About W23
W23 is a venture capital firm founded in 2019. It is primarily based out of Sydney, Australia. As of Oct 2026, W23 is an active investor, having invested in 22 companies, with 4 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 Procuros 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 8 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
Deals in last 12 months
W23's List of Top Investments
W23 has a portfolio of 22 companies. Their most notable investments are in Harvest B and Great Wrap.Their portfolio spans across Australia, United States, Germany and 3 more locations. They have invested in Enterprise Applications, High Tech, Retail and 13 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 and prepared meals delivered to homes. The company offers weekly menus with diverse recipes and diet-friendly options. Customers can select recipes, prepared meals, and market extras for delivery. The service allows for order editing and subscription pausing as needed.
Key facts about Marley Spoon
2. 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
3. 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: 185 as on Sep 30, 2026
- Investors: Wellington, Lightspeed Venture Partners and 13 Others
- Latest Funding Round: Series B, Nov 17, 2025, $*****
- Highlight: Editors' Pick
Provider of battery energy storage systems using repurposed electric vehicle batteries. The company offers systems designed to reduce demand charges and provide backup power. These systems support peak shaving, load shifting, electric vehicle charging, and renewable energy integration. The battery energy storage systems are built to meet codes and avoid supply chain delays.
Key facts about Moment Energy
- Founded Year: 2020
- Location: Port Coquitlam (Canada)
- Stage: Series B
- Total Funding till date: $100M
- Employee Count: 90 as on Sep 30, 2026
- Investors: Evok Innovations, Climate Capital and 20 Others
- Latest Funding Round: Series B, May 05, 2026, $*****
- 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: 97 as on Sep 30, 2026
- Investors: Salesforce Ventures, Acorn Capital 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 22 companies over the last 6 years, with an average of 2 new investments annually in the last 5 years. In 2025, it made 3 investments, while as of Oct 2026, it has made 2 investments in this year. Its most recent first time investment was in Procuros and most recent follow-on round was in Samsara Eco.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 2 | 0 | 2 |
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 8 investments in Series A stage with an average round size of $13.3M, 4 investments in Seed stage with an average round size of $3.68M, 4 investments in Series B stage with an average round size of $24.1M and 1 investment in Series C stage with an average round size of $47.5M.Stage of entry | No. of Investments |
|---|---|
Series A | 8 |
Seed | 4 |
Series B | 4 |
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, High Tech, Sustainability Tech, FinTech and Food and Agriculture Tech. Notably, it has invested in 19 Tech companies, 15 Enterprise (B2B) companies, 12 Software companies and at least 6 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 11 |
High Tech | 4 |
Sustainability Tech | 4 |
FinTech | 3 |
Food and Agriculture Tech | 3 |
Others | 19 |
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 |
Canada | 1 |
Germany | 1 |
New Zealand | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
W23's recent investments
W23 has made 2 investments in 2026 so far - Procuros and Moment Energy.Here are the most recent investments by W23:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Oct 06, 2026 | Germany | Series A | 5959 | [+4] | |
May 05, 2026 | Canada | Series B | 5915 | [+5] | |
Nov 25, 2025 | United States | Series A | 6686 | - | |
Nov 17, 2025 | United States | Series B | 4425 | [+4] | |
Jul 28, 2025 | United States | Series A | 6428 | - |
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 | 6629 | |
Jan 30, 2024 | - | - | 6798 |
Team profile of W23
W23 has a team of 8 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 all 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, 134 investors have co-invested in W23's portfolio companies. This includes funds and angels.
- Invested before W23: Bright Pixel Capital, Upload and 72 others have invested in rounds before W23. There are 2 companies where Bright Pixel Capital has invested before W23 and 1 company where Upload has invested before W23.
- Top Co-investors of W23: 36 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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Moment Energy secures $40 million to advance battery platformEvertiq•Jun 05, 2026•Liberty Mutual Investments, Moment Energy, W23, Acario Innovation and 1 other
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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•Nov 13, 2024•Auror, Reinventure Group, Axon, W23
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Kiwi retail crime intelligence firm Auror raises $82 million from Taser maker, grocery giantsNZ Herald•Nov 12, 2024•Auror, Axon, W23, Reinventure Group
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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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