds.
Key facts about iAngels
3. FiscalNote
Provider of policy tracking, digital advocacy, and government relations software. The company offers tools for monitoring policy, analyzing news, and managing stakeholders. It also provides services such as social listening and transcript analysis. The software helps professionals stay informed about policy developments and influence decision-making.
Key facts about FiscalNote
- Founded Year: 2013
- Location: Washington, DC (United States)
- Annual Revenue: $50M - $100M as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $188M
- Employee Count: 338 as on Sep 30, 2026
- Investors: InvestX, AME Cloud Ventures and 65 Others
- Latest Funding Round: Post IPO, Aug 05, 2025, $*****
- Highlight: Public
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4. BabyQuip
Online rental platform for baby products. Its product offering includes cribs, high chairs, strollers, toys, car seats, baby gear, and more. It allows independent providers to list and maintain their own baby gear items.
Key facts about BabyQuip
- Founded Year: 2016
- Location: San Francisco (United States)
- Annual Revenue: $1M - $10M as on Dec 31, 2023
- Valuation: $*****
- Stage: Seed
- Total Funding till date: $8.5M
- Employee Count: 18 as on Nov 19, 2025
- Investors: StartX, Thorney and 11 Others
- Latest Funding Round: Seed, Jul 18, 2023, $*****
- Highlight: Editors' Pick
5. Enlitic
AI-based radiology database management tool. They created the Enlitic Curie platform, real-world database, and real-world evidence platform in the sector that maximizes the potential of archival data. Additionally, they provide job options, including remote positions.
Key facts about Enlitic
- Founded Year: 2014
- Location: San Francisco (United States)
- Stage: Public
- Total Funding till date: $55M
- Employee Count: 35 as on Sep 30, 2026
- Investors: Regal Funds Management, Seven Peaks Ventures and 9 Others
- Latest Funding Round: Post IPO, Dec 23, 2025, $*****
- Highlight: Public
Thorney's Year-on-Year Investment Trends
Thorney has invested in 29 companies over the last 10 years, with an average of 2 new investments annually in the last 10 years. Its most recent first time investment was in Awayco and most recent follow-on round was in Immediation.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 1 | 0 | 1 |
2022 | 4 | 1 | 5 |
2021 | 6 | 1 | 7 |
2020 | 6 | 0 | 6 |
2019 | 4 | 0 | 4 |
2018 | 1 | 0 | 1 |
Thorney's Investments by Stage
Thorney has made 11 investments in Series A stage with an average round size of $11.1M, 7 investments in Series B stage with an average round size of $15.5M, 5 investments in Post IPO stage with an average round size of $6.84M, 2 investments in Seed stage with an average round size of $4.46M and 2 investments in Series C stage with an average round size of $87.5M.Stage of entry | No. of Investments |
|---|---|
Series A | 11 |
Series B | 7 |
Post IPO | 5 |
Seed | 2 |
Series C | 2 |
Note: We have considered here, only first round of investments
Thorney's Investments by Sector
Thorney has a diverse portfolio, with companies operating in the Enterprise Applications, Consumer, Vertical SaaS, FinTech and Gig Economy. Notably, it has invested in 28 Tech companies, 20 Enterprise (B2B) companies, 16 Software companies and at least 12 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 12 |
Consumer | 10 |
Vertical SaaS | 5 |
FinTech | 4 |
Gig Economy | 4 |
Others | 32 |
Note: We have considered here, only first round of investments
Thorney's Investments by Geography
Thorney has made most investments in Australia (19), followed by United States where it has made 7 investments.Country | No. of Investments |
|---|---|
Australia | 19 |
United States | 7 |
Israel | 1 |
Note: We have considered here, only first round of investments
Thorney's recent investments
Thorney has not made any investment in 2026 so far.Here are the most recent investments by Thorney:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 10, 2023 | United States | Series B | 8063 | - | |
Aug 23, 2022 | Australia | Series A | 8633 | [+2] | |
Jun 14, 2022 | Australia | Series A | 8565 | [+3] | |
Apr 26, 2022 | United States | Seed | 2910 | ||
Jan 31, 2022 | Australia | Series A | 9672 |
IPOs and Publicly Listed companies in Thorney's Portfolio
9 of Thorney's portfolio companies have become public. FiscalNote got listed on the OTC Markets (OTCMKTS), in Apr 2026 and Enlitic got listed on the Australian Securities Exchange (ASX) at marketcap of $21.9M.Here are Thorney's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 06, 2026 | Dec 04, 2020 | Series C | 8526 | |
Dec 19, 2023 | Nov 14, 2019 | Series B | 6794 | |
Mar 22, 2022 | Jan 14, 2016 | Series C | 3478 | |
Dec 09, 2020 | Feb 2019 | Series A | 6304 | |
Aug 24, 2018 | - | - | 2857 |
Acquired companies in Thorney's Portfolio
2 companies from Thorney's portfolio have been acquired. The most recent acquisition was Banxa in Jun 2025 by OSL for $*****.Here are Thorney's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 27, 2025 | Jan 15, 2020 | Post IPO | 2394 | |
Aug 13, 2021 | Dec 05, 2016 | Series A | 4409 |
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Team profile of Thorney
Thorney has a team of 15 members including 2 Partners and 2 Principals. Thorney's team does not sit on the board of any company as of now.Here is a list of top team members in Thorney:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | - | - | ||
Partner | - | - | ||
Principal | - | - | ||
Principal | - | - |
Co-investors of Thorney
Over the past 10 years, 132 investors have co-invested in Thorney's portfolio companies. This includes funds and angels.
- Invested before Thorney: Second Century Ventures, IA Ventures and 58 others have invested in rounds before Thorney. There is 1 company where Second Century Ventures has invested before Thorney and 1 company where IA Ventures has invested before Thorney.
- Top Co-investors of Thorney: 63 investors entered a company along with Thorney. These include investors like Regal Funds Management (8 companies).
- Invested after Thorney: A total of 9 investors have invested in Thorney's portfolio after their investments. Top Investors include Perennial (2 companies), Eight Capital Management (1 company) and Stifel (1 company).
Recent News related to Thorney
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Tinybeans Completes Entitlement Offer, Raises A$1.7 MillionTipRanks•Dec 16, 2025•Thorney, Morgans, Tinybeans
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Pay.com.au Raises $25 Million, Valuation Soars to $633 Million.SmartCompany•Nov 24, 2025•Pay.com.au, Ophir Asset Management, Thorney, Wilson Asset Management and 1 other
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Thorney Opportunities Acquires 5% of Retail Food GroupTipRanks•Jun 17, 2024•Retail Food Group, Thorney
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Splitit, a BNPL vendor, seeks to go private for new fundsGlobal Village Space•Aug 17, 2023•Motive Partners, Splitit, Parea capital, Thorney
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Alex Waislitz’s Thorney Investment Group leads $11 million raise for ecommerce siteStartup Daily•Aug 10, 2023•Thorney, Awayco
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Immediation Raises Additional AUD$5 Million from Institutional and and Sophisticated Investors, Managed by Euroz HartleysICrowdNewswire•Aug 23, 2022•Immediation, Euroz Hartleys, Thorney, SGH and 2 others
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Founders depart fintech Timelio as it raises $7.5 millionStartup Daily•Aug 10, 2022•Timelio, Thorney, Wilbow Group
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Estate management platform Willed raises $6 millionStartup Daily•Jun 14, 2022•Willed, Thorney, Ellerston Capital, LinkedIn and 1 other
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BabyQuip Secures Over $3 Million in Funding to Help Families “Pack Light & Travel Happy”Business Wire•Apr 26, 2022•BabyQuip, Thorney, Seedinvest, How Women Invest
