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Flying Fox Ventures
Flying Fox Ventures was co-founded by Rachael Neumann and Kylie Frazer, two operators who came to venture by building their own angel practices — Neumann...
Flying Fox Ventures
Flying Fox Ventures was co-founded by Rachael Neumann and Kylie Frazer, two operators who came to venture by building their own angel practices — Neumann through Working Theory Angels after running Eventbrite ANZ and heading startups at AWS, Frazer through Eleanor Venture after two decades in cross-border tech M&A law. Both had spent years writing early checks before formalizing the firm. Neumann splits time between instruction (she is lead instructor for Wade Institute's VC Catalyst) and investing; Frazer brings boardroom risk and innovation expertise from ASX200 advisory work. The firm operates from Melbourne and Sydney, investing across Australia and New Zealand. The firm targets early-stage companies, deploying from a generalist seed fund with a mandate that spans sectors. Flying Fox does not publish a fund size, but Australian press reported a $20 million raise target in 2019 (per the Australian Financial Review, 2019). The team runs a concentrated portfolio and publicly signals a willingness to double down on winners, a posture the co-founders described in an interview as 'growing their early-stage remit' (per Startup Daily, 2023). The firm also operates the Flying Fox Angel School, a structured program that teaches corporate teams and individuals the mechanics of startup investing, effectively building a parallel pipeline of potential co-investors and limited partners. The firm lists three team members on its website: the two co-founding partners and an operations manager. Flying Fox has publicly advocated for backing unsexy businesses, female founders, and women's sport ventures (per the Australian Financial Review, 2023; SmartCompany, 2024). In 2024, the firm maintained an active media presence around its portfolio construction philosophy, emphasizing founder resilience and rule-breaking founder profiles as part of its investment thesis. Flying Fox's architecture is unusual in blending a venture fund with an educational vehicle that doesn't just train founders — it trains capital allocators. The Angel School recruits limited partners and builds a community of check-writers who may eventually co-invest alongside the fund, creating a sourcing and syndication funnel that few Australian seed managers replicate.
General information
Firm type
Venture Capital
Year founded
—
AUM
Undisclosed
Location
Region
Oceania
Country
Australia
City
Melbourne
Corporate office
Melbourne, Australia
Principals
Rachael Neumann
Co-Founding Partner
Kylie Frazer
Co-Founding Partner
Jera Guntang
Operations Manager
Frequently asked questions
Who runs investment decisions at 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.
How does Flying Fox source proprietary deal flow?
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.
Does Flying Fox run a single fund or multiple vehicles?
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.
What investment stages does Flying Fox typically target?
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.
How does the Flying Fox Angel School relate to the venture fund?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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