Phase One Ventures

Phase One generates deal flow through its own incubator program, which is open to early-stage New Zealand founders. The firm provides free product and growth mentorship, creating a community that feeds its investment pipeline. The firm invests only after observing a startup's progress inside that program.

Phase One targets the earliest stages of a startup's life, specifically pre-seed and seed. The firm's published framework emphasizes problem discovery, productification, and achieving product-market fit before scaling. It explicitly states it will invest capital in companies that show great signals of progress during the incubator phase.

The firm's public materials do not specify whether it leads or follows in funding rounds. Given the early-stage, community-driven model, Phase One likely writes initial checks into its incubator graduates, but no public documentation clarifies its position on leading rounds versus participating alongside other investors.

The firm highlights a roster of product and growth operators from prominent Australian and New Zealand tech companies. Named mentors include leaders from Canva, Atlassian, Octopus Deploy, Anyscale, and HealthMatch. These individuals bring hands-on startup scaling experience rather than traditional finance backgrounds.

The incubator is a free, programmatic offering that includes mentorship, office hours, and founder community events. The venture fund is the investment vehicle that deploys capital selectively into incubator participants. Phase One treats the incubator as a pro-bono service, reserving investment decisions for companies that demonstrate traction through the program.