About W23
W23 is a venture capital firm founded in 2019. It is primarily based out of Sydney, Australia. As of Nov 2025, W23 is an active investor, having invested in 20 companies, with 3 new investments in the last 12 months. It primarily invests in Seed round in Australia based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Retail. Most recently it participated in the $***** Series A round of Topsort Overall, W23 portfolio has seen 2 acquisitions, namely Marley Spoon and Eucalyptus. A lot of funds co-invest with W23, with names like Ahold Delhaize sharing a substantial percentage of its portfolio. W23 has team of 11 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 2 more
Portfolio Acquisitions
Portfolio Soonicorns
W23's List of Top Investments
W23 has a portfolio of 20 companies. Their most notable investments are in Harvest B and Great Wrap.Their portfolio spans across Australia, United States, Germany and 2 more locations. They have invested in Enterprise Applications, High Tech, Retail and 11 other sectors, across stages such as Series A, Seed and 2 more. Here is the list of top investments by W23:
1. Marley Spoon
Provider of meal kits, prepared meals, and market essentials. It delivers pre-portioned ingredients and recipes for home cooking. The company also offers ready-to-eat meals and a market with grocery staples. Customers can select meals and adjust their orders as needed.
Key facts about Marley Spoon
- Founded Year: 2012
- Location: Berlin (Germany)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $71.1M
- Employee Count: 1,862 as on Dec 31, 2021
- Investors: VNV Global, Atlantic Labs and 16 Others
- Latest Funding Round: Conventional Debt, Sep 26, 2019, $*****
- Highlight: Acquired
2. Keychain
CPG manufacturing platform that connects brands and retailers with a global network of vetted manufacturers. It is a platform connecting retailers and brands with vetted manufacturing partners in the consumer packaged goods (CPG) industry. The platform facilitates partnerships between buyers and suppliers, streamlining the CPG manufacturing process. It provides a secure and efficient marketplace for CPG manufacturers, retailers, and brands to collaborate and grow their businesses.
Key facts about Keychain
- Founded Year: 2023
- Location: New York City (United States)
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $80.5M
- Employee Count: 141 as on Jan 31, 2026
- Investors: Wellington, Lightspeed Venture Partners and 12 Others
- Latest Funding Round: Series B, Nov 17, 2025, $*****
- Highlight: Editors' Pick
3. Topsort
Provider of an AI-powered platform for retailers to manage advertising businesses. The platform enables retailers and marketplaces to launch, scale, and optimize ad businesses. It offers solutions for sponsored listings, display ads, video ads, and sponsored brands. The platform supports retailers, marketplaces, and delivery applications with advertising infrastructure.
Key facts about Topsort
4. Auror
Software for law enforcement agencies to prevent crime. Works with police and retailers to prevent thefts and other organized retail crimes and enable crime reporting. The platform aggregates all the crime data and provides intelligence to police to prevent further crimes. The tool has the capability to connect, people, vehicles, and other information which could be used by police to prevent organized shoplifting.
Key facts about Auror
- Founded Year: 2012
- Location: Auckland (New Zealand)
- Stage: Series C
- Total Funding till date: $67.9M
- Employee Count: 289 as on Feb 28, 2026
- Investors: Shasta Ventures, Larsen Ventures and 29 Others
- Latest Funding Round: Series C, Nov 13, 2024, $*****
- Highlight: Editors' Pick
5. Marketplacer
Providing solutions to create marketplace platform for businesses. The company offers a business platform to create marketplaces, enabling target customers to buy, sell, rent, or book various products and services in a multi-tenet environment. It provides customers with access to content marketing services, web store platforms, SEO optimization, as well as CRM and KPI reports, integrated with the POS system.
Key facts about Marketplacer
- Founded Year: 2007
- Location: South Melbourne (Australia)
- Stage: Series C
- Total Funding till date: $85M
- Employee Count: 98 as on Feb 28, 2026
- Investors: Acorn Capital, Mirrabooka Investments and 12 Others
- Latest Funding Round: Series C, Dec 08, 2021, $*****
- Highlight: Editors' Pick
W23's Year-on-Year Investment Trends
W23 has invested in 20 companies over the last 6 years, with an average of 3 new investments annually in the last 5 years. In 2025, it made 3 investments. Its most recent first time investment was in Topsort and most recent follow-on round was in Samsara Eco.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 3 | 0 | 3 |
2024 | 2 | 0 | 2 |
2023 | 1 | 0 | 1 |
2022 | 4 | 2 | 6 |
2021 | 3 | 0 | 3 |
2020 | 2 | 0 | 2 |
W23's Investments by Stage
W23 has made 7 investments in Series A stage with an average round size of $10.2M, 4 investments in Seed stage with an average round size of $3.68M, 3 investments in Series B stage with an average round size of $16.2M and 1 investment in Series C stage with an average round size of $47.5M.Stage of entry | No. of Investments |
|---|---|
Series A | 7 |
Seed | 4 |
Series B | 3 |
Series C | 1 |
Note: We have considered here, only first round of investments
W23's Investments by Sector
W23 has a diverse portfolio, with companies operating in the Enterprise Applications, Food and Agriculture Tech, High Tech, Retail and Sustainability Tech. Notably, it has invested in 17 Tech companies, 13 Enterprise (B2B) companies, 12 Software companies and at least 7 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 10 |
Food and Agriculture Tech | 3 |
High Tech | 3 |
Retail | 3 |
Sustainability Tech | 3 |
Others | 16 |
Note: We have considered here, only first round of investments
W23's Investments by Geography
W23 has made most investments in Australia (9), followed by United States where it has made 4 investments.Country | No. of Investments |
|---|---|
Australia | 9 |
United States | 4 |
New Zealand | 1 |
United Kingdom | 1 |
Note: We have considered here, only first round of investments
W23's recent investments
W23 has not made any investment in 2026 so far.Here are the most recent investments by W23:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Nov 25, 2025 | United States | Series A | 1756 | - | |
Nov 17, 2025 | United States | Series B | 4409 | [+4] | |
Jul 28, 2025 | United States | Series A | 1370 | - | |
Nov 13, 2024 | New Zealand | Series C | 3931 | [+1] | |
Jul 16, 2024 | Australia | Seed | 5103 | [+4] |
Acquired companies in W23's Portfolio
2 companies from W23's portfolio have been acquired. The most recent acquisition was Eucalyptus in Feb 2026 by Hims for $*****.Here are W23's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Feb 19, 2026 | Jul 13, 2021 | Series B | 9485 | |
Jan 30, 2024 | - | - | 3291 |
Team profile of W23
W23 has a team of 11 members including 2 Partners and 6 Principals located in Australia and United States. W23's team does not sit on the board of any company as of now.Here is a list of top team members in W23:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Sydney | - | - | |
Partner | Salt Lake City | - | ||
Principal | Sydney | - | ||
Principal | Australia | - | ||
Principal | Sydney | - | - | |
Principal | - | - | - | |
Principal | - | - | - | |
Principal | - | - | - |
Co-investors of W23
Over the past 6 years, 110 investors have co-invested in W23's portfolio companies. This includes funds and angels.
- Invested before W23: Bright Pixel Capital, BoxGroup and 52 others have invested in rounds before W23. There are 2 companies where Bright Pixel Capital has invested before W23 and 1 company where BoxGroup has invested before W23.
- Top Co-investors of W23: 32 investors entered a company along with W23. These include investors like Ahold Delhaize (1 company).
- Invested after W23: A total of 24 investors have invested in W23's portfolio after their investments. Top Investors include Breakthrough Victoria (2 companies), Fifth Estate Asset Management (1 company) and Wunala Capital (1 company).
Recent News related to W23
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Topsort Secures Funding from Tesco, Ahold Delhaize Backed VC Fund W23Retail Technology Innovation Hub•Nov 25, 2025•Topsort, W23
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Keychain Expands to UK After $7.5M Funding Round Led by W23 GlobalRetail Technology Innovation Hub•Nov 18, 2025•Keychain, W23, Tesco, Ahold Delhaize
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Auror raises AUD $72.6m to tackle retail crime globallyitbrief.com.au•Nov 13, 2024•Auror, Reinventure Group, Axon, W23
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Biosecurity threats software startup plants $5.3 million Seed roundStartup Daily•Jul 16, 2024•CSIRO, Salus VC, Cultiv8 Funds, ExoFlare and 2 others
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Ahold Delhaize and 4 other grocers establish venture capital fundGrocery Dive•Apr 08, 2024•Ahold Delhaize, Tesco, Woolworths Group, Empire Company Limited and 6 others
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Gr4vy secures investment from W23 to expand in APACThe Paypers•Jun 29, 2023•GR4VY, W23, Woolworths Group
