Flying Fox Ventures

Rachael Neumann and Kylie Frazer, the co-founding partners, lead investment decisions. Neumann's background spans operating roles at Eventbrite and AWS, plus angel investing through Working Theory Angels. Frazer spent 20 years in technology M&A law before founding Eleanor Venture. The firm's website lists no additional investment professionals beyond the two co-founders and an operations manager.

The firm's Angel School acts as an unusual sourcing engine — it trains corporate teams and individuals in startup investing, building a network of alumni who refer and sometimes co-invest in deals. Neumann's role as lead instructor for Wade Institute's VC Catalyst program further extends the firm's reach into the Australian founder and investor ecosystem. Both co-founders draw on extensive personal networks from their prior operating and advisory careers.

Public reporting indicates Flying Fox raised a rolling early-stage fund targeting $20 million as of 2019 (per the Australian Financial Review, 2019). The firm has not publicly disclosed whether it has since closed additional vintages or structured separate vehicles. The Angel School operates as a distinct educational program, not a pooled investment vehicle.

Flying Fox describes itself as an early-stage investor and refers to its portfolio companies as 'early stage capital' recipients. The firm has publicly discussed doubling down on select portfolio winners, indicating it reserves capital for follow-on rounds. Press coverage and the firm's own language suggest a focus on seed and pre-seed investments, though the firm does not publish a formal stage mandate.

The Angel School is a fee-based educational program that teaches corporate teams and individuals how to invest in startups. It is not a pooled fund. Graduates may become limited partners in the venture fund or co-invest alongside it, effectively creating a pipeline of aligned capital. The school is marketed as both a learning experience and a way to build Australia's early-stage investor community.